(MENAFN- GlobeNewsWire - Nasdaq) APAC projected as fastest-growing market for molecular imaging (CAGR 6% 2023-2033). Rising chronic illnesses & improved healthcare drive growth.NEWARK, Del, Jan. 11, 2024 (GLOBE NEWSWIRE) -- According to forecasts, the global molecular imaging industry size is expected to be US$ 5,437.16 million in 2023 and US$ 15,457.48 million by 2033. The market is projected to exhibit a CAGR of 11%.
The need for early illness diagnosis is increasing due to the rising incidence of numerous chronic diseases like cancer and other genetic disorders, which is anticipated to fuel the expansion of the worldwide market.
According to data from the Centers for Disease Control and Prevention (CDC) from February 2018, over 22,000 men and 9,000 women in the United States are diagnosed with liver cancer each year, and approximately 16,000 men and 8,000 women pass away from the disease. In addition, the market's revenue growth is fueled by the rapid progress of molecular imaging technologies.
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In the biomedical business, immune-PET, for instance, has considerably improved early cancer cell identification, enabling more use. The clinical benefit of targeted treatment using monoclonal antibodies is maximized by selecting the proper medication for the right patient.
Immune PET imaging makes it possible to assess these drugs' in vivo biodistribution and tumor targeting to predict their toxicity and effectiveness, guide drug research, and provide specialized care. As a molecular imaging biomarker for assessing target expression and tumor targeting, radio-labeled monoclonal antibodies enable viewing and measurement of the tracer uptake.
Key Takeaways:
In 2022, North America's molecular imaging market expanded, with a CAGR of 35.1%. In 2022, the United States developed the molecular imaging business with a share of 22.6%. The molecular imaging market grew considerably to US$ 4,855.5 million in 2022. The molecular imaging market expanded with a CAGR of 9.3% between 2018 to 2022. By 2033, China's molecular imaging market is projected to develop with a CAGR of 10.3%. By 2033, India's molecular imaging industry is projected to expand with a CAGR of 11%. Japan's molecular imaging industry grew significantly, with a 3.6% share in 2022. Australia's molecular imaging market is likely to expand with a CAGR of 12.7% by 2033. Germany's molecular imaging business grew, with a share of 6.9% in 2022 In 2022, based on modality, SPECT dominated the market, with a share of 23.5%. In 2022, the hospital's segment led the market, with a share of 56.5%, based on the end user.
Molecular Imaging Market Outlook:
| Attribute | Details |
| Molecular Imaging Market CAGR (2023 to 2033) | 11% | |
| Molecular Imaging Market Size (2023) | US$ 5437.2 million |
| Molecular Imaging Market Size (2033) | US$ 15,457.48 million |
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Key Players' Strategies and Recent Developments:
NXC Imaging, a distributor and service provider of medical imaging equipment in Minneapolis, Minnesota, was purchased by Canon Medical Systems, United States, on July 27, 2022. It's a commercial firm and a global leader in cutting-edge diagnostic imaging technology. Through the strategic partnership between NXC Imaging and Canon Medical Systems United States, the sales and service reach of the Upper Midwest region increased and enhanced. The world's first digital SPECT/CT with high-energy imaging was introduced on October 18, 2022, by Spectrum Dynamics Medical, a Swiss manufacturer of biomedical instruments. This innovation enables nuclear medicine clinics to offer a complete spectrum of clinical services. This capability is present in the new VERITON-CT 400 Series Digital SPECT/CT scanners, allowing imaging applications for the entire body, the heart, the brain, and other organs.
Key players:
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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Key segments:
By Modality:
Molecular Ultrasound Imaging Positron Emission Tomography (PET) Single Photon Emission Computed Tomography (SPECT) Nuclear Magnetic Resonance (NMR) Spectrometer Hybrid Products
By Application:
Cardiovascular Neurology Oncology Respiratory Gastrointestinal
By End Users:
Hospitals Diagnostic Imaging Centres Ambulatory Surgical Centres
By Region:
North America Latin America Europe East Asia South Asia Oceania Middle East & Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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