Molecular Imaging Market Size, Share & Trends Analysis Report By Modality (SPECT, NMR), By Application (Oncology, Cardiology), By End-use (Hospitals, Diagnostic Imaging Centers), By Region, And Segment Forecasts, 2024 - 2030

Molecular Imaging Market Size & Trends

The global molecular imaging market size was estimated at USD 8.45 billion in 2023 and is expected to grow at a CAGR of 4.52% from 2024 to 2030. Major factors contributing to the market growth include the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders, technological advancements, and rising investment in Research and Development (R&D). For instance, According to the America College of Radiology, The president's 2024 budget proposes a significant increase in discretionary funds for the National Cancer Institute (NCI), aiming for USD 716 million, which is USD 500 million more than the FY 2023 allocation. These funds are intended to support research, prevention, diagnosis, and treatment efforts, all of which depend heavily on radiology and imaging tools.

Additionally, the Cancer Moonshot initiative has been allocated USD 1.5 billion in mandatory funding. This funding will be distributed across the NCI, the U.S. Food and Drug Administration, the Centers for Disease Control and Prevention, and ARPA-H. Technological advancements in imaging modalities are expected to drive market growth significantly. Innovations in Positron Emission Tomography (PET) and Single Photon Emission Computed Tomography (SPECT) have significantly enhanced their diagnostic capabilities. PET scans, which provide high-resolution images of metabolic activity within the body, are now more sensitive and specific, enabling earlier detection of diseases such as cancer.

In addition, the development of hybrid imaging systems like PET/CT and SPECT/CT combines the functional imaging capabilities of PET or SPECT with the anatomical imaging capabilities of Computed Tomography (CT), providing detailed diagnostic information. The integration of artificial intelligence (AI) into these imaging modalities represents another significant technological advancement. These innovations are leading to increased adoption of molecular imaging modalities among end users. For instance, in January 2024, the Molecular Imaging Laboratory at the Beckman Institute for Advanced Science and Technology, supported by the Roy J. Carver Charitable Trust, added a new ultra-high-performance positron emission tomography and X-ray computed tomography scanner opening new opportunities for research.

The increasing prevalence of chronic disorders is a significant factor driving the expansion of the molecular imaging market. Chronic diseases such as cancer, cardiovascular diseases, diabetes, and neurological disorders are becoming more common, fueled by aging populations, lifestyle changes, and environmental factors. Molecular imaging techniques, including PET, SPECT, and others, provide detailed insights into the molecular and cellular processes underlying these conditions. For instance, PET imaging is essential in oncology for detecting tumors, staging cancer, and monitoring response to therapy. According to the International Agency for Research on Cancer, approximately 19,976,499 new cancer cases and 9,743,832 cancer-related deaths were reported globally in 2022.

Industry Dynamics

The molecular imaging market is accelerating at a moderate pace, driven by a combination of technological advancements and growing awareness about the benefits of these technologies in early disease detection. These advanced technologies provide detailed insights into the molecular and cellular processes underlying various diseases, enabling healthcare professionals to detect conditions at their earliest stages when they are most treatable. For instance, PET imaging has become crucial in oncology, allowing for precise tumor detection, accurate cancer staging, and effective monitoring of treatment responses.

Leading companies in the industry are consistently involved in enhancing their product portfolios to expand their customer base and capture a larger market share. This effort includes upgrading their existing products, pursuing acquisitions, securing government approvals, and engaging in significant collaborative initiatives. For instance, in November 2023, Siemens Healthineers announced that it had received FDA clearance for its Biograph Vision. X PET/CT scanner.

“The Biograph Vision. X’s record-shattering, ultrafast time of flight delivers an image resolution that allows even the smallest lesions to rise above the noise.”

- James Williams, PhD, head of Siemens Healthineers Molecular Imaging

The degree of innovation in molecular imaging devices is remarkable, this innovative surge is transforming the landscape of diagnostic imaging, and enabling healthcare providers to obtain highly detailed images also innovations such as the introduction of mobile van for these modalities are further contributing to the industry growth. For instance, in June 2024, CDL Nuclear Technologies announced the launch of its latest innovation: the Mobile Dedicated Cardiac PET/CT Trailer. This mobile solution is designed to revolutionize cardiac care by providing cardiac PET/CT imaging services directly to medical facilities on their schedule. 

