Molecular Imaging Devices Market to Witness Widespread Expansion by 2024
Posted: May 26, 2019
Molecular imaging is a breakthrough technology that was introduced to the medical diagnostics world in the early 21st century. Compared to X-ray technology, molecular imaging is a relatively new technique. It provides detailed valuable insights into body’s biological processes, at a molecular level. The onset of any disease results in various changes in a body’s biochemical activities. With disease progression, the changes start affecting more intensely, reaching bones, tissues, and cells. Molecular imaging technology has found immense significance in diagnostics by capturing these minute changes inside a body and diagnosing diseases in their earliest stages.
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The ability of molecular imaging to view biochemical activity of cells makes it superior to other conventional imaging methods such as compound tomology (CT) scan and magnetic resonance imaging (MRI). It allows doctors recognize the onset of the earliest symptoms of diseases without any invasive surgery or biopsy. With soaring prominence of chronic illnesses, such as cancers, bone disorders, CVDs, lung diseases, brain disorders, gastrointestinal ailments, kidney dysfunctioning, thyroid-related diseases, and so on, the demand for molecular imaging devices, for better and early diagnosis is growing worldwide.
Technological advancements, including robotics and Nano-biotechnology and growing demand for non-ionizing bio-imaging techniques, including CT and MRI scans play a key role in highlighting the significance of molecular imaging in diagnostics. As demand for highly accurate and most efficient imaging is rising, molecular imaging devices are gaining traction globally. In addition to being non-invasive, molecular imaging devices use minimal ionizing radiation and thus, least risk chances. Molecular imaging has opened doors to personalize patient care, which is the prime reason of its increasing popularity. Consistent innovation in technology and growing availability of these devices are currently fueling the market.
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Based on device type, molecular imaging devices include PET, PET-CT, SPECT, SPECT-CT, and planar scintillation cameras. Key application areas are cardiovascular ailments, oncology, and neurology. Other most common application segments include tumors, bone disorders, brain diseases, aneurysms, Parkinson’s, Alzheimer’s, organ malfunctioning, and myocardial perfusion.
The global market for molecular imaging is geographically segmented in seven key regions, including North America, South America, Eastern Europe, Western Europe, Asia Pacific (APAC), Japan, and Middle East and Africa (MEA). North America, led by the U.S., is a key market for molecular imaging devices; the U.S. attracts the highest revenues globally. APAC is a promising market for all types of medical imaging devices, especially molecular imaging devices. China spearheads the APAC market, and will become a pivotal manufacturing hub for molecular imaging devices in the near future. Rapidly improving healthcare infrastructure and emergence of various competitive business models make China the fastest growing region in molecular imaging devices market.
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The medical imaging landscape is highly competitive, and the molecular imaging marketplace poses much more cutthroat competition, as the technology is relatively new and the market is witnessing a number of new entrants. Some of the key players operating in global molecular imaging market are GE Healthcare, Siemens, Philips Healthcare, PerkinElmer, Cyclopharma, Hamamatsu Photonics, Affibody, Naviscanand Kereos, and Scintomics.
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