The global bio-imaging market has a tremendous potential to grow over the coming years as this technology may evolve as a pillar for diagnosis, which is expected to give rise to numerous innovations and business opportunities. The bioimaging techniques are regarded as promising advancements in the field of healthcare and biomedical research. These reforms are projected to foster the evolution of cost-effective, compact, portable and simple devices. With the drastic development in cell biology, biochemistry and computer analysis used for molecular imaging technologies is set to increase over the next seven years exponentially.
Bio-imaging is that branch of science that is concerned with functional and structural images of human bodies. It uses various processes and techniques that reproduce the snapshot of human tissues and anatomy at a molecular level. This technology can diagnose, treat and prevent diseases by using advanced imaging techniques. Medical bio-imaging technology thus finds application in examination and diagnosis of multiple diseases. It further helps to develop a general database of physiology and anatomy of living bodies that can be used for further research studies. Molecular bio-imaging is concerned with the temporal and spatial arrangement of macromolecules. It incorporates imaging technology from X-ray, elastography, radiography, and thermography to MRI, endoscopy, tactile imaging, positron emission tomography and ultrasound.
Aging population, need for early diagnosis of critical diseases, increasing the number of diagnostic centers and radiopharmaceutical is expected to propel demand for bio imagining technology. Increasing investments in R&D primarily for medical science and molecular imaging technologies are anticipated to drive the bio-imaging market growth. Technological advancement such as pill camera, systems design, portable technology and hybrid imaging coupled with better networking is expected to enhance information sharing among multiple hospitals and doctors located in different countries. Thus, growing demand for IT in healthcare and bioinformatics industry is projected to propel demand.
In addition to technological advancement, prospective opportunities in radiation oncology, cardiology sector, portable systems & expanded selection of hospital settings and advancing requirement for ultrasound imaging are the various factors that may catalyze industry growth over the next few years. Efficient and good quality imagining is necessary for better decision-making and avoids the unnecessary medical procedure. The introduction of telemedicine and Picture Archiving & Communications System (PACS), are expected to drive market growth as it helps to share images across several states and countries. Development of new sensors and biological separation and purification is anticipated to catalyze the bio-imaging market growth. Improved clinical evidence may expand the chances of medical reimbursement from the insurance company.
The bio-imaging market is segmented by applications and technology. Based on technology, the market is segmented into medical technology and molecular technology. The medical technology consists of ultrasound imaging, magnetic resonance imaging, radiological imaging, and optical imaging. Molecular technology constitutes molecular probes, biomarkers, and nano bio-imaging.
North America and Europe have a substantial number of institutes and firms involved in the development and implementation of these systems. North America followed by Europe is expected to dominate the industry owing to the high adoption of innovative technology. Rising number of hospitals is projected to drive growth in these regions. Emerging economies such as China and India are expected to be key potential markets for this technology owing to growing demand for healthcare system over the forecast period. Further, increasing number of medical tourism to gain the advantage of low-cost care is expected to increase demand in the developing region. Japan is projected to exhibit substantial growth in the bio-imaging market over the next seven years.
The key participants in this industry 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.
Others include Gamma Medica Inc, Samsung Medison Co., Ltd., Philips Healthcare, Bio-Medical Electronics Co., Ltd., Positron Corporation, Toshiba America Medical Systems, Toshiba Medical Systems, SonoSite, Inc, Siemens Healthcare and Shenzhen Mindray.
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Amongst the majorly used Covid-19 screening options, imaging is preferred by most healthcare professionals as it provides a primary diagnosis in a short time. All the imaging modalities including nuclear imaging have been used exhaustively to study Covid-19 and its effect on different patients in each demography. These are used in theories such as comparison of the vulnerability of pediatric and geriatric patients, and treatment response for several drug combinations. The rising requirement for advanced lung imaging solutions is expected to boost the development studies for lung phantoms. A detailed study on lung deterioration in Covid-19 patients is expected to provide advanced measures for early detection of the disease. The report will account for Covid19 as a key market contributor.