April 23, 2024
Bio-imaging Market

The Global Bio-imaging Market is Accelerating Towards Personalized Medicine

The global bio-imaging market comprises non-invasive imaging technologies that are primarily used for clinical diagnostics as well as research applications in fields like cardiology, oncology, and neurology. Bio-imaging modalities such as magnetic resonance imaging (MRI), positron emission tomography (PET), ultrasound, and X-ray provide detailed anatomical and functional information about the human body.

Global Bio-imaging Market Size play a crucial role in early disease detection, guiding surgical procedures, monitoring treatment responses, and furthering personalized medicine approaches. Advances in sensor technology, computing power, and contrast agents are enhancing the functionalities of bio-imaging systems and expanding their applications across diverse therapeutic areas.

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 from 2024 to 2031. 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.

Key Takeaways

Key players: Key players are focusing on improving imaging technologies and expanding diagnostic capabilities through their advanced product portfolios such as novel contrast agents, intelligent software solutions, and hybrid bio-imaging systems.

Growing demand: Increasing incidence of chronic and lifestyle diseases, rising geriatric population, growing healthcare investments, and expanding applications of bio-imaging in drug discovery and development are fueling the demand for these systems globally.

Global expansion: Leading market players are actively expanding their geographic footprints through strategic collaborations and acquisitions to capitalize on untapped opportunities in emerging markets and strengthen their market dominance.

Market Key Trends

Personalized medicine approaches: Growing adoption of multi-parametric and quantitative bio-imaging techniques for applications like radiation therapy planning, tumor characterization, and treatment monitoring is enabling personalized medicine approaches in oncology.

Porter’s Analysis
Threat of new entrants: Low capital requirements but high costs associated with R&D, manufacturing, compliance and network building make the threat low.

Bargaining power of buyers: Large number of small individual health professionals limits their bargaining power, but group purchasing organizations enhance buyer power for hospitals and providers.

Bargaining power of suppliers: Bio-imaging equipment is specialized with few substitutes and suppliers have some bargaining power due to differentiation.

Threat of new substitutes: Technological innovation brings new alternatives but most are complementary rather than substitutes due to bio-imaging’s diverse roles.

Competitive rivalry: Intense competition exists among large global corporations and pressure to innovate drives heavy R&D investments creating an evolving competitive landscape.

Geographical Regions

In terms of value, North America accounts for the largest share of the global bio-imaging market. Advancements in diagnostic imaging technologies, rise in incidence of chronic and lifestyle diseases as well as growth in the aging population drive steady market growth.

The Asia Pacific region is poised to experience the fastest growth over the forecast period. Rapid economic development, healthcare reforms encouraging modernization and infrastructure development, growing medical tourism and rising healthcare expenditure fuel double-digit annual gains. Increasing disposable incomes support expansion of international players into emerging APAC markets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it