"Recognizing the distinct nature and specific requirements of each medical facility in terms of their Cardiac PET/CT capabilities, we provide a spectrum of solutions tailored to enhance cardiac care programs. Our latest innovation, the dedicated Mobile Cardiac PET/CT Trailer, introduces a flexible and resourceful option, empowering hospitals to advance their provision of cardiac care services on their own terms."

-Lon Wilson, the chief executive officer at CDL Nuclear Technologies

Market players in the molecular imaging industry are actively engaged in mergers and acquisitions as a strategic approach to enhance their market presence, expand their product portfolios, and drive growth. For instance, in January 2024, GE HealthCare has announced the acquisition of MIM Software, a leading global provider of medical imaging analysis and artificial intelligence (AI) solutions used in radiation oncology, molecular radiotherapy, diagnostic imaging, and urology across imaging centers, hospitals, specialty clinics, and research organizations worldwide. 

“We are committed to providing comprehensive, connected devices and digital solutions that enable providers to improve patient care across multiple specialties, We expect our efforts to bring these two complementary organizations and innovative product portfolios together to strengthen our capabilities as a leading provider of integrated imaging systems, analytics, and advanced digital workflows across several care areas and pathways – including Theranostics, radiation oncology, urology, neurology and cardiology. Now and in the future, we are working to transform patient care.”

-Peter Arduini, President & CEO of GE HealthCare.

Regulations affecting molecular imaging devices differ among various regulatory agencies and regions. Regulatory bodies such as the FDA in the U.S., the EMA in Europe, and equivalent agencies worldwide play pivotal roles in ensuring the safety, efficacy, and market clearance of these devices.

Manufacturers are actively involved in launching new products to meet evolving market demands and technological advancements. For instance, in June 2023, United Imaging unveiled its next-generation PET/CT systems and integrated molecular technology platform at SNMMI. 

“United Imaging continues to see steady acceleration in demand for its popular digital PET/CT the uMI 550, in both mobile and fixed configurations. "This is one of our most important molecular imaging innovations,"

-Cheri Gottke, Vice President of the Molecular Imaging portfolio for the U.S., United Imaging

The geographical reach of the molecular imaging industry has been expanding fueled by population growth, rising healthcare investments, and evolving regulatory landscapes. Manufacturers are actively expanding their product presence worldwide. For instance, in June 2024, Positron, a company specializing in molecular imaging devices, signed an exclusive agreement to market and distribute the NeuSight PET-CT 64-slice scanner across North America.

The NeuSight PET-CT has been extremely successful for Neusoft Medical Systems with approximately 500 systems sold internationally, and we are confident for the NeuSight system to have similar success in the US, the largest imaging devices market, as well as Canada and Mexico.

- Adel Abdullah, Positron president

Modality Insights

The SPECT segment dominated the market by capturing a share of 43.8% in 2023. This is primarily attributed to its advantages in diagnostic imaging, particularly in the fields of cardiology and neurology, where it provides detailed 3D images of internal organs and tissues. Its ability to assess myocardial perfusion and detect neurological disorders such as Alzheimer's disease makes it indispensable in clinical settings. Moreover, advancements in SPECT technology, including improved image resolution, faster scan times, and enhanced quantification techniques, have contributed to its widespread adoption among healthcare providers.

The Nuclear Magnetic Resonance (NMR) Spectrometer segment is expected to grow at the fastest rate from 2024 to 2030. Advancements in NMR technology, including improvements in sensitivity, resolution, and data acquisition speed, have expanded its applications beyond traditional research settings into clinical diagnostics. The ability of NMR spectroscopy to provide comprehensive, multi-dimensional data sets further enhances its utility in precision medicine and personalized healthcare. In January 2024, Bruker Corporation announced the installation of a 1.2 Gigahertz (GHz) NMR system at Ohio State University's National Gateway Ultrahigh Field NMR Center. This GHz-class NMR system represents a major advancement in nuclear magnetic resonance (NMR) spectroscopy and is expected to make a significant impact on life science and materials research.

