Bio-imaging Market

The global bio-imaging market size is estimated to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the growing number of hospitals and diagnostic centers and rising need for early diagnosis of diseases such as cancer.

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Bio-imaging is a branch of study that deals with structural and functional images of human bodies. To reproduce a molecular picture of human tissues and their architecture, a number of imaging technology and methodologies are used. Furthermore, this technology uses advanced imaging techniques to diagnose, treat, and prevent ailments. As a result, medical bio-imaging technology is utilized to investigate and diagnose a wide spectrum of disorders. It also helps to build a general database of living body physiology and anatomy that can be used in future research efforts.

Moreover, subcellular structures, entire multicellular creatures, and entire cells over tissues can be observed with bio-imaging technology. These technology are capable of providing 3D architectures of live organisms in the human body with minimal medical intervention. Some of the key technology are X-ray, magnetic resonance imaging (MRI), ultrasound technology, and other bio-imaging tools, which are generally non-invasive & safe. They also assist clinicians in monitoring drug effects during or after treatments.

The COVID-19 pandemic has become a global economic danger and has brought severe impact on numerous industries. The emergence of pandemic is projected to provide new doors for market players in the current bio-imaging technology market. While researchers continue to look for new treatments, therapies, and vaccines to combat the novel COVID-19 virus, they are increasingly looking into the possibilities of bio-imaging technologies to examine and evaluate the novel coronavirus.

Market Trends, Drivers, Restraints, and Opportunities

• Growing investments in R&D activities primarily for medical science and molecular imaging technologies are expected to boost the market growth during the forecast period.
• Rising focus on improving the anatomic resolution and the development of new bio-imaging devices in bio-informatics are estimated to fuel the market expansion.
• Increasing number of diagnostic centers & hospitals, and rising demand for advanced healthcare IT & bioinformatics industry are another driving factors of the market growth.
• High-cost involved in bio-imaging instruments manufacturing along with inability to differentiate between benign and aggressive tumors diagnosis are the few restraining factors hampering the growth of this market during the forecast period.
• Lack of skilled healthcare technician and delaying in products approvals from regulatory bodies in some developed countries are the main challenges hindering the market growth.
• Technological advancements in fluorescence microscopic techniques are major factor offering tremendous opportunities for the key pharmaceutical companies involved in the bio-imaging technology market.

Scope of the Report

The report on the global bio-imaging market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Medical technology segment is expected to grow at a rapid pace

Based on technology, the global bio-imaging market is bifurcated into molecular technology and medical technology. The molecular technology segment is further segregated into biomarkers, nano bio-imaging, and molecular probes while the medical technology segment is further segmented into optical imaging, ultrasound imaging, radiological imaging, and magnetic resonance imaging. The medical technology segment is expected to grow at a rapid pace during the forecast period owing to the rising prevalence of chronic diseases such as cancer and diabetes.

Furthermore, the incorporation of Artificial Intelligence (AI) in medical technology such as remote patient monitoring devices, wearable medical equipment, electronic health records (EHR), and many other examples are expected to accelerate the penetration of medical technology into consumers' daily lives. Medical technology is defined as the application of science to find solutions to health difficulties and problems such as the prevention or delay of disorders, promotion and maintenance of good health. Thus, this technology is an important strategic component in the ever changing healthcare market.

Moreover, every year, several innovative new biomedical devices and systems are introduced by major pharmaceutical companies. They are being applied at a time when hospitals are under pressure to save cost. As a result, rising deployment of medical technology and growing impact on the hospital requirements and hospital's commitment to fund such programs are major aspects of the segment growth.

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North America is anticipated to constitute a key market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period due to the increasing adoption of innovative technology and growing number of hospitals across geographies. Furthermore, the existence of well-developed healthcare infrastructure, rising disposable income, and the growing awareness level related to the benefits for the early diagnosis of various diseases such as cancer are the key factors contributing towards the growth of the overall regional market.

However, Asia Pacific is likely to emerge as the major market destination for this technology during the forecast period due to the rising demand for healthcare systems. In addition, an increase in medical tourism to take advantage of low-cost care is anticipated to boost the demand in the developing world in the coming years.

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Segments

• Molecular Technology
  • Biomarkers
  • Nano Bio-imaging
  • Molecular Probes
• Medical Technology
  • Optical Imaging
  • Ultrasound Imaging
  • Radiological Imaging
  • Magnetic Resonance Imaging

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

• Bayer HealthCare Pharmaceuticals
• Bracco Imaging S.P.A
• Digirad Corpl.
• Esaote S.p.A
• GE Healthcare
• FONAR Corp.
• Hitachi Medical Corp.
• Hologic Inc.
• Covidien Pharmaceuticals
• Lantheus Medical Imaging, Inc.
• Gamma Medica Inc.
• Mindray Medical International Ltd.
• Philips Healthcare
• Samsung Medison Co., Ltd.
• Positron Corp.
• SonoSite, Inc.
• Canon Medical Systems USA, Inc.
• Siemens Healthcare

Competitive Landscape

Some of the key players competing in the global bio-imaging market are Bayer HealthCare Pharmaceuticals; Bracco Imaging S.P.A; Digirad Corpl.; Esaote S.p.A; GE Healthcare; FONAR Corp.; Hitachi Medical Corp.; Hologic Inc.; Covidien Pharmaceuticals; Lantheus Medical Imaging, Inc.; Gamma Medica Inc.; Mindray Medical International Ltd.; Philips Healthcare; Samsung Medison Co., Ltd.; Positron Corp.; SonoSite, Inc.; Canon Medical Systems USA, Inc.; and Siemens Healthcare.

These key players are consistently executing various marketing strategies such as merger & acquisitions, capital investments, partnerships, and new product development to gain sustainable revenue share in the market.