MOLECULAR IMAGING MARKET ANALYSIS

The global molecular imaging market is estimated to be valued at US$ 4.77 Bn in 2023 and is expected to exhibit a CAGR of 5.6% during the forecast period (2023-2030).

Analysts’ Views on Global Molecular Imaging Market:

Increasing demand for molecular imaging techniques such as positron emission tomography (PET), computed tomography (CT), magnetic resonance (MR) imaging, and others, is expected to propel the growth of the global molecular imaging market over the forecast period. According to an article published in July 2021 in the Journal of Clinical Medicine of Kazakhstan, around 60 million magnetic resonance imaging (MRI) scans are performed every year globally in order to diagnose structural disorders in the human body without the use of ionizing radiation.

Figure 1. Global Molecular Imaging Market Share (%), By Product Type, 2023

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Global Molecular Imaging Market– Drivers

Key market players are involved in inorganic growth strategies such as acquisitions

• Increasing inorganic growth strategies such as acquisitions, by key market players, are expected to drive market growth over the forecast period. On February 9, 2023, GE HealthCare, a healthcare technology and diagnostics company, announced that it had signed an agreement to acquire Caption Health, Inc., a healthcare company that creates clinical applications to aid in early disease detection, using AI to assist in conducting ultrasound scans. Ultrasound examinations can be made simpler and quicker with Caption Health, Inc.’s AI tools, allowing a wider range of healthcare providers to perform simple echocardiography assessments. With the use of this technology, doctors' offices, patients' homes, and other care locations can identify symptoms of diseases like heart failure in at-risk patients, potentially avoiding hospitalizations and promoting better clinical results
• Moreover, in January 2021, Olympus Corporation, a manufacturer of optics and reprography products, announced the acquisition of Quest Medical Imaging B.V., a medical device company, to strengthen its surgical endoscopy capabilities. Quest Medical Imaging B.V. offers advanced fluorescence imaging systems (“FIS”) for the medical field, enabling more surgical endoscopy capabilities compared to conventional imaging technologies.

Introduction of new products by key market players

Key market players are focused on the introduction of new products, which is expected to drive the growth of the global molecular imaging market over the forecast period. For instance, on July 12, 2023, United Imaging Healthcare Co., Ltd., a medical device manufacturing company, introduced its Next-Generation PET/CT systems and integrated molecular technology platform called uExcel at the Society of Nuclear Medicine and Molecular Imaging annual meeting in Chicago held in July 2023. The new uExcel platform integrates hardware and software innovations to improve performance, imaging capabilities, and system functionalities. A high-performance ASIC chip is featured in its ultra-digital platform (UDP) detector, and its AI-powered workflow streamlines processes and increases examination effectiveness. Lower doses can produce exceptional image quality, and the quality control module keeps the system operating at its best.

Focusing on the development of new equipment by key players

Key players are focusing on the development of new equipment, which is expected to drive global molecular imaging market growth over the forecast period. For instance, in December 2021, Siemens AG, a Germany-based conglomerate corporation, developed a new MRI (magnetic resonance imaging) technology in collaboration with researchers at the Ohio State University College of Medicine and College of Engineering. The new MRI, 0.55T MAGENTOM Free Max, has lower magnetic field strength, which offers the potential for it to be used for lung imaging without X-ray radiation.

Increasing prevalence of cancer world wide

Molecular imaging techniques are widely used for the diagnosis and prognosis of cancer; hence the increasing prevalence of cancer worldwide is expected to drive the growth of the global molecular imaging market over the forecast period. For instance, according to the data published in February 2020, by the World Health Organizations, cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. The most common new cases of cancer in 2020 were:

• Breast Cancer - 2.26 million cases
• Lung Cancer - 2.21 million cases
• Colon and Rectum - 1.93 million cases
• Prostate - 1.41 million cases
• Skin Cancer (non-melanoma) - 1.20 million cases  and
• Stomach Cancer - 1.09 million cases

