In 2023, the Global On-Premises Molecular Imaging Market was valued at $4.03 Billion and is projected to reach a market size of $6.69 Billion by 2030. The market is projected to grow with a CAGR of 7.5% per annum during the period of analysis (2024 - 2030).
Industry Overview
Medical imaging that focuses on imaging molecules of medical interest in patients while they are still alive is called molecular imaging. It combines molecular and cellular biology with cutting-edge imaging technology. It is a painless, non-invasive, safe method used to diagnose and treat a variety of illnesses, including respiratory, gastrointestinal, cardiovascular, neurologic, and oncological conditions. Nuclear medicine includes the subject of molecular imaging. To diagnose and cure illness, it contains a small number of radioactive substances (radiopharmaceuticals). Additionally, molecular imaging supports improved personalization of patient care and illness management for doctors.
A new area called molecular imaging combines molecular biology, chemistry, computer science, engineering, and medicine. Several contemporary imaging techniques, such as optical imaging (either by bioluminescence or fluorescence), computed tomography (CT), magnetic resonance imaging (MRI), positron emission tomography (PET), single-photon emission computed tomography (SPECT), and ultrasound, have been extensively used to track structural, functional, and molecular changes in cancer tissues (US).
The demand for early disease diagnosis is increasing due to the rising prevalence of numerous chronic diseases like cancer and other genetic disorders, which is anticipated to fuel the expansion of the worldwide molecular imaging market. The Centers for Disease Control and Prevention (CDC) reports that approximately 22,000 men and 9,000 women are diagnosed with liver cancer each year in the United States, and approximately 16,000 men and 8,000 women pass away from the disease.
Impact of Covid-19 on the Industry
The global coronavirus or COVID-19 outbreak, which originated in Wuhan, China, has spread across continents and has impacted several businesses. Due to forced quarantine, a scarcity of raw materials and labor, and serious disruption in the delivery of essential materials. Transporting raw materials between areas is impossible because regional warehouse operations are not efficient. The global market for molecular imaging equipment has been impacted by the paucity of raw materials and components. However, during the pandemic, the use of molecular imaging methods like positron emission tomography/computed tomography (PET/CT) for the detection and management of the COVID-19 virus boosted the growth of the worldwide molecular imaging industry.
In July 2021, a review article on nuclear medicine called Seminars in Nuclear Medicine reported that MRI and chest CT have an excellent agreement in identifying the hallmarks of COVID-19 pneumonia.
Market Drivers
Growing demand for molecular imaging techniques is anticipated to propel the global molecular imaging market growth over the forecast period
Due to their widespread application in the diagnosis and prognosis of cancer, molecular imaging techniques including positron emission tomography (PET), computed tomography (CT), magnetic resonance imaging (MR imaging), and others are in higher demand. Throughout the forecast period, this is anticipated to boost the growth of the worldwide molecular imaging market. To diagnose structural problems in the human body without the use of ionizing radiation, around 60 million magnetic resonance imaging (MRI) scans are carried out year worldwide, according to a July 2021 article published in the Journal of Clinical Medicine of Kazakhstan.
Government Initiative will drive the market growth
Demand is anticipated to be pushed by government initiatives for stronger regulatory controls and investments in healthcare and research and development (R&D). These investments are meant to support the creation of more effective, non-invasive methods for the early identification of diseases with a focus on oncology or cardiology. Machine learning-based approaches for image categorization are anticipated to have a significant impact on the procedure in the coming years and result in automation. Minimal fluid biopsy attacks demonstrate a reliable method for determining the genomic characteristics of a DNA tumor, particularly in pediatric oncology.
Increasing advances in technology will drive the market growth
Higher usage of molecular imaging will result from increasing technological improvements, product introductions, mergers and acquisitions, and strategic partnerships by top industry players, which will also provide prospects for product development. A benchtop magnetic resonance spectrometer featuring a high-field 9.4 Tesla small animal MRI device and integrated in-line PET, for instance, was introduced by Bruker Corporation in 2019.
Market Restraints
The high cost of MRI machines challenges the market growth
The high cost of imaging devices like MRI machines and CT scanners is a significant factor that is anticipated to restrain the growth of the global market for molecular imaging equipment. A high-end magnetic resonance imaging (MRI) device, for instance, costs over US$ 1 million, with prices starting at US$ 150,000.
