The global Molecular Imaging Market is anticipated to value at US$ 7.3 Billion while expanding at a CAGR of 5.41% during the forecast period of 2022-2032. The growth of the market can be attributed to the increasing incidences of chronic illness across the globe.
The growing demand for early detection and cost-effective diagnosis of chronic diseases, as well as the world's ageing population, are expected to drive demand for molecular imaging systems. The introduction of modern devices and the development of healthcare infrastructure in developing economies are two key factors driving market growth.
The rising prevalence of chronic diseases such as cancer and other genetic illnesses is expected to drive demand for efficient and early disease diagnosis, benefiting the global molecular imaging market during the forecast period. Growing adoption of molecular imaging for new applications, ongoing development and innovation in molecular imaging technologies, and developing economies are all expected to provide significant opportunities for market growth in the coming years.
The introduction of AI-powered devices is expected to increase market size in the near future. Fujifilm Corporation, for example, will launch AI-based technology for lung nodule detection in May 2020. This technology detects pulmonary nodules in chest CT scans to aid in the detection of lung cancer. In another case, Canon Medical Systems Corporation introduced One-Beat Spectral Cardiac CT in November 2020, with rapid kVp switching and deep learning spectral reconstruction to acquire whole-heart spectral images in one beat. As a result, the introduction of advanced products is expected to benefit the industry during the forecast period.
During the forecast period, the increasing use of AI-based diagnostic equipment for the rapid detection of illnesses is expected to be a significant opportunity for the global molecular imaging market. Market participants are introducing AI-based equipment that will assist the market in reaping significant dividends. Siemens Healthineers introduced the Acuson Redwood ultrasound system in 2019, which provides an imaging solution for clinical departments such as cardiology, radiology, and gynaecology.
The high costs associated with advanced molecular imaging systems, on the other hand, are expected to stifle market growth during the forecast period. In developing countries, the presence of unfavourable reimbursements and a lack of expertise can stifle market growth.
Competition Analysis
Key players in the global molecular imaging market include Hermes Medical Solutions, Bruker Corporation, GE Company, Fujifilm Holdings Corp., Siemens AG, Koninklijke Philips N.V., and Toshiba Medical System Corp.
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