Figure 2. Global Molecular Imaging Market Share (%), By Region, 2023

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Global Molecular Imaging Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global molecular imaging market over the forecast period. North America is estimated to hold 33.5 % of the market share in 2023. The global molecular imaging market is expected to witness significant growth in the coming years, due to increasing inorganic growth strategies, such as acquisitions by key market players. For instance, on February 6, 2023, Lantheus, a U.S.-based manufacturer of medical imaging products, announced it had acquired Cerveau Technologies, Inc. a U.S. based medical technology company. Cerveau’s asset is MK-6240, a second-generation F 18-labeled positron emission tomography (“PET”) imaging agent that targets Tau tangles in Alzheimer’s disease.

Global Molecular Imaging Market– Impact of Coronavirus (COVID-19) Pandemic

• Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.
• COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems with the transportation of things from one place to another.
• However, the COVID-19 pandemic had a negative impact on the global molecular imaging market, as the health care industries had faced challenged in the supply, distribution, and manufacturing of medical supplies globally during the COVID-19 pandemic. For instance, according to data published on May 6, 2021, by the National Center for Biotechnology Information, the global lockdown had negatively impacted the manufacturing industries and supplies of healthcare products, which is expected to hamper growth of the global molecular imaging market. 

Global Molecular Imaging Market Segmentation:

The global molecular imaging market report is segmented by product type, by application, by end user, and by region.

• By product type , the market is segmented into devices (molecular ultrasound imaging, positron emission tomography (PET), single photon emission computed tomography (SPECT), nuclear magnetic resonance (NMR) spectrometer, hybrid products ( Positron emission tomography - computed tomography (PET-CT), positron emission tomography- magnetic resonance (PET-MR), single photon emission computed tomography - computed tomography (SPECT-CT), single photon emission computed tomography - magnetic resonance (SPECT-MR)), and software platforms (on premises solutions, cloud based solutions). Out of which, the devices is expected to hold a dominant position in the global molecular imaging market during the forecast period, and this is attributed to increasing demand of molecular imaging devices.
• By application, the market is segmented into cardiovascular, neurology, oncology, respiratory, gastrointestinal, and others applications. Out of which, neurology is expected to dominate the market over the forecast period, and this is attributed to increasing neuro disorders.
• By end user, the market is segmented into hospitals, diagnostic imaging centers, and ambulatory surgical centers. Out of which, hospitals is expected to dominate the market over the forecast period, and this is attributed to the prompt treatment that can lead to proper recovery.
• Among all the segmentation, the product type segment is expected to dominate the market over the forecast period, and this is attributed to the increasing preference of molecular imaging devices by physicians.

Global Molecular Imaging Market- Cross Sectional Analysis:

In product type segment, Device segment is expected to dominate in North America due to increasing new product launch by key market players in the region. For insatance, in November 2020, FUJIFILM Holdings America Corporation, a Japan-based global medical diagnostic system manufacturer, announced that it had launched two new fluoroscopy systems: Persona C Surgical C-Arm and Persona RF PREMIUM System in the U.S.