ON-PREMISES MOLECULAR IMAGING MARKET INDUSTRY MARKET REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 - 2030 |
|
Base Year |
2023 |
|
Forecast Period |
2024 - 2030 |
|
CAGR |
7.5% |
|
Segments Covered |
By Modality, Application, End-User, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regional Scope |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Key Companies Profiled |
Hermes Medical Solutions, Bruker Corporation, GE Company,. Fujifilm Holdings Corp., Koninklijke Philips N.V., Siemens AG., Toshiba Medical System Corp., Mirada Medical Limited, Carestream Health, Inc., Esaote SpA, Positron Corporation., Medisco Ltd., Hitachi Medical Corp., MIM Software Inc. |
Positron Emission Tomography (PET)
Positron Emission Tomography- Computed Tomography (PET-CT)
Positron Emission Tomography- Magnetic Resonance (PET-MR)
Single Photon Emission Computed Tomography (SPECT)
Software
On-Premises Solutions
Cloud-Based Solutions
Magnetic Resonance
Molecular Ultrasound Imaging
In developing regions, there has been a major investment in healthcare infrastructure development and improvement. Approximately 90% of Positron Emission Tomography-Computed Tomography (PET-CT) operations are used for cancer monitoring and diagnosis, but the upcoming commercial release of innovative radiotracers is meant to aid in the identification of prevalent neurodegenerative diseases like Alzheimer's disease. This has boosted PET-adoption CTs in neurology.
PET-CT is being used more frequently in cardiology to image myocardial perfusion. The PET-CT subset of molecular imaging technology is growing rapidly due to the rising cancer prevalence in the world. Manufacturers are reacting to the rising demand for PET in radiation oncology by releasing larger PET / CT scanners that are suited to the unique requirements of radiation treatment users. As an illustration, Philips unveiled the "Big Bore" Gemini TF PET/CT, which has an 85cm-diameter bore and can incorporate radiotherapy placement devices. The development of genetic diagnostic labs for molecular imaging with precise and non-invasive methods of diagnostic assays will be accelerated by clinical improvements, financial incentives, and enhanced healthcare infrastructure.
Through the forecast period, PET-CT is anticipated to have about 34.3 percent of the global market across modality types. Due to its excellent sensitivity, infinite depth of penetration, and quantitative capabilities, PET-CT has developed into a potent tool for fundamental research in a variety of fields, including oncology, neurology, and cardiology. In the clinic, PET is essential for cancer identification, staging, and assessing treatment response. According to reports, whole-body PET/CT increases the precision of cancer staging and diagnosis.
Cardiology
Oncology
Gastrointestinal Disorders
Neurology Disorders
Others
In every nation on earth, cancer is the top cause of mortality and a major impediment to raising life expectancy. According to predictions from the World Health Organization for 2019, cancer ranks third or fourth in another 23 nations and is one of the top causes of death before the age of 70 in 112 of 183. Over the anticipated period, oncology revenue is anticipated to grow at a CAGR of more than 11%. During the projected period, the rising incidence of cancer will fuel the demand for molecular imaging for effective diagnosis and treatment.
Hospitals
500+ Beds
200-499 Beds
Less than 200 Beds
Ambulatory Surgical Centres
Diagnostic Centres
The highest market share is held by hospitals, which are anticipated to grow at a CAGR of more than 12% over the anticipated period. The use of molecular imaging in hospital settings will expand due to the aging population and cancer mortality. As hospitals take steps to handle an increase in patient traffic, this will in turn boost demand for diagnostic imaging equipment.
North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa
Throughout the forecast period, the U.S. market will continue to be the most profitable. The United States has a sophisticated healthcare infrastructure, which makes it a valuable market for molecular imaging and one of the main reasons for promoting market expansion. Prostate, lung and bronchus, and colorectal cancers account for 42% of all instances of cancer in males, according to the American Cancer Society. While 30% of all malignancies in women are breast, lung, and colorectal. The incidence of cancer is 442.4 per 100,000 men and women per year, and the fatality rate is 158.3 per 100,000, according to the National Cancer Institute. The U.S.'s high cancer mortality rate is increasing in demand, and the market is anticipated to grow at a noteworthy CAGR of more than 9% over the forecast period.
