May 18, 2024
Global Bio-imaging Market

Tech Advances Boost Global Bio-imaging Market Growth

Bio-imaging refers to technologies used to visually represent physiological and molecular processes within living organisms at both cellular and whole-body levels. It plays a crucial role in modern medical diagnostics by enabling non-invasive or minimally invasive examination of the anatomical, functional and molecular characteristics of biological processes. Advancements in molecular bio-imaging techniques aid in early disease detection and improved patient outcomes. The global bio-imaging market offers extensive opportunities for multimodality imaging which provide morphological and functional information simultaneously.

 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 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.

The key opportunities in the global bio-imaging market include increasing incidence of chronic and lifestyle diseases, growing geriatric population, and rising healthcare expenditure. Advancements in molecular imaging probes and fusion imaging systems are also expected to drive the market growth.

Technological advancements such as development of sophisticated imaging software and hardware, combined PET/MRI and PET/CT technologies offer amalgamation of anatomical and functional information. Molecularly targeted probes can aid in improved detection of condition at cellular or molecular level and enable personalized treatment management.

Market Drivers

The growing incidence of cancers and heart diseases are majorly fueling the demand for bio-imaging modalities globally. According to WHO, cancer burden is expected to grow by 50% in next two decades. Early cancer diagnosis can improve treatment outcomes and patient survival rates significantly. Bio-imaging helps in non-invasive diagnosis and treatment monitoring of chronic conditions. Rising healthcare expenditure coupled with improving access to diagnostic services especially in developing countries provide a conducive environment for market growth over the forecast period.

Challenges in the Global Bio-imaging Market

The Global Bio-imaging Market Demand faces challenges in areas like high costs of equipment, regulatory environment and lack of skilled professionals. Bio-imaging systems are highly technical in nature and come with a steep price tag which makes them unaffordable for smaller hospitals and diagnostic centers. Strict regulations around the use of radioactive materials and ionizing radiation for PET and SPECT imaging also add to operating challenges. There is also a shortage of trained radiologists, medical physicists and technicians who can handle advanced bio-imaging modalities and interpret the scans accurately. With the industry growing at a rapid pace, fulfilling increasing demand for skilled manpower remains a bottleneck.

SWOT Analysis

Strength: Advanced technologies like PET, MRI and ultrasound provide highly accurate non-invasive diagnostic scans. This is a key strength driving market growth.
Weakness: High capital and maintenance costs of bio-imaging systems restrict their adoption, especially in developing regions.
Opportunity: Rising geriatric population and increasing incidence of chronic diseases create opportunities for market expansion.
Threats: Strong competition from alternative diagnostic methods and strict regulations on use of radiation based imaging pose threats.

Geographical Regions

North America leads the global bio-imaging market in terms of value currently due to widespread technological adoption and availability of favorable insurance coverage for scans. The United States alone accounts for over 40% of the global market share. However, Asia Pacific is emerging as the fastest growing regional market owing to increasing healthcare investments, rising disposable incomes and growing disease burden in densely populated countries like India and China.

The European market for bio-imaging also sees steady growth driven by favorable reimbursement policies and initiatives to modernize healthcare infrastructure across the region. Germany, France and United Kingdom contribute majorly to Europe’s share in the global bio-imaging industry.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it