Global Molecular Imaging Market: Key Developments

• On June 20, 2023, Motilent, a medical technology company, and Minerva Imaging, a biotechnology company, announced a strategic partnership to rethink how to conduct translational research in the study of digestive diseases. Minerva Imaging specializes in innovative techniques like MRI, PET, and nuclear medicine in a variety of preclinical models. Motilent is an expert in quantitative evaluation of the gastrointestinal tract, including problems of the stomach and colon, Crohn's and colitis, and irritable bowel syndrome.
• On February 4, 2023, FUJIFILM India Private Limited, a manufacturer of imaging products, launched the Prime open MRI device APERTO Lucent and two new models in the diagnostic ultrasound range, the Arietta 850 DeepInsight, and Arietta 650 DeepInsight along with its iconic one bone density scanner, the FDX Visionary-DR
• In November 2022, Koninklijke Philips N.V., a multinational conglomerate corporation, announced the global launch of a next-generation compact portable ultrasound solution at the Radiological Society of North America (RSNA) annual meeting held between November 27 and December 1, 2022, in Chicago, U.S. The new Compact 5000 Series from Koninklijke Philips N.V. seeks to make high-end cart-based ultrasound devices' diagnostic capabilities accessible to more people. The Compact 5000 series makes it easier for more patients to have their ultrasound exams done correctly the first time around because of its portability and versatility without sacrificing image quality or performance.
• In July 2022, Life Molecular Imaging, a pharmaceutical company, and BIOKOSMOS, a radiopharmaceuticals company, announced that they had entered into a strategic partnership and licensing agreement providing BIOKOSMOS with rights to manufacture and distribute Neuraceq, an approved imaging agent for the detection of beta-amyloid plaques, in Greece, Bulgaria, North Macedonia, and Albania. Neuraceq is used for the detection of beta-amyloid plaques in the brain and is used in clinical routines. It is also a powerful imaging biomarker for the appropriate characterization of subjects enrolled in clinical trials to support drug development in neurodegenerative diseases.
• In May 2021, Turner Imaging Systems, a developer of advanced X-ray imaging systems, announced that the company had received its CE (European conformity) mark for its Smart-C Mini C-Arm portable fluoroscopy x-ray imaging device. This will make it possible to distribute the Smart-C, the first highly portable micro c-arm in the EU in addition to the UK. In the U.S., the Smart-C is being deployed in hospitals, ambulatory surgical centers, orthopedic clinics, and professional and collegiate sports teams.
• In September 2020,  Akumin Inc. a Diagnostic imaging centers company, and Alliance HealthCare Services, a healthcare service provider, acquired four PET/CET imaging centers in Maryland, Pennsylvania, Alabama and Louisiana.

Global Molecular Imaging Market: Key Trends

Key market players are focusing on inorganic growth strategies, such as acquisition, which is expected to drive the growth of the global molecular imaging market over the forecast period. For instance, in November 2021, Bruker, a manufacturer of scientific instruments for molecular and materials research, announced that it acquired Molecubes NV, a maker of benchtop preclinical nuclear molecular imaging (NMI) systems. The acquisitions combine Bruker’s preclinical imaging products and global footprint with Molecubes NV’ modular benchtop Cubes systems, aiming to broaden Bruker’s NMI offering to further accelerate the worldwide adoption of preclinical NMI in academic medical centers and biopharma companies.

Global Molecular Imaging Market: Restraint

• Product recalls by key market players: Increasing product launches by key market players are expected to hamper the global molecular imaging market over the forecast period. For instance, in December 2022, GE HealthCare recalled the Nuclear Medicine 600 and 800 Series systems after identifying an issue with two mechanisms that prevent uncontrolled detector movement. First, there is a risk that the ball screw that serves as design mitigation for the suspended mass of the detector may fail. Additionally, some devices are also missing a safety key that should prevent the detector from a catastrophic fall when the ball screw fails. To counterbalance this market restraint, key players are focusing on developing molecular imaging devices following the regulations set down by regulatory agencies like the U.S. FDA and other regulatory authorities, including the new criteria for hazard analysis and risk-based preventive controls.

Global Molecular Imaging Market - Key Players

Major players operating in the global molecular imaging market include 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.

Definition: Molecular imaging is a field of biomedical study that makes it possible to observe, characterize, and quantify biological processes occurring at the cellular and subcellular levels in healthy live beings, including patients. The cellular and molecular illness pathways and mechanisms visible in the context of the living patient are depicted in MI pictures. MI goes beyond the prerequisites and constraints of in vitro or ex vivo biopsy or cell culture laboratory procedures, enabling the study of biologic processes in their own physiologically realistic environment.