Molecular Imaging Market Sizing by Industry Share, Key Trends, UHTS Technique, Application, Worldwide Analysis by Top Leaders and Regional Forecast to 2027

Molecular imaging is a technique used to study cellular and molecular processes in order to detect and diagnose complex molecular mechanisms, molecular changes, and gene expression present in the course of the disease. Molecular imaging includes the field of nuclear medicine, which use traces of radioactive materials (radiopharmaceuticals) to diagnose and treat disease. Molecular imaging provide information that is unreachable with other imaging technologies or that would require more invasive procedures such as surgery or biopsy. Moreover, it identify disease in its initial stages and determine the exact location of a tumor, often before symptoms occur or abnormalities can be detected with other diagnostic tests.

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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Market Dynamics

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.

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.

Increasing incidence of cancer, cardiovascular, and neurological diseases are expected to drive the molecular imaging market growth

Increasing incidence of various diseases such as cardiovascular, cancer, inflammatory, and neurological diseases are propelling demand for molecular imaging and is expected to drive the molecular imaging market growth during the forecast period. These diseases are becoming increasingly prevalent with rising percentage of geriatric population worldwide. According to the American Heart Association 2015 data, in the U.S., around 2 million people die due to cancer and cardiovascular disease annually.

Medical imaging is used for the early diagnosis and management of these diseases. For instance, for solid tumors, novel molecular imaging modalities such as Ultrasound, PET-CT, and MRI can facilitate earlier and more accurate diagnosis and staging, which are requisites for successful surgical therapy. Molecular imaging also plays an important role in dementia evaluation. According to the Society of Nuclear Medicine and Molecular Imaging, researchers are exploring the use of additional neuroimaging probes, including FDDNP and amyloid markers, to visualize abnormal plaques and tangles associated with Alzheimer’s disease.

Molecular Imaging Market Restraints

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.

Molecular Imaging Market - Regional Insights

On the basis of region, the global molecular imaging market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America molecular imaging market is expected to foresee major revenue share, owing to well established healthcare infrastructure that offers all the molecular imaging modalities in various parts of the region. Moreover, increasing awareness among people about health coupled with prevalence of various diseases including cardiovascular, cancer, brain disorders is propelling demand for molecular imaging in the region.

According to the Alzheimer’s Association, in 2017, over 5 million people were suffering from Alzheimer’s disease, which is also reported to be the sixth-leading cause of death in the U.S. According to Center for Disease Control (CDC), 2016, around 610,000 deaths were reported in the U.S. annually due to cardiac arrest and other cardiovascular diseases. This rate could be lowered with proper diagnostic and imaging technologies leading to opportunities for molecular imaging market growth.

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Asia Pacific molecular imaging market is anticipated to grow at highest CAGR, owing to increasing healthcare funding from government and private organizations to develop technologically advanced medical systems to fulfil demand of increasing population suffering from various diseases. Moreover, trends such as an increasing aging population, urbanization and chronic diseases underpin the demand for improved diagnostic care in the region. According to International Association of Cancer Registries, in 2012, over 600,000 new breast cancer cases were reported in Asia, accounting for 39% of all breast cancers diagnosed worldwide.

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