Bio-imaging
technology plays a crucial role in disease diagnosis providing detailed images
of the structures and activities inside the human body. It helps enable early
diagnosis and treatment tracking through non-invasive techniques like positron
emission tomography (PET), magnetic resonance imaging (MRI), ultrasound, and
nuclear medicine imaging. These advanced imaging modalities are increasingly
being adopted by hospitals, diagnostic imaging centers, academic & research
institutes, and contract research organizations globally.
The global bio-imaging market is estimated to be
valued at US$ 5.74 billion in 2024 and is expected to exhibit a CAGR of 15%
over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the
Global
Bio-imaging Market Demand 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, geographic expansion and
mergers & acquisitions to gain a competitive edge in the market.
There is immense opportunity for advancement and development in terms of
bio-imaging software, hybrid imaging systems and targeted molecular probes.
Companies are actively investing in R&D to develop advanced bio-imaging
modalities and probes to enable visualization of specific tissues, cells and
biomolecules. Governments across countries are also supporting research in
molecular bio-imaging which is expected to boost market growth.
Key players are expanding their global footprint especially in emerging Asian
countries to tap the growing demand for diagnostic imaging services. Companies
are focusing on geographical expansion through collaborations with hospitals,
medical equipment distributors, setting up manufacturing facilities and
conducting clinical trials & demonstrations in Asia Pacific and Middle East
& Africa.
Market Drivers
The increasing incidence of chronic diseases like cancer, cardiovascular diseases
and neurodegenerative disorders is a key factor driving the need for
non-invasive diagnostic techniques. Bio-imaging enables early disease detection
and monitoring of treatment response. Growing geriatric population prone to
degenerative diseases also contributes to market growth.
Technological advancements in bio-imaging modalities such as high resolution
imaging, faster imaging speeds, hybrid imaging systems and software for
enhanced visualization are boosting the adoption of these techniques. Launch of
injectable bio-imaging probes for targeted applications will further support
market expansion over the forecast period.
Market Restraints
High cost of advanced bio-imaging systems is a major factor limiting widespread
adoption, especially in price sensitive developing regions. Long approval times
and stringent regulations for new probes and software also restrain market
growth. Limited medical reimbursements for many procedures involving
bio-imaging technologies in some countries also negatively impacts the market.
Shortage of helium which is used as a cryogenic coolant in MRI systems may
affect market supply.
Segment Analysis
The global bio-imaging market is segmented on the basis of technology which
includes MRI (Magnetic Resonance Imaging), ultrasound, X-ray, nuclear imaging
and optical imaging. Among these, MRI dominates the market with highest market
share. MRI provides high resolution images of soft tissues without using any
ionizing radiation. It helps doctors in accurate diagnosis of various diseases
such as cancer, cardiac diseases etc. Wide applications and advantages of MRI
over other imaging techniques have resulted in its dominance in the global
bio-imaging market.
Global Analysis
Regionally,
North America holds the largest share in the global bio-imaging market.
Presence of well-established healthcare facilities, high healthcare
expenditure, government initiatives and availability of advanced medical
imaging systems are key factors for its dominance. Asia Pacific is the fastest
growing region due to rising geriatric population, increasing healthcare
expenditure and growing awareness about preventive healthcare. Countries such
as Japan, China and India are major contributors to the Asia Pacific
bio-imaging market growth. Moreover, improving healthcare facilities, medical
tourism and economic development are encouraging adoption of advanced
bio-imaging systems in the region.
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