Application Insights

The oncology segment dominated the market by capturing a share of 33.7% in 2023. This is primarily attributed to the rising incidence of cancer worldwide, which drives the demand for advanced diagnostic tools for early detection, precise staging, and effective treatment monitoring. Molecular imaging devices are vital in oncology, providing detailed insights into the metabolic activity and structural changes of tumors.

Moreover, end users are increasingly adopting these advanced imaging devices to diagnose the growing number of cancer patients. For instance, in March 2024, Spectrum Dynamics Medical announced that its VERITON-CT 400, a new generation digital SPECT/CT, was installed and patient scanning commenced at Gustave Roussy in Grand Paris, France. It is one of Europe's leading cancer centers and is ranked the world's fourth-best oncology hospital by Newsweek magazine. The institute treats patients of all ages with all types of cancer and specializes in the treatment of rare and complex tumors.

The cardiovascular segment is expected to grow at the fastest CAGR of 5.91% over the forecast period. This is attributed to the increasing prevalence of cardiovascular diseases worldwide, which necessitates more effective and precise diagnostic tools. According to the WHO, CVDs are the leading cause of death globally, accounting for an estimated 17.9 million deaths each year. Advances in imaging technologies have significantly enhanced the ability to detect and monitor heart conditions at an early stage, leading to better patient outcomes. Additionally, there is a rising demand for non-invasive imaging techniques that provide detailed insights into the heart's structure and function, further propelling the adoption of molecular imaging devices in the cardiovascular field.

End-use Insights

The hospital segment dominated the market with a share of over 47.8% in 2023. This dominance is attributed to the growing adoption of advanced imaging technologies within hospital environments for both diagnostic and therapeutic purposes. Hospitals are mostly equipped with advanced imaging equipment and infrastructure capable of supporting various procedures. Furthermore, hospitals cater to a large and diverse patient population, offering comprehensive medical services that rely on precise and detailed imaging for effective diagnosis and treatment planning. The increasing prevalence of chronic diseases like cancer and cardiovascular conditions further shows the demand for molecular imaging in hospitals, where these technologies play a crucial role in early detection and continuous monitoring of such conditions.

The diagnostic imaging centers segment is expected to grow at the fastest CAGR from 2024 to 2030. This is due to their ability to offer high-quality, specialized imaging procedures with efficient turnaround times compared to larger hospitals. These centers are equipped with advanced imaging technologies coupled with specialized expertise that ensures accurate diagnostic outcomes. Their accessibility and convenience are thus beneficial for diagnosing patients and also for healthcare providers aiming for efficient patient management. Moreover, as the incidence of chronic diseases rises globally, there is a growing need for precise and timely diagnostic imaging, further propelling the market growth.

Regional Insights

The North America molecular imaging market held the largest share of 41.7% in 2023. This can be attributed to the presence of well-established healthcare infrastructure that supports extensive adoption of advanced medical technologies, including molecular imaging. Additionally, favorable reimbursement policies and healthcare expenditure levels in North America facilitate widespread access to molecular imaging technologies among patients and healthcare facilities.

U.S. Molecular Imaging Market Trends

The molecular imaging market in the U.S. held the largest revenue share in 2023 in the North American region. This is owing to the growing prevalence of various cancers in the country. With cancer being a significant health concern, there is a heightened demand for advanced diagnostic tools that can accurately detect and monitor cancerous tumors at early stages. For instance, according to the International Agency for Research on Cancer, in 2022, there were about 2,380,189 new cancer cases in the country and 6,05,761 deaths were reported.

Europe Molecular Imaging Market Trends

The Europe molecular Imaging market held a significant revenue share in 2023. Europe's aging population and the increasing prevalence of chronic diseases lead to the growing demand for accurate and early diagnostic devices. The emphasis on preventive healthcare and early detection strategies further drives the adoption of these technologies across the region.

The molecular imaging market in the UK is anticipated to expand due to several factors. These include a growing emphasis on early diagnosis and precision medicine, which has heightened the demand for advanced molecular imaging technologies like PET, SPECT, and MRI.

