Global BioImaging Technologies Market to Reach US$37.4 Billion by 2017, According to a New Report by Global Industry Analysts, Inc.

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GIA announces the release of a comprehensive global report on the Bioimaging Technologies markets. Driven by an aging global population, increasing need for early disease diagnosis, increase in the number of diagnostic centers, and development of advanced imaging technologies and radiopharmaceuticals, the global market for bioimaging technologies is projected to reach US$37.4 billion by the year 2017.

BioImaging Technologies: A Global Strategic Business Report

Follow us on LinkedIn - Medical imaging is one of the fastest growing disciplines in the field of medicine. An aging global population and increasingly inactive lifestyles are driving growth in the global imaging market. Continuous developments in imaging modalities as well as radiopharmaceuticals are contributing to improved study of biological structures and functions, and improved medical care. Further, continuous rise in the patient population and patient requirements is also contributing to the increase in the number of independent diagnostic centers, and hence diagnostic imaging equipment. Growth in the global diagnostic imaging market is also fuelled by the increasing numbers of independent diagnostic facilities, numerous technological advancements, and government efforts aimed at encouraging health centers and hospitals to store patient records, electronically. In particular, the construction of several new hospitals across the US as well as the highly populous nations - India and China - is expected to spur growth in the diagnostic imaging market.

The United States, Europe and Japan dominate the global bioimaging technologies market, as stated by the new market research report on Bioimaging Technologies. The global market for bioimaging systems declined during 2008 and 2009 but exhibited early signs of recovery during 2010, overcoming the challenges brought on by the economic crisis and declining reimbursement levels. Though healthcare was among the least affected sectors during recession, market participants faced difficulty in gaining access to credit as central and government banks adopted stringent regulatory measures to avoid a new crisis. The economic slump also caused end-users to delay purchases of new equipment, thereby increasing the product replacement cycle. Developed regions such as North America bore the brunt of the recession owing to the significant cuts in healthcare spending, as the focus shifted towards cost savings and operational efficiency. On the other hand, countries such as India, China and other Asia-Pacific nations have been relatively unaffected by the recession due to the increasing demand for healthcare services as well as growing ability of patients to spend on high quality healthcare products and services.

Medical Bioimaging represents the largest and fastest growing product segment in the global bioimaging technologies market, driven primarily by a spate of technological innovations. Such advancements are contributing to the development of compact, simple, economical and portable devices, which are also expected to extend the reach of imaging equipment to inaccessible areas. Advancements are also allowing imaging equipment to be used effectively for disease detection, health monitoring, and surgical procedures. Digital imaging is enabling sharing of important information among multiple team members through wireless technology. Some of the major advancements in the imaging equipment market include portable technology, hybrid imaging, systems design, and pill camera. Asia-Pacific constitutes the fastest growing regional market for medical bioimaging.

North America accounts for a major share in the global molecular bioimaging systems market. Most of the research in molecular bioimaging is at present focused on clinical applications in neurological diseases, cardiovascular diseases, and cancer, with few companies also focused on translational research. Several firms are engaged in the development and distribution of small animal pre-clinical molecular bioimaging systems, and intend to the use the technology for human applications in near future. Such technologies are expected to find favor with the availability of proven clinical evidence, advent of novel technological innovations, and increase in reimbursements. In the US, molecular imaging is expected to significantly affect clinical practices, driven by the availability of more clinical evidence for supporting use of PET/CT modality, and the decision of the U.S. Centers for Medicare and Medicaid Services (CMS) to offer nationwide coverage expanding Medicare reimbursements for an additional cancers. Prospects for nuclear bioimaging industry are, however, uncertain due to the lack of clarity about future reforms and funding, together with unresolved issues surrounding the supply of SPECT radiopharmaceuticals and 36% reimbursement cut for cardiac myocardial SPECT bioimaging procedures by the CMS.

GE, Philips and Siemens are the leading players in the global imaging market with more than three-fourth share. Competition in the market is influenced by a host of factors including the extent of acceptance among physicians, ease of technology’s usage, financial support, and reimbursement coverage. Pricing, mobility, and reliability also play a vital role in determining the competitive strength of a company and its products. Major players profiled in the report include Bayer HealthCare Pharmaceuticals, Bracco Imaging S.p.A, Covidien Pharmaceuticals, Digirad Corporation, Esaote S.p.A (Italy), FONAR Corporation, Gamma Medica Inc., GE Healthcare, Hitachi Medical Corporation, Philips Healthcare, Positron Corporation, Shimadzu Corporation, Siemens Healthcare, SonoSite Inc., and Toshiba Medical Systems Corporation.

The research report titled “Bioimaging Technologies: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a strategic review of the industry, key market trends, recent product launches, strategic corporate initiatives, and profiles of key market participants. The report provides annual sales estimates and projections by the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, and Rest of World. Product segments analyzed include Medical BioImaging, and Molecular BioImaging.

For more details about this comprehensive market research report, please visit –

About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.

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