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.
Molecular Imaging Devices Market: Advantages
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.
Molecular Imaging Devices Market: Segmentation
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.
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.
Key Players in the Molecular Imaging Devices Market
Siemens is one of the top players in market, owing to its broad, advanced product portfolio that addresses multiple concerns, including oncology, neurology, radiology, and cardiology. The company’s molecular imaging device portfolio includes PET/CT, SPECT, and hybrid SPECT scanner (SPECT/CT). GE Healthcare and Philips Healthcare are specifically focusing on R&D of advanced, innovative molecular imaging devices to gain a competitive edge. PerkinElmer is a leader in life sciences that shares a partnership with Sofie Biosciences, a renowned molecular imaging company. Recently, both the companies announced extension of their partnership in order to deliver the highest quality, most efficient pre-clinical imaging (in-vivo) devices for PET.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.