May 18, 2024
global bio-imaging market

Global Bio-imaging is Estimated to Witness High Growth Owing to Technological Advancements in Medical Imaging

Bio-imaging involves using medical imaging to visualize anatomical structures as well as basic physiological and metabolic processes. It provides information about normal and abnormal functioning of the body at both cellular and molecular levels. The technology offers non-invasive procedures for early detection of diseases and precise monitoring of treatment responses. Advancements have enabled multi-parametric molecular imaging with improved sensitivity and specificity. The wide array of application areas across cardiology, oncology, neurology and others is driving immense popularity of medical imaging techniques.

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. Rapid adoption of multi-modality molecular imaging systems presents significant growth opportunity, enabled by advances in nanotechnology, optics and data analytics. Technological developments in medical imaging include AI integration for improved image capture, analysis and disease diagnosis. Hybrid modalities such as PET-CT and SPECT-CT are increasingly gaining popularity for enhanced clinical outcomes.

Market Drivers

Global Bio-imaging Market Size is expected to witness strong growth owing to rising global disease burden. Growing geriatric population susceptible to chronic diseases expands the customer base. Increasing healthcare spending provides impetus to adoption of advanced medical equipment. Favorable government policies and initiatives promoting preventive healthcare augur well for the market. Continuous technological innovations in hardware and software are driving enhancements in bio-imaging modalities. Application extensions to drug discovery, biological and pre-clinical research underpin future market prospects.

Challenges in the Global Bio-imaging Market

The global bio-imaging market is witnessing steady growth. However, there are a few challenges as well that are restraining the market’s potential. One major challenge is the high cost of various imaging systems like MRI, Ultrasound, CT etc. These advanced systems require massive capital investments and have high maintenance costs too. This makes it difficult for smaller hospitals and diagnostic centers to adopt the latest technologies. Other challenges include stringent regulatory approvals, shortage of skilled radiologists and technicians, and privacy and data security concerns related to patient information.

SWOT Analysis
Strength: Advanced imaging capabilities allowing early disease detection. Weakness: High dependency on a small number of major players. Opportunity: Growing aging population and rising cases of chronic diseases. Threats: Stringent regulations and privacy laws around patient data security.

The United States accounts for the largest share of the global bio-imaging market currently, both in terms of value and volume. This is due to factors like high healthcare spending, early adoption of advanced technologies, and presence of leading industry players in the region. Going forward, Asia Pacific is expected to witness the fastest growth during the forecast period owing to rapidly rising healthcare infrastructure, growing medical tourism industry and increasing disposable incomes in countries like China and India.

Geographically, North America region dominates the global bio-imaging market currently. However, Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to factors like rapidly improving healthcare infrastructure, growing medical tourism industry in the region and rising disposable incomes.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it