One of the biggest nations in Europe, Germany, has a cancer incidence rate of 313.1 per 100,000 inhabitants. Breast, prostate, colorectal, lung, and bladder cancers are the most prevalent types in Germany. About 57 percent of all new cancer cases in Germany in 2012 belonged to these five categories. According to estimates, 43 percent of women and 51 percent of men in Germany will have cancer at some point in their lives. In 2008, the German National Cancer Plan, or Nationaler Krebsplan, was introduced by the federal health ministry in collaboration with the German Cancer Society, the German Cancer Aid, and the Association of German Inflammatory Centers. Assessment, enhancing oncological care facilities and quality assurance, ensuring that cancer treatment is successful, and developing a more patient-centered approach are the four main focuses of the program. The Krebsfrüherkennungs- und -registergesetz (KFRG), which went into effect in April 2013, marked a turning point in the execution of this program by establishing the law of cancer early detection.
The difficulties a person faces after a term of rigorous therapy greatly depend on the stage at which they are diagnosed. Therefore, molecular imaging complements the organization's objective to provide early and accurate cancer detection to treat it quickly and raise the survival rate of cancer patients. By 2030, cancer will overtake heart disease as the biggest cause of death in Europe, according to the International Agency for Research on Cancer. These elements encourage growth in Germany.
Cancer cases have been increasing dramatically in France. More than 47% of cases of cancer are prostate, breast, lung, and colorectal. In addition, the World Health Organization (WHO) reports that France has a prevalence rate of 1445 strokes per 100,000 people. The prevalence of neurological illnesses was 2349 per 100,000 people, according to DALY's 2016 study. In France, public health regulations actively support initiatives for cancer identification and prevention. A health and scientific organization devoted to cancer is the French National Cancer Institute. The Institute addresses all aspects of the fight against cancer, including strategies for early cancer detection and better, more enduring patient care.
Over the past few years, China has seen a tremendous increase in the number of domestic manufacturers and distributors. A report on cancer statistics in China and GLOBAL indicates that 2.9 million people died from cancer in China in 2018 and that there were 4.3 million new cases. In comparison to nations like the United States and the United Kingdom, China has a higher cancer-related mortality rate. The demand for cutting-edge technology for illness diagnosis is predicted to increase in China due to the country's growing elderly population and chronic diseases, opening up the market potential for the production of molecular imaging equipment.
Global On-Premises Molecular Imaging Market- By Companies
Hermes Medical Solutions
Bruker Corporation
GE Company
Fujifilm Holdings Corp.
Koninklijke Philips N.V.
Siemens AG
Toshiba Medical System Corp.
Mirada Medical Limited
Carestream Health, Inc.
Esaote SpA
Positron Corporation
Medisco Ltd.
Hitachi Medical Corp.
MIM Software Inc.
NOTABLE HAPPENINGS IN THE GLOBAL ON-PREMISES MOLECULAR IMAGING MARKET IN THE RECENT PAST:
Business Collaboration: - In 2021, To increase awareness of and jointly promote the benefits of dosimetry, radiopharmaceutical treatment (RPT), and customized medicine, Hermes Medical Solutions (HMS), a pioneer in the global market for molecular imaging and dosimetry software solutions, teams up with Isotopic.
Merger & Acquisition: - In 2019, a pioneer in health technology said today that it had successfully acquired Carestream Health Inc.'s Healthcare Information Systems (HCIS) division in 26 of the company's 38 operating nations. Philips' existing enterprise diagnostic informatics solutions, which already include productivity improvement, imaging data management, and advanced visualization and analysis, will be enhanced by Carestream HCIS' cloud-enabled enterprise imaging platform.
Merger & Acquisition: - In 2021, Under the name FUJIFILM Healthcare Americas Corporation, FUJIFILM Medical Systems, and FUJIFILM Healthcare Americas Corporation (formerly Hitachi Healthcare Americas) have combined.
