Global Bio-imaging Market Surge: Anticipated Growth Driven by Rising Prevalence of Chronic Diseases

 

Global Bio-imaging Market 

Bio-imaging, also known as medical imaging, refers to technologies that are used to visualize parts of the body, assist in clinical diagnoses and guide patient management. It involves capturing images of the inside of the body for clinical analysis and medical intervention, with technologies including X-ray, MRI, ultrasound and PET scanning. Bio-imaging finds applications in various clinical specialties including cardiology, oncology, neurology and obstetrics.

It helps detect and diagnose medical conditions at an early stage, enable non-invasive surgery with image guidance and allow timely monitoring of treatment responses. The growing geriatric population, rising cases of cancer and cardiovascular diseases and increasing awareness regarding benefits of early disease diagnosis are fueling demand for bio-imaging technologies globally.

The Global bio-imaging Market is estimated to be valued at US$ 5.74 BN in 2024 and is expected to exhibit a CAGR of 15.% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Bio-imaging Market are Bracco Imaging S.P.A, Bayer HealthCare Pharmaceuticals, Esaote S.p.A, Digirad Corporation, FONAR Corporation, GE Healthcare, Hologic Inc., Hitachi Medical Corporation, Lantheus Medical Imaging, Inc., Covidien Pharmaceuticals, Mindray Medical International Limited., Gamma Medica Inc., Samsung Medison Co., Ltd., and Philips Healthcare. These players are focusing on new product launches, mergers and acquisitions to expand their global footprint.

There is immense potential for bio-imaging technologies for various applications such as neurology, cardiology and oncology. With the growing prevalence of chronic diseases, the demand for non-invasive and high-resolution bio-imaging modalities is increasing. Advancements in bio-imaging including PET tracers, MRI contrast agents and ultrasound probes offer opportunities for early disease identification.

North America dominated the Global Bio-imaging Market Size in 2021 due to growing healthcare expenditure. However, Asia Pacific is anticipated to witness fastest growth during the forecast period with rising medical tourism, healthcare infrastructure development and increasing discretionary spending. Key players are expanding their presence in emerging markets through partnerships and joint ventures.

Market Drivers
- Rising geriatric population worldwide prone to various age-related diseases
- Increasing prevalence of cancer and cardiovascular diseases propelling bio-imaging demand
- Growing awareness about benefits of early disease diagnosis among patients

Market Restraints
- High costs of bio-imaging equipment and procedures limiting widespread adoption
- Stringent regulatory approvals for new system launches delaying time to market
- Shortage of trained and skilled radiologists in developing regions

Segment Analysis

The global bio-imaging market has key segments such as MRI systems, Ultrasound imaging systems, CT scanners, Nuclear imaging systems, X-ray imaging systems and optical imaging systems. Among these, MRI systems is currently the dominating segment accounted for around 25% share of the overall bio-imaging market in 2024. MRI systems offers superior image quality with no radiation exposure and helps provide detailed pictures of soft tissues making it ideal for neurological and musculoskeletal imaging diagnoses.

Global Analysis

North America region currently dominates the global bio-imaging market accounting for more than 40% share in 2024. This is attributed to the advanced healthcare infrastructure, availability of reimbursement facilities, and increasing adoption of technologically advanced products in the region. Asia Pacific region is projected to exhibit highest CAGR during the forecast period owing to rapidly growing medical tourism industry, rising healthcare expenditures and increasing prevalence of chronic and lifestyle diseases.

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