December 28th, 2022
Molecular Imaging is a discipline that integrates molecular biology, cell biology, and diagnostic imaging, which is used for various clinical application that include the use of nuclear medicine, magnetic resonance imaging and ultrasound. The molecular imaging has two basic applications, first is diagnostic imaging used to determine the location and extent of targeted molecules specific to the disease and second is a therapy used to treat specific disease-targeted molecules. Also, it has the potential to have a significant influence on healthcare sector by early diagnosis, evaluating disease severity, and use of personalized treatment. The global molecular imaging market accounted for US$ 6.8 billion in 2019 and is estimated to be US$ 13.7 billion by 2029 and is anticipated to register a CAGR of 7.3%.
Impact of Covid-19 pandemic on market
Due to the outbreak of Covid-19 pandemic globally, imaging modalities is widely preferred by most healthcare professionals as it provides a primary diagnosis in a short time. All the imaging technologies involving nuclear imaging have been used exhaustively to study Covid-19 and its effect on different patients in each demography. The increasing requirement for advanced imaging solutions is projected to drive the development studies globally. The report will account for Covid19 as a key market contributor.
The report "Global Molecular Imaging Market, By Technology (Gamma Camera, SPECT, PET, Magnetic Resonance Spectroscopy, Optical Imaging, and Molecular Ultrasound Imaging), By Application (Cancer, Heart Disease, Brain Disorder, Gastrointestinal Disorder, Lung Disorder, Bone Disorder, and Others), By End User (Hospital, Diagnostic Imaging Centers, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
· In April 2020, in response to the need for critical care during the COVID-19 crisis, Carestream Health has increased production of its portable diagnostic imaging systems. Carestream’s DRX-Revolution Mobile X-ray System and DRX-Revolution Nano Mobile X-ray System bring the X-ray exam to the patient’s bedside, delivering high-quality digital radiography images to healthcare providers in real time to aid in patient diagnosis.
· On May 2019, GE Healthcare has collaborated with biotechnology company Indi Molecular to develop a diagnostic tool for the clinical management of patients receiving immunotherapy, a type of cancer treatment.
Rising incidence of chronic disorders, improved digital platform penetration, and the increased use of molecular imaging in disciplines such as precision medicine the molecular imaging market is projected to register a steady growth. Additionally, the ongoing technological advancements have led to the identification of multimodality molecular imaging technology as an innovative approach for the anatomical as well as functional diagnosis. The use of multimodality imaging techniques including PET-CT, PET-MRI, and SPECT-CT is becoming gradually prevalent attributed to which the multimodality imaging technology is projected to lead the target market growth. Furthermore, with the advent of novel imaging agents counting the multimodality reporter genes is anticipated to rise the clinical application of techniques such as targeted molecular ultrasound and optical imaging because of which these segments are predicted to register an impressive CAGR in the coming years.
Key Market Insights from the report:
The global molecular imaging market accounted for US$ 6.8 billion in 2019 and is estimated to be US$ 13.7 billion by 2029 and is anticipated to register a CAGR of 7.3%. The market report has been segmented on the basis of product type, application, end-user, and region.
· By product type, imaging and diagnostic devices, such as SPECT and PET uses radioisotope tracers in order to achieve improved imaging capabilities and give more specific information about organ function and dysfunction. Thus, this segment is expected to dominate the target market over the forecast period.
· By application, cancer is expected to dominate the target market owing to growing cases of cancer globally.
· By end-user, the hospital segment estimated for the highest share of this market in 2019. This is attributed due to growing prevalence of CVDs, growing number of cardiac implant procedures, increasing number of patient visits to physician offices for diagnosis, and the presence of reimbursement for these procedures across developed markets.
· By region, North America led the global molecular imaging devices market in terms of revenue share, due to high level of adoption of imaging devices in the healthcare industry. Europe estimates for second largest market share contribution to the global molecular imaging devices market, followed by Asia Pacific
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The prominent player operating in the global molecular imaging market includes Carestream Health, Fujifilm Holdings Corporation, GE Healthcare, Hitachi Ltd, Hologic, Inc., Siemens AG, Philips Healthcare, Samsung Medison, Shimadzu Corporation, and Toshiba Medical Systems Corporation.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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