Global molecular imaging devices market could hit $3B by 2018, says BCC Research

The global market for molecular imaging devices was valued at $2 billion in 2012 and is expected to reach $2.2 billion in 2013, according to a market research report from BCC Research (Wellesley, MA). What's more, the report projects that the market will grow to nearly $3 billion by 2018, registering a five-year compound annual growth rate (CAGR) of 6.2 percent from 2013 to 2018.

Related: Speeding the path to clinical trials: optical imaging in drug development

Molecular imaging devices—which use biomarkers to identify diseases—are well known for their ability to detect the molecular basis of diseases, including neurological and cardiovascular diseases. The number of patents involving molecular imaging devices is increasing due to developments in methods, systems, and equipment. Almost every hospital now uses cloud technology for the storage of molecular device images, which creates a reduction in information technology (IT) costs to hospitals.

An aging global population, advances in nanotechnology and robotics, as well as increasing demand for more accurate and efficient imaging systems will drive steady growth in this market over the next five years. Pricing, product development, product launch time and customer loyalty continue to remain competitive factors for the growth of the molecular imaging devices market. According to the report, global growth will continue to remain solid, with production shifting from the U.S. and Europe to China due to Chinese infrastructure and competitive pricing. Also, consolidation will continue to be a key trend in the molecular imaging industry. Given that the market entails complex technologies and entry is restricted to players with strong financing, it is anticipated to witness mergers, acquisitions, and licensing deals, as the crossover between medical diagnostics and pharmaceuticals continues to take place.

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