by Bio-imaging involves the use of various imaging technologies such as X-ray, MRI, ultrasound, CT, and nuclear medicine for medical imaging applications. It helps doctors to visualize the inside of the body for accurate diagnosis of diseases. Bio-imaging finds applications in cardiology, neurology, oncology, and many other fields. The global bio-imaging market is driven by increasing demand for minimally invasive surgical procedures, growing prevalence of chronic diseases, technological advancements, and rising aging population.
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 from 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. The advent of advanced molecular imaging techniques like PET, SPECT, and fluorescence imaging has opened up new opportunities for clinical research and drug development. Technological advancements are enabling higher resolution imaging, better image standardization, shorter scanning times, and enhanced patient experience.
The key opportunities in the Global Bio-imaging Market Size include increasing healthcare expenditure in emerging economies, rising demand for imaging biomarkers for drug development and monitoring treatment responses, growing application areas of hybrid imaging systems, untapped rural markets especially in developing countries. Technological advancements in biosensors, probes, biomarkers, and imaging agents are expanding applications of molecular imaging in early disease diagnosis, drug discovery and development process.
Market drivers
One of the major market drivers is the rising geriatric population globally which is increasing the burden of age-related chronic diseases like cancer and cardiovascular diseases. As per WHO, between 2015 and 2050, the proportion of the world’s population over 60 years will nearly double from 12% to 22%. Secondly, increasing healthcare expenditure capabilities in developing countries are enabling greater access to advanced medical imaging technologies. The growing research into applications of imaging in drug development, targeted drug delivery and monitoring treatment efficacy is also fueling demand.
Challenges in the Global Bio-Imaging Market
The Global Bio-imaging Market Size faces many challenges currently. With technologically advanced modes of imaging like PET, SPECT gaining popularity, the technology upgradation of conventional imaging methods like CT, MRI, ultrasound has become important. The high costs of installation and maintenance of advanced imaging systems pose a significant challenge. Also, the dearth of skilled professionals who can efficiently operate such complex imaging systems is a problem faced worldwide. With changing disease patterns and rising healthcare demands, imaging centers need to constantly upgrade their facilities while keeping the costs affordable.
SWOT Analysis
Strength: Advanced bio-imaging modalities offer high-resolution images and ability to detect diseases at an early stage. Continuous technological innovations lead to compact, portable systems.
Weakness: High costs of advanced systems, limited availability in developing nations. Lack of reimbursements and insurance coverage in some countries.
Opportunity: Rising geriatric population and increasing incidence of chronic diseases drive demand. Untapped regions especially in Asia Pacific offer scope for market growth.
Threats: Stringent regulations for new product approvals. Economic slowdowns can impact capital expenditures on healthcare infrastructure.
Geographical Regions
North America currently dominates the global bio-imaging market in terms of value, owing to the availability of advanced healthcare facilities, presence of major players, and growing elderly population suffering from chronic diseases. The Asia Pacific region is poised to witness the fastest growth during the forecast period due to increasing healthcare spending, growing medical tourism, and rising incidence of lifestyle diseases.
Fastest Growing Geographical Region
The Asia Pacific region holds immense growth potential for the global bio-imaging market between 2024-2031. Factors like rising disposable incomes, expanding health insurance coverage, growing base of private healthcare providers, and increasing investments by both public and private sectors into healthcare infrastructure are expected to drive stronger demands for advanced diagnostic techniques. The growing patient population seeking early disease diagnosis and availability of low-cost imaging technologies will further accelerate the APAC market for bio-imaging in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