Global automotive lighting refers to all vehicle lighting systems, from headlamps that illuminate the road to taillights that communicate movements. They guarantee motorists and other road users alike safety, visibility, and style. While taillights frequently use LEDs for improved visibility, headlights are available in a variety of technologies, including LED and laser. Interior illumination, DRLs, and signal lights all have a role to play. This market, which was estimated to be worth $33.64 billion in 2022, is anticipated to rise to $67.39 billion by 2030 because of laws, luxury tastes, safety concerns, and technological developments like OLED taillights and adaptive headlights. Anticipate a future dominated by intelligent, connected, personalized, and sustainable lighting systems that enhance the safety, efficiency, and aesthetic appeal of automobiles.
Car lighting works its magic to provide safety, visibility, and style. Headlights cut through the night, taillights express intent, and interiors shine with comfort. The billion-dollar global business is expected to rise due to consumer demand for high-end experiences, safer roads, and cutting-edge technology. Imagine dynamic messages being painted by taillights, headlights that adjust to the road, and interiors that customize their atmosphere. Driven by technological advancements like linked systems and laser beams, this future is calling. Anticipate even more visually attractive, environmentally friendly, and intelligent lighting to illuminate the way ahead, making cars safer, more efficient, and unquestionably cooler.
In the market for automobile lighting, safety is the driving force behind demand from the public and laws. While automated high beams smoothly react to traffic, adaptive headlights modify their beams so as not to blind other people. With visually striking displays, dynamic taillights convey intentions for braking and turning. Beyond these developments, integrated pedestrian identification and lane departure alerts will soon make roads safer and brighter for everyone.
Luxurious automobile lighting creates a distinct visual identity that goes beyond simple illumination. Personalized interior lighting customizes the driving experience by setting the mood with a range of colours and intensities, while intricate designs and distinctive DRLs modify exteriors. As you approach your automobile at night, welcoming lights lead the way, resulting in an interior that is perfectly lit. Not only is this symphony of light aesthetically pleasing, but it also stands as a tribute to luxury. Upcoming developments like gesture-controlled lighting and holographic displays promise to further enhance the experience.
The worldwide automotive lighting market is undergoing a significant transition towards energy-efficient solutions, as environmental concerns gain prominence. LED technology is leading the way, providing a ray of hope for the environment and drivers alike. LED lights beam brighter and use a lot less energy than conventional halogen lamps. There are some tangible advantages to this. For drivers, this translates to increased fuel economy, which lowers petrol prices and lessens reliance on fossil fuels. Greater air quality and a reduction in the transport sector's contribution to climate change are the results of reduced overall emissions.
Although the global automotive lighting business is booming, there are still unknowns. Difficulties impede growth even as innovation propels it with eye catching features like laser beams and adaptable headlights. These technologies are luxury items due to their high cost and difficult integration, which puts producers' abilities to the test. The worldwide patchwork created by unclear legislation limits the potential of innovation. Durability issues persist, particularly when complex systems are subjected to challenging conditions. Ultimately, a lot of drivers still don't fully understand how these improvements can help them. Together, we can overcome these obstacles. The keys to reducing costs are improved production, more seamless integration, and unified regulations. Their full potential can be realized by educating customers about the safety, efficiency, and aesthetic value of these lighting wonders. By working together, we can pave the way for an even brighter and safer future for vehicle lighting.
It is made possible by advanced LED technology, which gives drivers the ability to customize their illumination for the highest level of comfort and flair. Consumers that care about the environment want greener products, and vehicle lighting complies. While solar- and self-powered lighting technologies offer a future powered by clean energy, energy-efficient LEDs lower pollution. The advent of connected lighting systems heralds a new age. Envision automobiles interacting with infrastructure and one another to minimize accidents and enhance traffic efficiency. Integrated headlights with pedestrian recognition provide unmatched safety, while dramatic taillights with eye-catching displays alert onlookers to your intentions. The possibilities are endless in the future. Gesture-controlled interior illumination, holographic displays projected onto the road, and even light fixtures with self-healing capabilities.
Due to laws requiring safety features like headlights, taillights, and brake lights, exterior lighting presently holds the most market share in the vehicle lighting industry. The dominance of this market is partly attributed to advancements in safety-focused technologies such as adaptive headlights and daytime running lights. The market value of external lighting is increased by the quick adoption of technology like LED bulbs and laser lights, which improve performance and aesthetics. Conversely, the interior lighting market is expected to increase at the fastest rate in the upcoming years. Innovations like ambient lighting and technology breakthroughs like LED and OLED displays, driven by consumer demand for comfort and personalisation, open new possibilities. The spread of sophisticated interior lighting systems is further driven by the growing emphasis on safety and the expansion of the luxury car market.
