Global Bio Imaging Technologies Market - 2024-2031

Bio-Imaging Technologies Market Size

The Global Bio-imaging Technologies Market reached US$ 5.94 billion in 2023 and is expected to reach US$ 17.60 billion by 2031, growing at a CAGR of 15.3% during the forecast period 2024-2031.

Bio-imaging technologies are the methods that provide non-invasive visualization of biological processes. Several technologies can be used for imaging purposes. These technologies interfere with the life processes as minimally as possible and provide data on the 3D structure of the sample without any physical interference.

Bio-Imaging Technologies Market Dynamics

The major factors driving the global bio-imaging technologies market are increased chronic disorders, rising research and development and clinical trials, and technological advancements. An increase in novel product launches contributes to the growth of the bio-imaging technologies market.

The increasing investment and advancements in R&D and rising novel product launches are expected to drive the market's growth.

The rising adoption of these bio-imaging technologies products for the diagnosis, prevention, or treatment of various chronic disorders, such as neurodegenerative disorders and cancer, and the rising number of novel product launches drive the bio-imaging technologies market. An increase in the incidence of carcinomas is also aiding market growth. There has been an increase in R&D activities by many healthcare companies to develop novel products.

Bio-imaging technologies are used in various diseases for diagnostic, preventive, or treatment purposes. The market for the applications of these technologies is increasing worldwide due to the increasing number of cases. Moreover, the availability of technologically advanced products by key players is also expected to play a vital role in the market's growth.

Various novel product launches, regulatory approvals, and research studies contribute to the market's growth. For instance, in August 3, 2022, Abbott announced that its novel optical coherence tomography imaging platform (OCT), Ultreon Software powered, had received clearance from the U.S. Food and Drugs Administration. This is an innovative imaging software that combines artificial intelligence (AI) with OCT to provide high and comprehensive coronary blood flow, and blockages view to physicians to assist their decision-making and offer the best pathway of treatment.

The high cost associated with bio-imaging technologies is expected to hamper the market's growth.

However, the high cost of these bio-imaging technologies is the leading factor restraining the market's growth. Other limitations include high radiation dose delivery that can lead to genetic disorders in the long term.

The radiation dose is generally adjusted at the desired target radiation but can still induce cancer. The probes and dye addition interferes with lipid vesicle properties and can cause experimental artifacts that result in an inaccurate interpretation of data.

COVID-19 Impact on Bio-Imaging Technologies Market

The pandemic has positively impacted global financial expectations, operations, and crisis response strategy. The COVID-19 outbreak has severely affected the healthcare industry. The bio-imaging technologies market has experienced huge profits due to COVID, as various research and diagnostic centers started and demand for these technologies rose due to the increasing cases of COVID and its diagnosis. Multiple initiatives, product launches, innovations, collaborations, and mergers are happening worldwide, boosting the market's growth. For instance, in June 14, 2022, Mindray announced the launch of its novel TEX20 Series ultrasound system at the Euroanaesthesia 2022. This system has improved features than its predecessors as it provides high image clarity, patient-centered information solution, intelligent tools, and clinical-oriented workflow with thoughtful design.

Bio-Imaging Technologies Market Segment Analysis

The nano bio-imaging segment is expected to grow at the fastest CAGR during the forecast period (2024-2031)

The nano bio-imaging segment is the highest market holder in the global bio-imaging technologies market. The global bio-imaging technologies market is segmented based on technology type: nano bio-imaging, optical imaging, Positron Emission Tomography, magnetic resonance imaging, ultrasound imaging, computed tomography, radiological imaging, and others. The nano bio-imaging segment is the largest market shareholder due to its better efficacy and results, advantages over other technologies, and rising advancements and adoption of these bio-imaging technologies.

Nanotechnology can solve the high-resolution image construction barrier. Nanotechnology can take Positron Emission Tomography advancements to the next level as it can maximize the resolution in currently available techniques. Nano bio-imaging can increase the target imaging specificity with the help of uniquely designed nano constructs. In medical and Fluorescence Bioimaging research, the enhanced role of nanomaterials reflects nanotechnology's impact in bioimaging. The nano bio-imaging technique or combination of imaging and nanoparticle, most importantly, provides improved contrast images. Various biocompatible nanocrystals and small molecule contrast agents can offer strong imaging signals.

The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drive the market's growth. For instance, in September 12, 2022, Clario explored neuroimaging or neuromelanin MRI and Opal sensor tech can be beneficial as it improves the precision and quality of the clinical outcome measures hence, characterizing the digital endpoints for decentralized clinical trials at the International Congress of Parkinson's Disease and Movement Disorders 2022.

Bio-Imaging Technologies Market Geographical Share

North America holds the largest market share in the global bio-imaging technologies market.

North America dominates the global bio-imaging technologies market, primarily due to its large population, excellent medical infrastructure, and rising number of chronic disorders. According to the American Cancer Society, in 2022, Around 60.650 estimated novel leukemia cases will occur, out of which 24,000 deaths will appear in the United States. About 1 out of 9 people 65 years or older have dementia; by 2050, this is expected to reach around 12.7 million. The increasing number of brain health issues, cardiovascular disorders, and cancer cases boost the demand for bio-imaging technologies.

Increasing expenditure on healthcare and raising awareness among people are also contributing to the market's growth in this region. Advancement of applications of bio-imaging technologies in the diagnosis and examination of several diseases, providing the database of the physiology of the human body for further studies, increase in pharmaceutical establishment across the region and government approvals, and the presence of key players in the region are contributing to the growth of the Bio-Imaging Technologies market.

Moreover, the growing number of product launches is responsible for the market's growth. Many vital developments, regulatory approvals, technological advancements, collaborations, and agreements are taking place in this region. For instance, in May 28, 2021, Mindray, medical devices and solutions developer and provider, launched its novel general imaging, cardiology, and women's healthcare ultrasound solutions. This is developed to increase the diagnostic evidence strength for ensuring improved patient care.

Bio-Imaging Technologies Market Companies and Competitive Landscape

The bio-imaging technologies market is highly competitive with local and global companies' presence. GE Healthcare, Abbott Laboratories, Hitachi Medical Corporation, Bayer AG, Esaote S.p.A, Clario, Digirad Corporation, Bracco, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Hologic Inc., FONAR Corporation, and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market's growth. For instance, in March 31, 2021, FONAR Corporation, an MR Scanning investor, announced its acquisition of a Yonkers, New York-based Stand-Up MRI facility from where Health Management Company of America, FONAR's diagnostic imaging management subsidiary will offer non-medical management services for MRI of New York.

GE Healthcare.

Overview: GE HealthCare is a subsidiary of General Electric, an American multinational conglomerate integrated into New York, founded in 1994 and headquartered in Chicago, Illinois. It manufactures and distributes various diagnostic imaging agents and radiopharmaceuticals that can be used for imaging modalities in some procedures, such as medical imaging.

Product Portfolio:

SIGNA MR: Signa is the MR product that increases the capabilities of magnetic resonance imaging with efficient productivity and workflow solutions for scanning and offers innovations to advanced clinical procedures.

Key Developments: In Oct 2022, GE Healthcare introduced Omni Legend at the annual European Nuclear Medicine Associations meeting. This system is first on its all-novel and digital PET/CT platform as it features the latest, crystal-size digital BGO detector material category capable of providing two times more sensitivity than prior digital scanners.

The global bio-imaging technologies market report would provide access to approx.: 45+ market data tables, 40+ figures, and 200 (approximate) pages.