Molecular Imaging Market is expected to value at US$ 7.3 Billion by 2032, at a CAGR 5.41%

During the forecast period of 2022 to 2032, the global molecular imaging market size is expected to reach a value of US$ 7.3 billion, growing at a CAGR of 5.41%. This growth can be attributed to the increasing incidence of chronic illnesses worldwide. The demand for early detection and cost-effective diagnosis of chronic diseases, coupled with a growing geriatric population, is driving the need for molecular imaging systems. The market is also benefitting from the advent of modern devices and developing healthcare infrastructure in emerging economies.

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The rising prevalence of chronic diseases such as cancer and other genetic illnesses is expected to drive the demand for efficient and early disease diagnosis, which will contribute to the growth of the global molecular imaging market during the forecast period. Furthermore, the increasing adoption of molecular imaging for new applications, ongoing development and innovation in molecular imaging technologies, and the emergence of developing economies are likely to create significant growth opportunities in the market in the coming years.

The launch of AI-based devices is expected to further augment the market size. For instance, in May 2020, Fujifilm Corporation launched an AI-based technology for lung nodule detection, which aids in the detection of pulmonary nodules in chest CT scans for lung cancer detection. Similarly, in November 2020, Canon Medical Systems Corporation launched One-Beat Spectral Cardiac CT, which uses rapid kVp switching and deep learning spectral reconstruction to acquire whole-heart spectral images in one beat. The launch of advanced products is expected 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 to help the market fetch 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, the high expenses associated with advanced molecular imaging systems are projected to hamper market growth during the forecast period. The presence of unfavorable reimbursements and a lack of expertise in developing countries may also hinder market growth.

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Key Takeaways from the Market Study:

• The global molecular imaging market is expected to secure US$ 4.31 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.

Competition Analysis

Key players in the global molecular imaging market include:

• Hermes Medical Solutions
• Bruker Corporation
• GE Company
• Fujifilm Holdings Corp.
• Koninklijke Philips N.V.
• Siemens AG
• Toshiba Medical System Corp.
• Mirada Medical Limited
• Carestream Health, Inc.
• Esaote SpA
• Positron Corporation
• Medisco Ltd.
• Hitachi Medical Corp.
• MIM Software Inc

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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.

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