Increasing incidence of cancer, cardiovascular, and neurological diseases are expected to drive the molecular imaging market growth
Increasing incidence of various diseases such as cardiovascular, cancer, inflammatory, and neurological diseases are propelling demand for molecular imaging and is expected to drive the molecular imaging market growth during the forecast period. These diseases are becoming increasingly prevalent with rising percentage of geriatric population worldwide. According to the American Heart Association 2015 data, in the U.S., around 2 million people die due to cancer and cardiovascular disease annually.
Medical imaging is used for the early diagnosis and management of these diseases. For instance, for solid tumors, novel molecular imaging modalities such as Ultrasound, PET-CT, and MRI can facilitate earlier and more accurate diagnosis and staging, which are requisites for successful surgical therapy. Molecular imaging also plays an important role in dementia evaluation. According to the Society of Nuclear Medicine and Molecular Imaging, researchers are exploring the use of additional neuroimaging probes, including FDDNP and amyloid markers, to visualize abnormal plaques and tangles associated with Alzheimer’s disease.
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Molecular Imaging Market Restraints
However, there are some limitations associated with all molecular imaging modalities, which may restrain molecular imaging market growth. For instance, optical imaging lacks penetration depth, especially when working at visible wavelengths. Depth of penetration is used for the absorption and scattering of light to identify molecular structure. Moreover, optical imaging and ultrasound do not offer whole body imaging. MRI offers unlimited depth penetration and whole body imaging, however, it is more costly than other modalities. PET-CT imaging is not recommended for all patients due to harmful radiation that causes side effects to the body. For instance, it is not suitable for pregnant women, as the radiation could harm the baby.
Molecular Imaging Market - Regional Insights
On the basis of region, the global molecular imaging market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America molecular imaging market is expected to foresee major revenue share, owing to well established healthcare infrastructure that offers all the molecular imaging modalities in various parts of the region. Moreover, increasing awareness among people about health coupled with prevalence of various diseases including cardiovascular, cancer, brain disorders is propelling demand for molecular imaging in the region.
According to the Alzheimer’s Association, in 2017, over 5 million people were suffering from Alzheimer’s disease, which is also reported to be the sixth-leading cause of death in the U.S. According to Center for Disease Control (CDC), 2016, around 610,000 deaths were reported in the U.S. annually due to cardiac arrest and other cardiovascular diseases. This rate could be lowered with proper diagnostic and imaging technologies leading to opportunities for molecular imaging market growth.
Asia Pacific molecular imaging market is anticipated to grow at highest CAGR, owing to increasing healthcare funding from government and private organizations to develop technologically advanced medical systems to fulfil demand of increasing population suffering from various diseases. Moreover, trends such as an increasing aging population, urbanization and chronic diseases underpin the demand for improved diagnostic care in the region. According to International Association of Cancer Registries, in 2012, over 600,000 new breast cancer cases were reported in Asia, accounting for 39% of all breast cancers diagnosed worldwide.
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