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Molecular Imaging market is Estimated to Witness High Growth Owing to Opportunity in Medical Diagnostics

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Poonam
Molecular Imaging market is Estimated to Witness High Growth Owing to Opportunity in Medical Diagnostics

Molecular imaging plays a significant role in the development and research of medical diagnostics. It is an emerging technology used in medical imaging to examine physiological and biological processes at molecular and cellular levels within living organisms. Molecular imaging techniques such as positron emission tomography (PET), single-photon emission computed tomography (SPECT), optical imaging, and magnetic resonance imaging (MRI) help doctors diagnose diseases accurately at early stages. The global Molecular Imaging Market is estimated to be valued at US$ 4786.94 Mn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders presents a lucrative opportunity for the molecular imaging market growth. According to the World Health Organization (WHO), cancers are estimated to rise from 18.1 million new cases in 2018 to 29.5 million new cases by 2040. Similarly, cardiovascular diseases are the leading cause of mortality worldwide and are estimated to account for over 23.6 million deaths annually by 2030. Molecular imaging plays a vital role in disease diagnosis and drug development processes by helping doctors detect diseases at early stages and develop targeted therapies. The ability of molecular imaging to identify abnormalities in biological activities at a molecular and cellular levels holds tremendous potential for precision medicine applications over the forecast period.

Porter's Analysis

Threat of new entrants: The healthcare biotechnology industry requires high R&D investment which acts as a barrier for new entrants. Intellectual property protection also limits new competition.

Bargaining power of buyers: Molecular imaging helps in early disease diagnosis which benefits patients. However, buyer power is moderate as there are substitute diagnostic imaging modalities available.

Bargaining power of suppliers: Key suppliers include imaging device OEMs, radiotracers, and IT solution providers. Supplier power is moderate due to the specialized technical expertise required.

Threat of new substitutes: Alternate advanced diagnostic techniques like precision medicine offer competition. However, molecular imaging enables non-invasive visualization at cellular and molecular levels.

Competitive rivalry: The market is dominated by few global players. Industry players compete on technology innovation, geographic expansion and integrated solutions.

SWOT Analysis

Strength: Molecular imaging offers high sensitivity and specificity in diagnosis. It can detect diseases at an early stage and guide precision treatment.

Weaknesses: Molecular imaging devices have high installation and maintenance costs. Radiotracer production requires specialized facilities and regulatory approvals.

Opportunities: Increasing healthcare spending in emerging nations drives market growth. Integrating molecular imaging with AI and digital technologies opens new avenues.

Threats: Stringent regulations for radionuclide production and facility installation pose challenges. Reimbursement issues and alternative diagnostic methods threaten market growth.

Key Takeaways

The global Molecular Imaging Market Growth  is expected to witness high growth during the forecast period of 2023 to 2030.

Regional analysis - North America will continue dominating owing to the rising incidence of cancer & cardiac diseases. Asia Pacific will grow rapidly due to improving healthcare infrastructure and increasing disposable incomes in China and India.

Key players - Key players operating in the molecular imaging market are Seattle's VillageReach, Flirtey, Ehang, ZipLine, TU Delft, Google Drones, Project Wing, Healthcare Integrated Rescue Operations (HiRO), Vayu Drones. They are focused on developing advanced imaging devices and radiotracers.

For more insights, read- https://www.ukwebwire.com/molecular-imaging-market-trends-size-and-share-analysis-2/


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