What's Driving The Advanced Molecular Imaging Market Growth? Key Players Are: Carestream Health, Fujifilm Holdings Corporation, GE Healthcare, Hitachi Ltd, Hologic, Inc., Siemens AG, Philips Healthcare

Increasing prevalence of various chronic diseases such as cancer and other genetic disorders are propelling demand for early disease diagnosis eventually driving the medical imaging market growth. According to the Centers for Disease Control and Prevention (CDC), February 2018 data, in the U.S., around 22,000 men and 9,000 women suffer from liver cancer, and around 16,000 men and 8,000 women die from liver cancer annually. Molecular imaging has become part of standard care for many types of cancer. The use of imaging techniques in early cancer detection, treatment response, and new therapy development is steadily growing and has already significantly impacted on clinical management of cancer.

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Moreover, rising cases of neurological disorders such as Alzheimer’s, which can be easily detected with PET-CT scanner is also contributing to the medical imaging market growth. For instance, according to the Alzheimer’s Association, in 2017, over 5 million people were estimated to be suffering from Alzheimer’s disease, which was also reported to be the sixth-leading cause of death in the U.S. However, some limitations associated with molecular modalities including side effects of radiation and lack of penetration depth, which is expected to confine the molecular imaging market growth to some extent.

Manufacturers are focused on research and development to integrate advanced medical technologies for in vitro diagnosis. For instance, in 2014, Philips Healthcare received the U.S. FDA approval for spectral imaging system (IQon Spectral CT). The IQon Spectral CT is a leading, new, high standard for medical imaging. As per the study conducted by Radiological Society of North America, in 2013, Philips IQon Spectral CT system exhibited enhanced diagnosis in up to 70% cases as compared to conventional imaging methods.

With rapid technological advancements, targeted therapy, presymptomatic detection, and personalized medicine are possible in future with the use multimodal molecular imaging. Moreover, researchers are using molecular imaging to identify the strategies for developing new drugs and to design clinical trials to test their effectiveness. Information provided by molecular imaging technologies has the potential to accelerate the drug development and approval process by making it less expensive and more effective.

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However, there are some limitations associated with all molecular imaging modalities, which may restrain molecular imaging market growth. For instance, optical imaging lacks penetration depth, especially when working at visible wavelengths. Depth of penetration is used for the absorption and scattering of light to identify molecular structure.

Moreover, optical imaging and ultrasound do not offer whole body imaging. MRI offers unlimited depth penetration and whole body imaging, however, it is more costly than other modalities. PET-CT imaging is not recommended for all patients due to harmful radiation that causes side effects to the body. For instance, it is not suitable for pregnant women, as the radiation could harm the baby.

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Key players operating in the global molecular imaging market include Carestream Health, Fujifilm Holdings Corporation, GE Healthcare, Hitachi Ltd, Hologic, Inc., Siemens AG, Philips Healthcare, Samsung Medison, Shimadzu Corporation, and Toshiba Medical Systems Corporation. Several players operating in the medical imaging devices market are focusing on improving the image quality, in order to cater to unmet medical imaging needs.

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This release was published on openPR.