The France molecular imaging market is expected to grow from 2024 to 2030 due to the growing prevalence of chronic diseases. As these diseases increases with age, there is a corresponding need for advanced diagnostic tools that can facilitate early detection and timely intervention.

The molecular imaging market in Germany is expected to grow from 2024 to 2030. This can be attributed to technological advancements. These advancements include improvements in image resolution and sensitivity, integration with AI and others.

Asia Pacific Molecular Imaging Market Trends

The Asia Pacific molecular imaging market is estimated to witness the fastest CAGR of 5.54% during the forecast period, primarily due to significant developments in healthcare infrastructure across developing countries within the region. Countries such as China, India, and Southeast Asian nations are witnessing substantial investments in healthcare facilities, including hospitals and diagnostic centers, aimed at improving access to advanced medical technologies.

Molecular imaging market in China is expected to grow at notable growth CAGR from 2024 to 2030, driven largely by the increasing incidence of cancer across the country. For instance, according to the International Agency for Research on Cancer, China recorded approximately 4,824,703 new cancer cases in 2022, with projections suggesting this number could rise to 10,968,974 by 2027. This growing cancer burden shows critical need for advanced diagnostic tools such as molecular imaging technologies, which play a pivotal role in early detection, accurate diagnosis, and treatment monitoring.

Japan molecular imaging market is expected to grow from 2024 to 2030. This growth is mainly driven by increasing awareness about cancer and the benefits of molecular imaging devices in the country.

Latin America Molecular Imaging Market Trends

Molecular imaging in the Latin America market is anticipated to undergo moderate growth throughout the forecast period. This is owing to the growing investment in healthcare infrastructure across the region, which includes the expansion and modernization of hospitals and diagnostic centers.

MEA Molecular Imaging Market Trends

The MEA Molecular Imaging is anticipated to witness growth owing to several key factors. This is owing to the increasing focus of this region in R&D. For instance, in May 2024, South Africa inaugurated a nuclear medicine hub. The Nuclear Medicine Research Infrastructure (NuMeRI) has been established as a not-for-profit company in collaboration with the University of Pretoria’s nuclear medicine department and is situated at the Steve Biko Academic Hospital.

Key Molecular Imaging Company Insights

The major players in the market are actively enhancing their product portfolios through various strategies to remain competitive and expand their market share. These strategies include continuous product upgrades to incorporate the latest technological advancements, strategic collaborations, and exploring opportunities for acquisitions. Additionally, obtaining government approvals for their products is crucial to ensure compliance with regulatory standards.

Recent Developments

• In June 2024, Siemens Healthineers announced FDA clearance for the Biograph Trinion, a high-performance, energy-efficient PET/CT scanner. The Biograph Trinion offers a wide range of clinical capabilities and boasts a low lifetime operational cost. 

• In June 2024, Positron Corporation Announces Sale of Attrius PET System. Positron will install the Attrius in Q4 2024, aligning with the facility's timeline. Positron is the industry's only provider of a dedicated PET scanner. The Attrius is a 2D quantitative PET scanner specifically designed for nuclear cardiology, offering high-resolution images.

• In October 2022, Spectrum Dynamics announced its advancement in digital nuclear medicine imaging: the ability to image high-energy isotopes using solid-state detector technology in a 360° CZT-based, wide-bore SPECT/CT configuration. This feature is available in the new VERITON-CT 400 Series Digital SPECT/CT scanners, supporting total body, brain, heart, and other imaging applications.

Molecular Imaging Market Report Scope

Global Molecular Imaging Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global molecular imaging market report based on the modality, application, end-use and region:

• Modality Outlook (Revenue, USD Million, 2018 - 2030)

  • Molecular Ultrasound Imaging

  • Positron Emission Tomography (PET)

  • Single Photon Emission Computed Tomography (SPECT)

  • Nuclear Magnetic Resonance (NMR) Spectrometer

  • Other Modalities

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Cardiovascular

  • Neurology

  • Oncology

  • Respiratory

  • Gastrointestinal

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Diagnostic Imaging Centers

  • Research Institutes

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait