AI in Molecular Imaging Market Size (2023 - 2030)

Global AI in Molecular Imaging Market was estimated to be worth USD 150.78 Million in 2022 and is projected to reach a value of USD 1643.85 Million by 2030, growing at a CAGR of 34.8% during the forecast period 2023-2030.

Molecular Imaging (MI) is a field of biomedical research that is growing rapidly. It enables the visualization, characterization, and quantification of biological processes happening within living organisms, including humans, at a cellular and subcellular level. MI images demonstrate how diseases work within the body. Studying these biological processes within their natural environment is made possible by MI, which goes beyond the limitations of traditional laboratory techniques that rely on biopsies or cell cultures. MI involves combining multiple imaging techniques with knowledge from various fields, including cell and molecular biology, chemistry, pharmacology, medical physics, biomathematics, and bioinformatics.

Deploying artificial intelligence (AI) in molecular imaging systems offers numerous advantages. Powerful AI algorithms can be deployed in molecular imaging systems, which can assist in providing clinically relevant and actionable information that is quantitative, accurate, reproducible, and focused on outcomes, enabling doctors to make informed clinical decisions. These systems help healthcare professionals in providing personalized treatment plans based on a patient's unique genetic and molecular profile. AI algorithms may improve standardization by streamlining processes and reducing the need for manual intervention, leading to more automated and less dependent actions. Additionally, these AI-powered systems provide high-quality images with reduced noise and artifacts by using the technology of deep learning. As a result of these advantages, the global AI in molecular imaging market is estimated to have a fast CAGR during the forecast period.

Global AI in Molecular Imaging Market Drivers:

The rising incidence of chronic diseases is fueling the growth of global AI in the molecular imaging market.

 The incidence of chronic illnesses, including cardiovascular diseases, neurological disorders, cancer, chronic respiratory diseases, diabetes, etc., is rising at a fast rate owing to aging populations and unhealthy lifestyles. These illnesses are major public healthcare concerns worldwide. AI-based molecular imaging systems play a crucial role in detecting these diseases at early stages with high accuracy. These systems are capable of providing information that is unattainable with other imaging systems. The extent or severity of the disease, as well as whether it has spread elsewhere in the body, can be determined by AI-based molecular imaging systems. In addition, AI-based molecular imaging systems are non-invasive, painless, and safe. Therefore, this factor drives the demand for AI-based molecular imaging systems.

The growing technological advancements in molecular imaging techniques are another factor contributing to the growth of global AI in the molecular imaging market.

As molecular imaging techniques continue to advance, they generate considerable amounts of complex imaging data. AI algorithms make it possible to analyze complex imaging data with greater accuracy and efficiency. AI-based imaging solutions can analyze this complex imaging data more efficiently and accurately in contrast to other medical imaging techniques by providing faster and more precise diagnosis and treatment planning. In addition, AI algorithms can assist in identifying patterns and relationships in the data that might be challenging or impossible to detect manually, leading to new insights and discoveries in disease mechanisms and treatment approaches. Therefore, this factor also drives the demand for AI-based molecular imaging systems.

Global AI in Molecular Imaging Market Challenges:

The global AI in molecular imaging market is encountering challenges, primarily in terms of the high cost of integrating AI in molecular imaging systems and the hesitance among medical practitioners to adopt AI-based technologies. Healthcare facilities may face issues in the installation of AI-based molecular imaging solutions due to the high costs of hardware, software, and training. This factor may restrict small and medium-sized healthcare facilities from integrating AI into molecular imaging systems. Moreover, some healthcare practitioners appear reluctant to adopt new technologies. Since empathy and persuasion are human skills, doctors and radiologists believe that technology cannot completely eliminate the presence of a doctor. There is also a concern that patients may exhibit an excessive preference for these technologies and may disregard necessary in-person treatments, posing a challenge to long-term relationships between doctors and patients. Thus, these challenges inhibit the growth of global AI in the molecular imaging market.

Global AI in Molecular Imaging Market Opportunities:

Market expansion strategies present lucrative opportunities in the global AI in the molecular imaging market. Given the rising demand for AI-powered molecular imaging solutions due to the rising incidence of chronic diseases and the growing technological advancements in molecular imaging techniques, major companies specializing in developing AI-based molecular imaging solutions can stand to gain significantly from this opportunity by expanding their services in nations that lack sound healthcare infrastructure, in order to broaden their customer base and boost their overall revenue.

COVID-19 Impact on the Global AI in Molecular Imaging Market:

The outbreak of the COVID-19 pandemic substantially impacted global AI in the molecular imaging market. The implementation of strict lockdowns, traveling restrictions, and social distancing measures across several nations hindered many companies' manufacturing capacities and caused a shortage of skilled workforce. The pandemic caused disruptions in supply chains and distribution of goods and services, which highly affected the production and distribution of hardware components and deployment of software solutions required for AI-powered molecular imaging systems. This factor negatively impacted the growth of global AI in the molecular imaging market. However, the pandemic accelerated the use of molecular imaging techniques, including Positron Emission Tomography (PET) and Single-Photon Emission Computed Tomography (SPECT), in monitoring the impact of COVID-19 disease on the human brain and other vital organs. This factor positively impacted the market's growth. Therefore, the global AI in the molecular imaging market experienced both challenges and opportunities during the difficult time of the COVID-19 pandemic.

