by The growing popularity of minimally invasive surgeries worldwide is boosting the global bio-imaging market. Advances in technologies such as MRI, ultrasound, CT, PET, and X-ray allow doctors to identify medical issues in the human body quickly and efficiently without extensive hospitalization. Bio-imaging has revolutionized diagnostics and enabled enhanced treatment outcomes by providing more targeted therapies.
The Global Bio-imaging Market is estimated to be valued at US$ 5.74 Bn in 2024 and is expected to exhibit a CAGR of 15.% over the forecast period 2024 To 2031.
Bio-imaging technologies enable detailed visualization of internal organs through non-invasive imaging techniques. They help physicians detect medical conditions in the early stages with more precision and decide the most appropriate line of treatment. The rising geriatric population suffering from chronic diseases is a key driver of the Global Bio-imaging Market Size. Furthermore, growing health awareness among individuals and availability of medical insurance are fueling the demand for preventive healthcare check-ups using bio-imaging modalities.
Key Takeaways
Key players operating in the Global Bio-imaging Market 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., Gamma Medica Inc., Samsung Medison Co., Ltd., and Philips Healthcare.
The growing demand for early disease diagnosis and increasing investments in research and development of novel Global Bio-imaging Market Size technologies are fueling market growth. Technological advancements are allowing physicians to better understand disease pathology, monitor treatment response and offer personalized care plans.
The global bio-imaging market is witnessing an increasing focus on expansion into emerging nations. Manufacturers view these regions as key future growth markets and are actively working on penetrating Asia Pacific and Latin American countries by launching affordable products. Partnerships with local medical device companies and investment in local manufacturing are some strategies adopted.
Market Key Trends
One of the major trends spurring opportunities in the is growing popularity of hybrid imaging systems. Hybrid bio-imaging modalities such as PET-CT, PET-MRI and SPECT-CT combine the strengths of different techniques to provide enhanced diagnostics. Their use is rising in applications such as cancer diagnosis, cardiology and neurology due to advantages like high resolution functional and anatomical images from a single scan. This trend is expected to significantly drive the market over the forecast period.
Porter’s Analysis
Threat of new entrants: The bio-imaging market requires high capital investment that deters entry of new players. Established players have technological advantage and brand recognition.
Bargaining power of buyers: Buyers in this market have moderate bargaining power due to the availability of substitutes and differentiation in products.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of alternative suppliers and differentiated products.
Threat of new substitutes: Potential threat from new substitutes exists as new technologies can disrupt existing market.
Competitive rivalry: Intense competition exists among existing players due to differentiation and innovation in products and services.
Geographical Regions
North America accounts for the largest share of the global bio-imaging market both in terms of value due to favorable reimbursement policies, technologically advanced healthcare infrastructure and concentration of key players in the region.
Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising healthcare expenditure, large patient population and increasing awareness about diagnostic solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
