On-Premises Molecular Imaging Market Research Report Segmented by Modality (Positron Emission Tomography (PET), Positron Emission Tomography- Computed Tomography (PET-CT), Positron Emission Tomography- Magnetic Resonance (PET-MR), Single Photon Emission Computed Tomography (SPECT), Software, Magnetic Resonance, Molecular Ultrasound Imaging); Application (Cardiology, Oncology, Gastrointestinal Disorders, Neurology Disorders, Others); End-User (Hospitals, Ambulatory Surgical Centres, Diagnostic Centres); and Region - Size, Share, Growth Analysis | Forecast (2024 2030)

On-Premises Molecular Imaging Market Industry Overview (2024 - 2030)

As of 2024, the global valuation of the On-Premises Molecular Imaging Market stood at $4.03 Billion, and there is a forecasted surge to $6.69 Billion by 2030. The market is poised to experience a compound annual growth rate (CAGR) of 7.5% over the analytical period spanning 2024 to 2030.

Molecular imaging, a facet of medical imaging focusing on visualizing molecules of medical significance within living patients, seamlessly integrates molecular and cellular biology with cutting-edge imaging technologies. This non-invasive and painless diagnostic method plays a crucial role in addressing various health conditions such as respiratory, gastrointestinal, cardiovascular, neurologic, and oncological disorders. Nuclear medicine, encompassing the field of molecular imaging, involves the use of minimal amounts of radioactive substances (radiopharmaceuticals) for diagnostic and therapeutic purposes. Molecular imaging not only facilitates enhanced personalization of patient care but also aids healthcare professionals in disease management.

The interdisciplinary domain of molecular imaging amalgamates molecular biology, chemistry, computer science, engineering, and medicine. Modern imaging techniques like optical imaging, computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), single-photon emission computed tomography (SPECT), and ultrasound are extensively employed to monitor structural, functional, and molecular alterations in cancer tissues globally.

The escalating prevalence of chronic diseases, including cancer, and the imperative need for early disease detection are driving the global molecular imaging market's expansion. According to the Centers for Disease Control and Prevention (CDC), liver cancer diagnoses in the United States alone amount to around 22,000 men and 9,000 women annually, with approximately 16,000 men and 8,000 women succumbing to the disease.

Covid-19 Impact on the Industry

The global molecular imaging equipment market experienced disruptions due to the COVID-19 pandemic, resulting in shortages of raw materials and labor, logistical challenges, and inefficiencies in regional warehouse operations. Despite these challenges, the employment of molecular imaging methods, such as positron emission tomography/computed tomography (PET/CT), gained prominence in detecting and managing COVID-19 cases, positively influencing the worldwide molecular imaging industry.

A July 2021 review in Seminars in Nuclear Medicine reported the significant agreement between MRI and chest CT in identifying COVID-19 pneumonia's characteristic features.

Market Drivers

Growing demand for molecular imaging techniques is anticipated to propel the global molecular imaging market growth over the forecast period

The global molecular imaging market is expected to witness growth propelled by the increasing demand for molecular imaging techniques, particularly in cancer diagnosis and prognosis. Techniques like positron emission tomography (PET), computed tomography (CT), magnetic resonance imaging (MRI), and others are in high demand globally.

Government Initiative will drive the market growth

Government initiatives emphasizing stronger regulatory controls and investments in healthcare and research and development (R&D) are anticipated to drive market growth. These investments aim to foster the development of more effective and non-invasive disease identification methods, especially in oncology and cardiology.

Increasing advances in technology will drive the market growth

Technological advancements, product introductions, and strategic partnerships by leading industry players are foreseen to boost the usage of molecular imaging. Automation through machine learning-based approaches for image categorization is expected to play a crucial role in the coming years.

Market Restraints

The high cost of imaging devices, such as MRI machines and CT scanners, poses a significant challenge to the growth of the global molecular imaging equipment market. High-end MRI devices, for instance, can cost over US$ 1 million, with prices starting at US$ 150,000.

Global On-Premises Molecular Imaging Market- By Modality

• Positron Emission Tomography (PET)
• Positron Emission Tomography- Computed Tomography (PET-CT)
• Positron Emission Tomography- Magnetic Resonance (PET-MR)
• Single Photon Emission Computed Tomography (SPECT)
• Software
• On-Premises Solutions
• Cloud-Based Solutions
• Magnetic Resonance
• Molecular Ultrasound Imaging

In emerging regions, substantial investments have been made in the enhancement and development of healthcare infrastructure. Approximately 90% of Positron Emission Tomography-Computed Tomography (PET-CT) procedures are dedicated to cancer monitoring and diagnosis. However, the imminent commercial introduction of innovative radiotracers aims to facilitate the identification of prevalent neurodegenerative diseases such as Alzheimer's, thereby augmenting the adoption of PET-CTs in neurology.

