The Bio Imaging Market to reach $36 Billion by 2030; Rising prevalence of chronic diseases, technological advancements, rising demand for early disease diagnosis and growing investments in healthcare infrastructure are driving the demand for Bio Imag

The Bio Imaging Market size is estimated to reach $36 Billion by 2030, growing at a CAGR of 16.9% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Bio Imaging Market – By Technology (2D Imaging, 3D Imaging), By Imaging Type (Structural Imaging, Functional Imaging, Molecular Imaging), By Portability (Portable/Handheld Imaging Devices, Fixed/Tabletop Imaging Devices), By Device Technology (Hybrid Imaging Devices, Wearable Imaging Devices, High-Resolution Imaging Devices), By Type (Magnetic Resonance Imaging (MRI) Machines, Computed Tomography (CT) Scanners, Ultrasound Systems, X-ray Systems, Nuclear Imaging Devices, Optical Imaging Systems, Molecular Imaging Devices, Microscopy Devices, Others), By Application (Oncology, Cardiology, Neurology, Orthopedics, Gastroenterology, Gynaecology, Others), By End User (Hospitals & Clinics, Diagnostic Imaging Centers, Research Laboratories, Academic and Research Institutes, Pharmaceutical & Biotechnology Companies, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

The rising prevalence of chronic diseases is increasing the need for bioimaging to monitor and manage patient conditions. Technological advancements are enhancing the accuracy and capabilities of imaging devices. The growing demand for early disease diagnosis is pushing the adoption of advanced bioimaging solutions. Additionally, increasing investments in healthcare infrastructure are expanding access to bioimaging technologies across hospitals and clinics. These factors combined are fueling the growth of the Bio Imaging industry during the forecast period.

North America accounted for the largest share of 35% of the Bio Imaging Market in 2023. The bio-imaging market in North America is led by the high prevalence of health conditions that require advance diagnostic imaging. According to National Institutes of Health and Medical News Today, about 64 % of women in the United States consume alcohol and the risk of breast cancer increases by 46 % among those who drink more than 35 to 44 grams a day. Another major health concern closely associated with cancer is obesity, which is also on the rise, according to the Journal of the American Medical Association, which reports increasing obesity rates across generations, increasing associated health risks. In fact, according to the U.S. Office on Women’s Health, more than two out of three American women are overweight or obese. These trends further enhance the need for bio-imaging technologies and consequently drive the North American market to the forefront of this field.

The major driver for the growth of the bio imaging market is the rising global incidence of cancer. In 2022, the World Health Organization (WHO) estimates that some 20 million new cancer cases occurred worldwide and 9.7 million cancer deaths. The increased demand for effective diagnostic tools is around 53.5 million people living within 5 years of a cancer diagnosis. Today, about 1 in 5 people will get cancer at some point in their lives, and 1 in 9 men and 1 in 12 women will die from the disease. The widespread impact of this is highlighted by the fact that advanced imaging technologies are needed for early detection, monitoring and treatment planning, hence leading to growth in the bio imaging market. 

A major driver of the bio-imaging market are technological advancements, most notably Google’s DeepMind that is bringing exceptional capabilities to diagnostic imaging. DeepMind’s AI can analyze 3D retinal OCT scans with 99% accuracy and diagnose over 50 eye conditions. Not only does it identify early signs of eye diseases, it also assesses case urgency to allow for precise prioritization and treatment recommendations. This functionality helps to shorten the time from diagnosis to treatment, so patients can begin receiving vital, sight saving interventions sooner. Advancement such as this helps solidify bio imaging technologies as essential in modern day healthcare, propelling up market growth by improving both speed and accuracy in medical imaging. 

• In October 2024, GE HealthCare announced the launch of the new Versana Premier, the latest release within the Versana ultrasound family of reliable, affordable, easy-to-use, and versatile ultrasound systems. Versana Premier offers automation and AI-enabled productivity tools to improve workflow and clinical features designed to enhance clinical efficiency and accuracy.

• In June 2024, Siemens Healthineers launched the Biograph Trinion, a PET/CT scanner with a range of clinical capabilities that also aims to achieve a low lifetime operational cost.

• In April 2024, Q Bio Inc. announced the launch of Tensor Field Mapping (TFM), a new technology for Magnetic Resonance Imaging (MRI) that provides detailed insights into the human body.

Key companies profiled in the Bio Imaging Market are GE Healthcare, Siemens Healthineers, Medtronic Plc, Canon Medical Systems, Hitachi Medical Corporation, Fujifilm Holdings Corporation, Konica Minolta Inc., Koninklijke Philips N.V, Samsung, Hologic Inc. and others.

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