With 5.41% CAGR, Molecular Imaging Market Size to Hit USD 7.3 Billion by 2032 | Future Market Insights
NEWARK, Del., Sept. 14, 2022 /PRNewswire/ -- The global molecular imaging market is anticipated to value at US$ 7.3 Billion while expanding at a CAGR of 5.41% during the forecast period of 2022-2032. The growth of the market can be attributed to the increasing incidences of chronic illness across the globe.
Growing Adoption of AI-Based Technology in the Healthcare Sector to Expand the Molecular Imaging Market at a CAGR of 5.41% by 2032. In Europe, the molecular imaging market is expected to display a CAGR of 4% during the forecast period. In APAC, the molecular imaging market is expected to display a CAGR of 6% during the forecast period
NEWARK, Del., Sept. 14, 2022 /PRNewswire/ -- The global molecular imaging market is anticipated to value at US$ 7.3 Billion while expanding at a CAGR of 5.41% during the forecast period of 2022-2032. The growth of the market can be attributed to the increasing incidences of chronic illness across the globe.
Increasing demand for early detection and cost-effective diagnosis of chronic diseases along with the rising geriatric population across the globe are likely to fuel demand for the molecular imaging system. The advent of modern devices and developing healthcare infrastructure in evolving economies are some of the salient factors escalating market growth.
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The increasing prevalence of chronic diseases like cancer and other genetic illness are expected to propel the demand for an efficient and early disease diagnosis, which is projected to benefit the global molecular imaging market during the forecast period. Increasing adoption of molecular imaging for new applications, ongoing development and innovation in molecular imaging technologies, and developing economies are likely to provide significant opportunities for growth in the market in the coming time.
The launch of AI-based devices is projected to augment the market size in the coming time. For instance, in May 2020, Fujifilm Corporation launched AI-based technology for lung nodule detection. This technology is used to detect pulmonary nodules in chest CT scans to aid in lung cancer detection. In another instance, in November 2020, Canon Medical Systems Corporation launched One-Beat Spectral Cardiac CT, with rapid kVp switching and deep learning spectral reconstruction to acquire whole-heart spectral images in one beat. Thus, the launch of advanced products is anticipated to benefit the industry during the forecast period.
The increasing application of AI-based diagnostic equipment for the rapid detection of illnesses is anticipated to act as a significant opportunity for the global molecular imaging market during the forecast period. Players in the market are introducing AI-based equipment which will help the market in fetching significant dividends. In 2019, Siemens Healthineers introduced an ultrasound system, Acuson Redwood, which provides an imaging solution for clinical departments including cardiology, radiology, and gynecology.
However, high expenses associated with advanced molecular imaging system is projected to hamper the market growth during the forecast period. The presence of unfavorable reimbursements and lack of expertise in developing countries can hinder the market growth.
Key Takeaways from the Market Study:
- The global molecular imaging market is expected to secure US$ 4.309 Billion in 2022.
- In Europe, the molecular imaging market is expected to display a CAGR of 4% during the forecast period.
- In 2021, the hospital segment is projected to have secured 46.5% of the global revenue.
- In APAC, the molecular imaging market is expected to display a CAGR of 6% during the forecast period.
- In 2021, the molecular imaging market in North America is expected to have claimed 33% of the global revenue.
"Deployment of modern technologies in the healthcare sector and growing demand for early detection of chronic illness are likely to propel the demand for efficient molecular imaging equipment which will benefit the market during the forecast period," says an FMI analyst.
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Competition Analysis
Key players in the global molecular imaging market include Hermes Medical Solutions, Bruker Corporation, GE Company, Fujifilm Holdings Corp., Siemens AG, Koninklijke Philips N.V., and Toshiba Medical System Corp.
Recent Developments in the Market:
- In September 2021, Hermes Medical Solutions and Isotopia Molecular Imaging announced a new collaboration with Isotopia to raise awareness and co-promote the benefits of dosimetry, personalized medicine, and radiopharmaceutical therapy.
- In February 2021, Royal Philips announced the acquisition of BioTelemetry, a US-based player that provides remote cardiac diagnostics and monitoring. The acquisition of BioTelemetry is a strong fit with Philips' cardiac care portfolio, and its strategy to transform the delivery of care along the health continuum with integrated solutions.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global molecular imaging market, presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of Modality (Positron Emission Tomography (PET), Positron Emission Tomography- Computed Tomography (PET-CT), Positron Emission Tomography- Magnetic Resonance (PET-MR), Single Photon Emission Computed Tomography (SPECT), Software, Magnetic Resonance, Molecular Ultrasound Imaging), by Application (Cardiology, Oncology, Gastrointestinal Disorders, Neurology Disorders, Others), by End User (Hospitals, Ambulatory Surgical Centres, Diagnostic Centres), & Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusion
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Strategic promotional strategies
5. COVID-19 Crisis Analysis
5.1. Current COVID19 Statistics and Probable Future Impact
5.2. Current GDP Projection and Probable Impact
5.3. Current Economic Projection as compared to 2008 financial analysis
5.4. COVID19 and Impact Analysis, by Country
5.5. 2022 Market Scenario
5.6. Recovery Scenario – Short term, Midterm and Long Term Impact
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