Increasing prevalence of chronic and acute diseases such as cancer, respiratory diseases, cardiovascular disorders, rapid technological advancements in molecular imaging modalities, and rising geriatric population are some key factors expected to drive global Molecular Imaging market growth.
Increasing prevalence of chronic and acute diseases such as cancer, respiratory diseases, cardiovascular disorders, rapid technological advancements in molecular imaging modalities, and rising geriatric population are some key factors expected to drive global Molecular Imaging market growth.
According to Emergen Research, the global molecular imaging market size was USD 7,058.7 million in 2019 and is expected to reach USD 10.71 billion in 2027 and register a steady revenue CAGR of 5.3% during the forecast period, 2020-2027.
Market Dynamics:
Molecular imaging is a growing biomedical field that enables identification, characterization, and quantification of biological processes taking place at molecular as well as cellular levels using a contrast agent inserted in the patient’s bloodstream. Ultrasound, magnetic resonance imaging, optical imaging, and nuclear imaging techniques are some of the widely used molecular imaging modalities. Over the recent years, there has been a rapid increase in the adoption of advanced molecular imaging systems for diagnosis of complex and rare diseases including cancer, brain disorders, lung diseases, and cardiovascular disorders among others.
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Factors such as rising awareness about early diagnosis and treatment, improving healthcare infrastructure, growing demand for advanced molecular imaging modalities in hospitals and clinics, and increasing investments in developing more advanced systems are expected to drive global market growth.
However, high costs of advanced molecular imaging systems, low awareness about the benefits of molecular imaging technology and lack of budget to deploy advanced imaging modalities are some key factors that can hamper overall market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Oncology Segment to Account for Largest Revenue Share:
The oncology segment is expected to account for largest revenue share during the forecast period. This can be attributed to rising prevalence of different types of cancer across the globe, increasing awareness about early diagnosis and treatment, and rising application of molecular imaging in cancer diagnosis.
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Hospitals and Clinics Segment To Register Rapid Revenue CAGR:
The hospitals and clinics segment is expected to register rapid revenue CAGR over the forecast period owing to large patient pool, increasing hospital admissions, and rising adoption of advanced imaging modalities in medium to large scale clinics and hospitals across the globe.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market owing to factors such as rising incidence of chronic diseases across the globe, rapid adoption of advanced imaging technologies, presence of well-developed healthcare facilities, and rising R&D investments.
Major Companies in the Market Include:
- Canon Inc.
- Digirad Corporation
- General Electric Company
- PerkinElmer Inc.
- Siemens Healthineers Inc.
- Bruker Corporation
- Cardinal Health
- Thermo Fisher Scientific
- Advanced Accelerator Applications
- DDD-Diagnostics A/S
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For the purpose of this report, Emergen Research has segmented the global molecular imaging market on the basis of product type, application, end-users, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Positron Emission Tomography
- Single Photon Emission Computed Tomography
- Magnetic Resonance Imaging
- Computed Tomography
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Oncology
- Cardiovascular Diseases
- Neurology
- Respiratory Diseases
- Others
End-Users Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Diagnostic Centers
Regional Outlook (Revenue, USD Billion; 2017–2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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