by The global Molecular Imaging Market is estimated to be valued at US$ 4,309.0 million in 2021 and is expected to exhibit a CAGR of 5.4% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Molecular imaging refers to a non-invasive imaging technique that allows visualization and measurement of biological processes at the cellular and molecular level. This technique utilizes various imaging modalities such as positron emission tomography (PET), single-photon emission computed tomography (SPECT), magnetic resonance imaging (MRI), and computed tomography (CT) to provide detailed information about the functioning of organs and tissues.
The molecular imaging market is driven by the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders. Molecular imaging techniques have revolutionized the field of diagnostics by providing enhanced sensitivity and specificity in disease detection, thereby facilitating personalized treatment approaches. The market for molecular imaging is also propelled by technological advancements in imaging systems, such as the development of hybrid imaging systems that combine the benefits of multiple imaging modalities.
B) Market Key Trends:
One key trend in the molecular imaging market is the growing adoption of targeted therapies. Targeted therapies involve the use of specific drugs or treatments that target the molecular and genetic abnormalities in diseases such as cancer. Molecular imaging techniques play a crucial role in the identification and monitoring of targets for targeted therapies. These techniques help in assessing the expression of specific molecular markers in tumors, enabling physicians to select the most appropriate treatment options for patients. For example, PET imaging with radiotracers can be used to evaluate the expression of specific receptors or proteins in tumors, helping clinicians to determine the efficacy of targeted therapies.
C) Porter’s Analysis:
Threat of new entrants: Low. The Molecular Imaging Market requires significant investment in research and development, as well as regulatory approvals. Established players have a strong foothold in the market, making it challenging for new entrants to gain market share.
Bargaining power of buyers: Moderate. Buyers in the molecular imaging market include hospitals, diagnostic centers, and research institutions. These buyers have the option to choose from multiple suppliers, giving them some bargaining power.
Bargaining power of suppliers: Moderate. Key suppliers in the molecular imaging market include manufacturers of imaging systems, radiotracers, and contrast agents. These suppliers have some bargaining power due to the limited availability of certain imaging agents and the need for high-quality imaging systems.
Threat of new substitutes: Low. Molecular imaging techniques provide unique and valuable information that cannot be easily replicated by other imaging modalities. Therefore, the threat of substitutes is low.
Competitive rivalry: High. The molecular imaging market is highly competitive, with key players constantly striving to innovate and develop advanced imaging solutions. Major players in the market include GE Healthcare, Bruker Corporation, Siemens Healthineers, and Philips.
D) Key Takeaways:
– The global molecular imaging market is expected to witness high growth, exhibiting a CAGR of 5.4% over the forecast period, due to increasing demand for advanced diagnostic solutions.
– North America is expected to dominate the molecular imaging market, owing to the presence of well-established healthcare infrastructure, high healthcare expenditure, and the adoption of advanced imaging technologies.
– Key players operating in the global molecular imaging market are GE Healthcare, Bruker Corporation, Fujifilm Holdings Corp., Siemens Healthineers, Koninklijke Philips N.V., Canon Medical Systems Corporation, United Imaging Healthcare Co., Ltd., Mediso Kft., Positron Corporation, Esaote SpA, Carestream Health, Mirada Medical Limited, and Hermes Medical Solutions. These players focus on strategic collaborations, product launches, and technological advancements to strengthen their market position.
In conclusion, the global molecular imaging market is poised for significant growth, driven by the increasing demand for advanced diagnostic solutions. The market is characterized by the adoption of targeted therapies and intense competition among key players. The key takeaway is that molecular imaging techniques have the potential to revolutionize disease diagnosis and treatment by providing personalized and precise healthcare solutions.
