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August 2, 2021 — The global molecular imaging market was evaluated at $4.199 billion for the year 2019 growing at a CAGR of 5.68% reaching the market size of $6.183 billion by the year 2026.
Where other diagnostic imaging procedures-such as X-rays, computed tomography (CT), and ultrasound-offer pictures of physical structure, molecular imaging allows physicians to see how the body is functioning and to measure its chemical and biological processes. Molecular imaging offers unique insights into the human body that enable physicians to personalize patient care.
In terms of diagnosis, molecular imaging can provide information that is unattainable with other imaging technologies or that would require more invasive procedures such as biopsy or surgery identify disease in its earliest stages and determine the exact location of a tumor, often before symptoms occur or abnormalities can be detected with other diagnostic tests.
As a tool for evaluating and managing the care of patients, molecular imaging studies help physicians; determine the extent or severity of the disease, including whether it has spread elsewhere in the body, select the most effective therapy based on the unique biologic characteristics of the patient and the molecular properties of a tumor or other disease, determine a patient's response to specific drugs, accurately assess the effectiveness of a treatment regimen, adapt treatment plans quickly in response to changes in cellular activity, assess disease progression, identify recurrence of disease and help manage ongoing care.
Rising prevalence of Disorders and Growing Aging Population has Driven Demand
Technological advancements in the medical sector will further contribute to market growth. The growing adoption of hybrid molecular imaging systems is expected to provide a great opportunity for the expansion of the market across potential regional markets. Geographically, North America dominates the global molecular imaging market while the Asia Pacific is expected to be the fastest-growing market in the years ahead owing to rising healthcare spending in emerging economies of the region.
Certain factors that are propelling the growth of the market include technological advancements, increasing diagnostic applications in various diseases, such as cancer and cardiovascular diseases, government support, and a shift from standalone to hybrid modalities.
Rising Technological Advancements will Drive the Market
The growth of the molecular imaging market is fueled by the increasing technological advancements taking place in the sector at an exponential rate. The technological advancements in the field of imaging have always been challenging to practitioners in how best to optimize their inpatient care.
Over recent years, scientists, researchers, and technologists have been able to bring systems in clinical practice, in which two or even more two standalone diagnostic imaging modalities are combined. Some of those multimodality imaging systems include PET/CT, SPECT/CT, PET/MRI, and PET/SPECT/CT. Furthermore, the increased use of artificial intelligence (AI)-enabled diagnostic equipment for rapid diagnosis and predictive analysis is developed in several countries across the world.
Supportive Government Regulations Tailwind to Growth
The growth of the market of molecular imaging will be further fuelled by its increasing number of supportive government regulations toward the technology. For instance, In 2016, the AMIPA (American Medical Isotope Production Act) and the DOE/NNSA (Department of Energy) established a Uranium Lease and Take-Back (ULTB) program in the United States.
Under this program, the DOE/NNSA makes LEU (Low Enriched Uranium) available through lease contracts for the irradiation and production of Mo99 for medical uses. The AMIPA not only promotes the domestic production of Mo-99 but also aims to replace the role of HEU (High Enriched Uranium) in the production of medical radioactive isotopes.
Moreover, Canada is one of the largest producers of Technetium-99m. With the use of Tc-99m in radiopharmaceuticals, the market is expected to grow at a tremendous rate in Canada. It is also combined with a variety of biologically active molecules to perform non-invasive, real-time imaging of the human body.
For more information: www.researchandmarkets.com
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