Global Bio-imaging Market will grow at highest pace owing to increasing demand for early diagnosis

Author : Nishant Sherkhane | Published On : 07 May 2024

The global bio-imaging market comprises medical devices and equipment that are used to visualize parts of the human body, tissues, cells and molecules for clinical diagnosis, medical procedure and research. Some of the key imaging modalities used in the market are X-ray, MRI, ultrasound, nuclear imaging and optical imaging. Bio-imaging finds widespread applications in cardiology, neurology, orthopedics, oncology and obstetrics among others. It allows doctors to non-invasively see inside the human body to diagnose, screen and treat medical conditions. The demand for bio-imaging is growing significantly due to increasing prevalence of chronic diseases, rising geriatric population and greater awareness about early diagnosis.

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.

Key Takeaways
Key players operating in the Global Bio-imaging Market Demand 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. These players are focusing on developing advanced technologies such as artificial intelligence integrated imaging solutions to gain competitve advantage.

The demand for bio-imaging is increasing rapidly mainly due to rising prevalence of chronic and lifestyle diseases globally. Bio-imaging allows early and accurate diagnosis of medical conditions, aiding treatment planning and management of diseases. According to various studies, diagnostics at an early stage can significantly improve health outcomes and reduce long-term treatment costs.

Technological advancements are simplifying bio-imaging procedures and making them affordable and accessible to more patient segments. Developments such as portable and hybrid imaging systems, AI-assisted analysis and improved software are enhancing the capabilities of existing modalities. Next-generation bio-imaging technologies such as nanoparticle and molecular imaging are further expanding diagnostic potential.

Market Trends
Hybrid imaging systems: Combining capabilities of multiple modalities has become a key trend with hybrid PET/CT and SPECT/CT gaining widespread adoption. New hybrid modalities such as MR-PET are further enhancing diagnostic value.

Artificial intelligence: AI is aiding bio-imaging with capabilities such as automated report generation, advanced image analysis and diagnostic assistance. AI integrated imaging solutions are being increasingly adopted.

Point-of-care imaging: Portable imaging solutions are being developed to take diagnostics closer to patients. Handheld ultrasound and MRI systems are examples of point-of-care bio-imaging gaining popularity.

Market Opportunities
Molecular imaging: Molecular imaging techniques such as optical imaging, nanoparticle imaging and stem cell imaging are opening new avenues for early disease detection and drug development. Greater investments are being made in this area.

Emerging economies: Underpenetrated markets in Asia Pacific and Latin America present significant growth potential driven by expanding healthcare infrastructure and medical tourism.

Impact of COVID-19 on Global Bio-imaging Market Growth
The COVID-19 pandemic impacted the global bio-imaging market growth in both positive and negative ways. On the positive side, there was increased demand for diagnostic imaging equipment like CT, MRI, X-ray, ultrasound etc. for screening and monitoring COVID-19 patients. This drove short term growth of the market during the peak of pandemic. However, in the long run, factors like nationwide lockdowns, social distancing norms, shortage of healthcare staff and disruption in supply chains affected the routine use of bio-imaging modalities. Many elective imaging procedures were postponed to focus on critical COVID-19 cases. This along with economic slowdown decreased the market growth. As lockdowns ease now in many countries, the demand is returning to pre-pandemic levels. However, supply chain issues still remain a challenge. With increased healthcare investments by governments, the market is projected to bounce back and observe higher growth compared to pre-COVID estimates, driven by continued demand for diagnostics and therapeutics development. Advanced modalities facilitating remote collaboration will play a bigger role in future.

In terms of geographical concentration, North America represents the largest and most valuable region for the global bio-imaging market currently. This is attributed to factors like presence of well-established healthcare systems, availability of advanced technologies, higher healthcare spending and stringent regulatory frameworks for approvals. Asia Pacific is considered as the fastest growing regional market powered by increasing healthcare expenditures, rising disposable incomes, growing geriatric population and demand for quality care in emerging economies like India and China. Lack of modern facilities, lack of awareness and low spending remains major challenges in Africa and parts of Latin America currently. However, these regions are lucrative markets and expected to drive future growth as awareness and access to healthcare increases across populations.

Get more insights on Global Bio-imaging Market