The utilization of PET-CT has been on the rise in cardiology, particularly for imaging myocardial perfusion. The PET-CT segment within molecular imaging technology is experiencing rapid growth due to the increasing global prevalence of cancer. Manufacturers are responding to the growing demand for PET in radiation oncology by introducing larger PET/CT scanners tailored to the unique needs of radiation treatment users. For instance, Philips has unveiled the "Big Bore" Gemini TF PET/CT, featuring an 85cm-diameter bore and compatibility with radiotherapy placement devices. The progress of genetic diagnostic labs, facilitated by clinical advancements, financial incentives, and improved healthcare infrastructure, will accelerate the development of molecular imaging using precise and non-invasive diagnostic assays.

Throughout the projected period, PET-CT is expected to command approximately 34.3 percent of the global market across various modalities. With its exceptional sensitivity, infinite depth of penetration, and quantitative capabilities, PET-CT has evolved into a powerful tool for fundamental research in diverse fields such as oncology, neurology, and cardiology. In clinical settings, PET plays a crucial role in cancer identification, staging, and evaluating treatment response. Reports indicate that whole-body PET/CT enhances the accuracy of cancer staging and diagnosis.

Global On-Premises Molecular Imaging Market- By Application

• Cardiology
• Oncology
• Gastrointestinal Disorders
• Neurology Disorders
• Others

Cancer remains the leading cause of mortality worldwide and a significant impediment to increasing life expectancy in every nation. Predictions from the World Health Organization for 2019 highlight cancer as the third or fourth leading cause of death in 23 countries and one of the top causes of premature death before the age of 70 in 112 out of 183 countries. Oncology revenue is expected to grow at a CAGR of over 11% during the anticipated period, driven by the rising incidence of cancer, necessitating the use of molecular imaging for effective diagnosis and treatment.

Global On-Premises Molecular Imaging Market- By End-User

• Hospitals
  • 500+ Beds
  • 200-499 Beds
  • Less than 200 Beds
• Ambulatory Surgical Centres
• Diagnostic Centres

Hospitals are projected to maintain the highest market share, with an anticipated CAGR of over 12% during the forecast period. The increased use of molecular imaging in hospitals is attributed to the aging population and the rise in cancer-related mortality. As hospitals take measures to manage the surge in patient volume, the demand for diagnostic imaging equipment is expected to grow.

Global On-Premises Molecular Imaging Market- By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Throughout the forecast period, the U.S. market is expected to remain the most lucrative. The sophisticated healthcare infrastructure in the United States positions it as a valuable market for molecular imaging, primarily driving market expansion. Prostate, lung, bronchus, and colorectal cancers account for a significant portion of cancer cases in the U.S., contributing to the high demand for molecular imaging. The market is projected to grow at a noteworthy CAGR of over 9% during the forecast period.

Germany, one of the largest nations in Europe, exhibits a cancer incidence rate of 313.1 per 100,000 inhabitants. The focus on early cancer detection and improved patient care, as outlined in the German National Cancer Plan, contributes to the growth of the molecular imaging market in Germany. The implementation of the Krebsfrüherkennungs- und -registergesetz (KFRG) in 2013 marked a pivotal moment in advancing cancer early detection initiatives.

In France, cancer cases have seen a significant increase, with prostate, breast, lung, and colorectal cancers accounting for over 47% of all cases. Public health regulations actively support initiatives for cancer identification and prevention in France, with the French National Cancer Institute playing a crucial role in addressing all aspects of the fight against cancer.

China has witnessed a remarkable surge in domestic manufacturers and distributors in recent years. The high cancer-related mortality rate in China, coupled with the growing elderly population and chronic diseases, is expected to drive the demand for cutting-edge technology for illness diagnosis, thereby expanding the market potential for molecular imaging equipment.

Global On-Premises Molecular Imaging Market- By Companies

1. Hermes Medical Solutions
2. Bruker Corporation
3. GE Company
4. Fujifilm Holdings Corp.
5. Koninklijke Philips N.V.
6. Siemens AG
7. Toshiba Medical System Corp.
8. Mirada Medical Limited
9. Carestream Health, Inc.
10. Esaote SpA
11. Positron Corporation
12. Medisco Ltd.
13. Hitachi Medical Corp.
14. MIM Software Inc.

NOTABLE HAPPENINGS IN THE GLOBAL ON-PREMISES MOLECULAR IMAGING MARKET IN THE RECENT PAST:

Business Collaboration (2021): Hermes Medical Solutions collaborates with Isotopic to enhance awareness and jointly promote the benefits of dosimetry, radiopharmaceutical treatment (RPT), and customized medicine.

Merger & Acquisition (2019): Philips successfully acquires Carestream Health Inc.'s Healthcare Information Systems (HCIS) division, enhancing its enterprise diagnostic informatics solutions.

Merger & Acquisition (2021): FUJIFILM Medical Systems and FUJIFILM Healthcare Americas Corporation (formerly Hitachi Healthcare Americas) merge under the name FUJIFILM Healthcare Americas Corporation.