Global AI in Molecular Imaging Market Recent Developments:

• In October 2022, Blue Earth Diagnostics, a UK-based molecular imaging company, unveiled the signing of an agreement regarding data-sharing with Siemens Healthineers and the University Hospital of the Technical University of Munich (TUM).
• In June 2021, Canon Medical Systems USA Inc.'s Advanced intelligent Clear-IQ Engine (AiCE), a deep learning reconstruction (DLR) technology, has been granted 510(k) clearance on the Cartesion Prime Digital PET/CT system and will be demonstrated at SNMMI 2021 for both PET and CT acquisitions, bringing the power of AI to molecular imaging. 

AI IN MOLECULAR IMAGING MARKET REPORT COVERAGE:

Global AI in Molecular Imaging Market Segmentation:

Global AI in Molecular Imaging Market Segmentation: By Technology

• Deep Learning
• Natural Language Processing
• Others

In 2022, the deep learning segment held the largest share of around 58.6%, due to its wide scale application in the radiology department such as in object detection, image generation, image transformation, and image segmentation.

The NLP segment is predicted to grow at the fastest rate during the forecast period. The growth can be attributed to the increased use of NLP in the fields of machine learning (ML) and artificial intelligence (AI).

Global AI in Molecular Imaging Market Segmentation: By Component

• Hardware
• Software
• Services

In 2022, the software segment held the highest market share. The growth can be attributed to the increasing demand for advanced technologies, such as artificial intelligence (AI), in molecular imaging systems, which can assist healthcare professionals in providing fast and accurate detection of diseases. Software solutions are appealing to end users as they are easy to integrate into existing molecular imaging systems, which makes it an affordable option in contrast to installing a newly AI-powered molecular imaging system. 

Due to the increasing demand for services, such as training services, maintenance services, and support services, as they play an essential role in the successful deployment and functioning of AI-based molecular imaging systems, the services segment is anticipated to expand at the fastest growth rate over the outlook period.

Global AI in Molecular Imaging Market Segmentation: By Application

• Cardiology
• Neurology
• Oncology
• Others

Based on the application, the global AI in the molecular imaging market is segmented into cardiology, neurology, oncology, and others. In 2022, the oncology segment held the highest market share. The growth can be attributed to the rising incidence of cancer, increasing awareness among patients toward cancer screening, and the increasing number of global funding for cancer research activities. AI-based molecular imaging systems assist in providing fast and accurate diagnosis of cancer and its treatment planning. Patients' outcomes tend to improve as a result of these systems' ability to provide a more personalized and targeted approach to cancer treatment.

Due to the increasing demand for AI-based molecular imaging systems for the early, fast, and accurate detection of cardiovascular diseases, including myocarditis and atherosclerosis, the cardiology segment is anticipated to expand at the fastest rate over the outlook period.

Global AI in Molecular Imaging Market Segmentation: By End User

• Hospitals
• Molecular Diagnostic Laboratories
• Ambulatory Surgical Centers
• Medical Clinics

In 2022, the hospital segment held the highest market share. The growth can be attributed to increasing patient load owing to chronic diseases, such as cardiovascular diseases, cancer, neurological disorders, etc. Hospitals are well-equipped with essential infrastructure and resources for conducting complex screening and diagnostic tests and treatment planning.

Due to the presence of advanced imaging modalities, such as AI-based molecular imaging systems, for fast and accurate diagnosis of chronic diseases, the molecular diagnostic laboratories segment is anticipated to expand at the fastest rate over the outlook period.

Global AI in Molecular Imaging Market Segmentation: By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

North America held the largest share of the global AI in the molecular imaging market in 2022. The rising incidence of chronic diseases like heart disease, neurological disorders, cancer, chronic respiratory diseases, and others, the increasing demand for medical imaging systems with early detection of disease capabilities, the early adoption of advanced technologies, such as artificial intelligence (AI), and the increasing investments in healthcare infrastructure are some of the factors responsible for the region's growth. Additionally, North America is home to a number of significant market players, such as Subtle Medical, Inc., FUJIFILM VisualSonics Inc., Bruker Corporation, Invicro LLC, and PerkinElmer.

Due to the rapid growth of healthcare infrastructure in developing countries, such as China and India, the increasing demand for developed diagnostic devices, and the increasing developments in molecular imaging systems by major companies and startups, such as Canon Medical Systems Corporation (Japan), Qure.ai (India), and Lunit (South Korea), the region of Asia-Pacific is anticipated to expand at the fastest rate over the outlook period.

Global AI in Molecular Imaging Market Key Players:

1. FUJIFILM VisualSonics Inc. (Canada)
2. Siemens Healthcare GmbH (Germany)
3. Koninklijke Philips N.V. (Netherlands)
4. Canon Medical Systems Corporation (Japan)
5. Bruker Corporation (United States)
6. Mirada Medical Limited (United Kingdom)
7. Agfa-Gevaert Group (Belgium)
8. Subtle Medical, Inc. (United States)
9. Invicro LLC (United States)
10. PerkinElmer (United States)