Molecular Imaging Market

Molecular Imaging Market: Increasing Application of Integrated PET-CT and PET-MR Devices to Drive Revenue Growth: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027

Siemens AG and Hitachi Medical Corporation are among top 10 key players holding more than 55% revenue share in the global molecular imaging market

The top 10 key players contributed approximately 58% revenue share to the global molecular imaging market in 2016. The remaining players contributed approximately 42% revenue share to the global molecular imaging market in 2016.

The top seven key players in the market contributed more than US$ 1,600 Mn, while other player’s contribution in the global molecular imaging market in 2016 was more than US$ 1,200 Mn. Around 52%, and 28% revenue is contributed by tier1 and tier 2 players respectively, while, 20% revenue is contributed by tier 3 players which are local/regional manufacturers.

With more than 11% CAGR, PET-MR segment by modality type is ahead of all other segments in terms of CAGR

SPECT segment dominated the global molecular imaging market in revenue terms in 2016, and the trend is projected to continue throughout the forecast period. PET-CT segment is expected to be the most lucrative among all modality, with attractiveness index of 2.2.  SPECT segment is expected to be the second largest market for molecular imaging market, with market share Index of 1.5. MR spectroscopy and software segments remain third-largest market and represents market share Index of 1.0.

Insufficient supply of molecular isotopes likely to hamper the growth of the North America molecular imaging market

The lesser availability and insufficient supply of molecular isotopes, which is required for molecular imaging devices, may restrain the growth of the global molecular imaging market in North America region over forecast period. For instance, technetium and molybdenum that support majority of SPECT procedures in cardiology, have been facing several disruptions in supply since last few years. The reactors from Canada which supply the molecular isotopes got permanently shut down in 2016 due to safety concerns.

Inadequate reimbursement policies expected to create a negative impact on the APEJ market for molecular imaging

Molecular imaging devices are expensive in APEJ region and therefore diagnosis cost is also unaffordable. Absence of health insurance and limited government support policies that cover diagnosis with high end technology devices, such as PET-CT and PET-MR in developing countries, such as India and China are adding to the woes in the present situation. The absence of social health insurance along with exclusionary provision of private health insurance schemes is a major factor limiting the growth of the molecular imaging market.

Product recalls and safety concerns are the major hindrances in the Western Europe molecular imaging market

Adverse events associated with the use of molecular imaging devices in evaluation, diagnosis, staging, restaging and follow up on lesions, diseases and organ dysfunctions, such as cancer, cardiovascular disease and brain dysfunction, may hamper the demand for devices and restrain the growth of the Western Europe market. For instance, in 2014, the GE Healthcare recalled CT and PET-CT devices to address safety concerns under FDA class-II regulation’s service manuals for a number of CT and PET CT scanners to update an incorrect torque value.

Japan market for molecular imaging likely to face obstacle due to short life of radiopharmaceuticals

Imaging and diagnostic devices, such as SPECT and PET utilize radioisotope tracers in order to achieve better imaging capabilities and give more specific information about organ function and dysfunction. Fluoro-deoxy glucose (FDG) is incorporated with fluorine-18 and acts as the most commonly used tracer in PET imaging. The radiotracer has a half-life of just about two hours, which limits its utility in the diagnostic imaging industry.

This has led to a decrease in the utilization of FDG, which has affected the PET based imaging market. Also, limited availability of the radiotracer FDG would also contribute towards the declining growth of the molecular imaging market in the region. 

Global Molecular Imaging Market: Segmentation

Modality Type

  • PET
  • PET-CT
  • PET-MR
  • SPECT
  • MR Spectroscopy
  • Molecular Ultrasound Imaging
  • Software
    • On Premise Solutions
    • Cloud Based Solutions

End User

  • Hospitals
    • 500+ Beds
    • 200-499 Beds
    • Less than 200 Beds
  • Ambulatory Surgical Centers
  • Diagnostic Imaging Centers

Application

  • Cardiology
  • Oncology
  • Gastrointestinal Disorders
  • Neurology Disorders
  • Others

Region

  • North America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Latin America
  • MEA

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Molecular Imaging Market