The worldwide vehicle lighting market is currently dominated by halogen because of its more affordable price, advanced technology, and useful illumination. With its dependable supply chain and affordable option for manufacturers and cost-conscious customers, halogen holds the biggest market share. The fastest-growing market right now is LEDs, which are predicted to shortly overtake halogen. The rapid expansion of LEDs is driven by their higher efficiency, longer lifespan, flexibility in design, and technological breakthroughs including enhanced brightness. Because LEDs use less energy and produce fewer emissions and better fuel economy, they are becoming more and more popular in the changing automotive lighting market.
Passenger automobiles rule the worldwide automotive lighting market. The sheer number of passenger cars produced which surpasses that of business vehicles and fuels the need for lighting systems is the primary cause of this popularity. The growing demand for personal automobiles in developing nations is a result of rising disposable income, which in turn drives the rise of the passenger car market. The importance that consumers place on safety and aesthetics elements helps to drive market expansion. But in the upcoming years, the market for electric and hybrid cars is expected to develop at the quickest rate. The exponential rise of the worldwide electric car market, which is still expanding and shows no signs of slowing down, is what is driving this surge. Specialised lighting solutions are required since electric and hybrid vehicles have different lighting requirements because of their specific functionality and design aesthetics.
Most lighting systems sold nowadays are sold by OEMs (Original Equipment Manufacturers), primarily because manufacturers pre-install lighting systems in new cars. But in the next years, the aftermarket is expected to develop at the quickest rate. This spike in demand for replacement parts, especially lighting systems, can be linked to several variables, one of them being the average age of cars. The industry is expanding because of consumers' growing desire to personalise their cars with aftermarket lighting upgrades such LED upgrades and decorative lighting. The availability and affordability of technologies like adaptive headlights and laser lights in the aftermarket, together with other advancements in lighting technology, are driving demand even more. Moreover, the growing market for electric cars (EVs).
Throughout the forecast period, Asia Pacific is anticipated to be the automotive lighting market with the highest profitability. Over the past few years, Asia Pacific countries like China and India have seen notable increases in automotive manufacturing and sales, primarily in the medium-to premium luxury car segment. Asia Pacific is predicted to see an increase in the manufacturing of passenger cars, with India experiencing the strongest growth rate. Depending on the state of the national economy, the area offers a suitable selection of both high-end and cheap cars. For instance, there is a substantial demand for halogen, Xenon/HID, and LED since China and India produce more economy and mid-range automobiles. On the other hand, luxury car adoption rates are greater in South Korea and Japan, where LED lighting is the norm.
A brief shadow was thrown by COVID-19 over the worldwide automotive lighting market. Production was stopped by lockdowns and supply chain disruptions, while luxury lighting upgrades were shelved by consumers on a tight budget. Resources became scarce, and R&D stagnated. Still, the market is recovering thanks to resurgent demand and rearranged priorities. While energy-efficient LEDs are being pushed towards adoption by sustainability, safety concerns are driving interest in features like pedestrian detection and adaptive headlights. The digital push of the epidemic creates opportunities for intelligent, networked lighting systems that may interact with infrastructure and other cars. Ultimately, the industry is positioned to shine brighter, focused on safety, sustainability, and a connected future, even though the pandemic dimmed its brilliance.
A development collaboration between OSRAM Continental and REHAU aims to incorporate lighting into external components, providing automobile manufacturers with innovative lighting options that improve functionality and design flexibility. For rear combination lamps, Hella unveiled a revolutionary lighting innovation called Hella FlatLight technology. A Memorandum of Understanding (MoU) was signed by Samvardhana Motherson Automotive Systems Group BV (SMRPBV), a division of Motherson Group, and Marelli Automotive Lighting to investigate a technology collaboration focused on intelligently lighted external body components. Valeo debuted their revolutionary 360° lighting system at the Shanghai Auto Show. This technology surrounds the car with a band of light, projecting instantaneous, clear signs that other drivers can see from a distance. Pedestrians, cyclists, and scooter riders are especially susceptible to these signals
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