Molecular Imaging Market Size to Reach USD 11.27 Billion in 2028 | Industry Trend – Technological advances in molecular imaging techniques
Emergen Research has published its latest report titled “Molecular Imaging Market, By Product Type (Positron Emission Tomography, Single Photon Emission Computed Tomography, Magnetic Resonance Imaging, Computed Tomography, Others), By Application (Oncology, Neurology, Cardiology, Respiratory Diseases, Others), By End-use (Hospitals & Clinics, Ambulatory Surgical Centers, Diagnostic Centers), and By Region Forecast to 2028”
According to Emergen Research, the global molecular imaging market size was USD 7,432.81 million in 2020 and is expected to reach USD 11.27 billion in 2028 and register a revenue CAGR of 5.3% during the forecast period, 2021-2028.
The global molecular imaging market revenue growth is primarily attributed to factors such as rising burden of chronic and acute diseases, including cancer, cardiac disorders, and respiratory diseases, across the globe; increasing awareness of early disease diagnosis and treatment; and technological advances in molecular imaging techniques. Molecular imaging is an emerging medical imaging technology that involves molecular biology, chemistry, engineering, and molecular medicine. The technique is widely used to detect and monitor structural or functional changes in cancer tissues. Most widely used molecular imaging technologies include optical imaging, computed tomography (CT), ultrasound (US), positron emission tomography (PET), and single-photon emission computed tomography (SPECT).
Hence, increasing use of these technologies in diagnosis of cancer, cardiovascular diseases, lung diseases, bone disorders, gastrointestinal diseases, brain disorders, thyroid-related diseases, and various other conditions is one of the major factors driving the global molecular imaging market revenue growth. Rapid integration of robotics and nano-biotechnology in healthcare and growing use of non-ionizing bio-imaging techniques such as MRI and CT are other important factors boosting revenue growth of the market.
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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 Accounted for Largest Revenue Share in 2020:
Based on application, the oncology segment was the most dominant in terms of largest revenue share in the global molecular imaging market in 2020. Rise in geriatric population, increasing prevalence of different types of cancer globally, and growing applications of molecular imaging in cancer diagnosis and treatment are among the major factors driving the revenue growth of this segment.
Hospitals & Clinics Segment to Account for Fastest Revenue CAGR:
Based on end-use, the hospitals & clinics segment is projected to register the fastest revenue growth rate in the global molecular imaging market over the forecast period. Factors contributing to revenue growth of this segment are rapidly increasing geriatric population worldwide, increasing hospital admissions, growing rate of cancer-related mortalities, and increasing adoption of molecular imaging diagnostics in hospitals and clinics.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America molecular imaging market accounted for the largest revenue share in the global market in 2020. Rising prevalence of chronic and acute diseases, increasing government initiatives to raise cancer awareness, rapid adoption of advanced imaging technologies in the healthcare sector, and presence of highly advanced healthcare infrastructure in the region are major factors driving the North America market revenue growth.
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Major Companies in the Global Molecular Imaging 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
For the purpose of this report, Emergen Research has segmented the global molecular imaging market based on product type, application, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2018-2028)
- Positron Emission Tomography
- Single Photon Emission Computed Tomography
- Magnetic Resonance Imaging
- Computed Tomography
Application Outlook (Revenue, USD Billion; 2018-2028)
- Respiratory Diseases
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Diagnostic Centers
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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