BURLINGAME, Calif., Feb. 19, 2024 /PRNewswire/ -- Coherent Market Insights published a report, titled, Global Bio-imaging Market, By Imaging Modality (Magnetic Resonance Imaging (MRI), Computed Tomography (CT), Position Emission Tomography (PET), Ultrasound , X-ray, Others), By End User (Hospitals & diagnostic centers, Academic & research institutes, Pharmaceutical & biotech companies, Others) and By Geography: Size, Share, Outlook, and Opportunity Analysis, 2023-2030. According to the report, the global bio-imaging market in terms of revenue was estimated to be worth $5.74 billion in 2023 and is poised to reach $15.58 billion by 2030, growing at a CAGR of 15.3% from 2023 to 2030. The new research study consists of an industry trend analysis of the market.
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Market Dynamics:
The Bio-imaging Market is primarily driven by the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders. Bio-imaging techniques play a crucial role in the diagnosis, monitoring, and treatment of these disorders. With the rising burden of chronic diseases globally, there is a growing demand for advanced medical imaging technologies. Bio-imaging modalities such as computed tomography (CT), magnetic resonance imaging (MRI), and positron emission tomography (PET) provide detailed anatomical and functional information for accurate disease diagnosis and treatment planning. Furthermore, technological advancements in bio-imaging systems, such as the development of high-resolution imaging devices and integration of artificial intelligence, are further fueling market growth.
Global Bio-imaging Market Report Coverage
Report Coverage | Details |
Market Revenue in 2023 | $5.74 billion |
Estimated Value by 2030 | $15.58 billion |
Growth Rate | Poised to grow at a CAGR of 15.3% |
Historical Data | 2018-2021 |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Imaging Modality, By End User |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Restraints & Challenges | • High capital investment requirements • Shortage of skilled professionals |
Growth Drivers | • Technological advancements in bio-imaging modalities • Growing prevalence of chronic and infectious diseases • Growing applications of bio-imaging in drug discovery, clinical trials and regenerative medicine research |
Moreover, the increasing geriatric population is expected to drive market growth as the elderly population is more prone to chronic diseases. Additionally, the growing initiatives by governments and healthcare organizations to promote early disease diagnosis and effective treatment are also contributing to market growth.
Market Trends:
One of the key trends observed in the Bio-imaging Market is the adoption of hybrid imaging techniques. Hybrid imaging combines two different imaging modalities, such as PET-CT or PET-MRI, to provide more accurate and comprehensive diagnostic information. These hybrid systems offer both anatomical and functional imaging, leading to improved disease detection and early diagnosis. The integration of different imaging technologies in a single device also enhances cost-effectiveness and saves time for patients.
Another significant trend in the market is the increasing use of molecular imaging techniques. Molecular imaging involves the visualization of cellular and molecular events in the body and helps in the early detection of diseases such as cancer. Molecular imaging techniques, including fluorescence imaging and molecular probes, provide real-time information about disease progression and treatment response. The increasing use of molecular imaging in research and clinical applications is expected to drive market growth in the coming years
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Market Opportunities:
The bio-imaging market is expected to witness significant growth due to the increasing demand for non-invasive diagnostic techniques. Non-invasive imaging modalities such as magnetic resonance imaging (MRI), ultrasound, and X-ray are gaining popularity among patients and healthcare providers due to their ability to provide accurate and detailed images without the need for invasive procedures. This is particularly beneficial for patients who are anxious or unable to tolerate invasive procedures.
Furthermore, non-invasive imaging techniques are known to have minimal or no side effects, making them a favorable choice for both patients and healthcare professionals. With advancements in technology, these imaging modalities are becoming more sophisticated, providing better resolution and improved diagnostic accuracy.
The bio-imaging market is also driven by the growing prevalence of chronic diseases. Chronic diseases such as cardiovascular diseases, cancer, and neurological disorders require regular monitoring and diagnosis. Bio-imaging techniques play a vital role in the detection, staging, and monitoring of these diseases, leading to better treatment outcomes and improved patient care.
For instance, MRI is widely used for the diagnosis and staging of various cancers, including breast, prostate, and brain cancer. Ultrasound is commonly used for cardiovascular imaging and monitoring the progression of heart diseases. Additionally, the use of bio-imaging techniques in research and clinical trials is growing, further driving the market growth.
Recent Developments:
In October 2023, Exo launched its latest medical imaging technology, Exo Iris, a portable ultrasound device that integrates artificial intelligence, point-of-care imaging, and health information technology platforms.
In May 2023, Revvity, Inc., launched three systems to expand imaging portfolio and spur innovation across a range of preclinical research applications.
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Key Takeaways:
Key Market Takeaways: Bio-imaging Market is anticipated to witness a CAGR of 15.3% during the forecast period 2023-2030, owing to the increasing demand for non-invasive diagnostic techniques and the growing prevalence of chronic diseases.
On the basis of the imaging modality segment, the magnetic resonance imaging (MRI) segment is expected to hold a dominant position, owing to its high resolution, multi-dimensional imaging capabilities, and ability to provide detailed anatomical and functional information. MRI is widely used in the diagnosis and monitoring of various diseases, including cancer, neurological disorders, and musculoskeletal conditions.
In terms of the end-user segment, hospitals and diagnostic centers are expected to dominate the market. This can be attributed to the increasing number of patients opting for non-invasive diagnostic techniques and the availability of advanced imaging equipment in hospitals and diagnostic centers. These facilities are equipped with a wide range of imaging modalities and have trained professionals to perform and interpret the imaging tests.
In terms of regions, North America is expected to hold a dominant position over the forecast period. This can be attributed to the well-established healthcare infrastructure, high adoption rate of advanced imaging techniques, and presence of key market players in the region. Furthermore, the growing prevalence of chronic diseases and the increasing focus on early diagnosis and prevention are driving the demand for bio-imaging in North America.
Key players operating in the bio-imaging market include 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 strategic partnerships, product launches, and technological advancements to strengthen their market position and expand their product portfolio.
Overall, the bio-imaging market is expected to witness significant growth during the forecast period, driven by factors such as the increasing demand for non-invasive diagnostic techniques and the growing prevalence of chronic diseases. The market is highly competitive, with key players focusing on innovation and expansion to gain a competitive edge.
Read complete market research report, "Global Bio-imaging Market, By Imaging Modality, By End User and By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.
Detailed Segmentation:
By Imaging Modality:
- Magnetic Resonance Imaging (MRI)
- Computed Tomography (CT)
- Position Emission Tomography (PET)
- Ultrasound
- X-ray
- Others
By End User:
- Hospitals & diagnostic centers
- Academic & research institutes
- Pharmaceutical & biotech companies
- Others
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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