Molecular imaging device market forecasted to reach $6.6B by 2014

A 5.8% yearly increase in the molecular imaging device market is expected to increase to $6.6 billion worldwide by 2014, according to a market research report from Kalorama Information. With the market worth $5.1 billion in 2009 and despite the recession, the market is continuing to develop, thanks to growth from computed tomography (CT), magnetic resonance imaging (MRI), ultrasound and fusion imaging modalities, according to the report. And the radiopharmaceuticals industry is also expected to continue growing.

Dr. Michael Graham, immediate past president of SNM and professor of radiology and director of nuclear medicine at the University of Iowa, cites the biggest growth factors as the developments in personalized medicine therapies and new imaging biomarkers. But without approval from the U.S. Food and Drug Administration or reimbursement from the Centers for Medicare and Medicaid Services, reaching $6.6 billion is “unlikely to happen,” says Graham. “It will be an uphill effort,” he says.

Molecular imaging is becoming an extremely important tool in cancer therapy, enabling doctors to determine whether a specific treatment will work on a patient. And not only will this help cancer treatment, knowing if a treatment will work before testing it will cut costs, says Graham. According to the Kalorama report, cost savings will drive almost a 6% increase in the market.

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