Global Bioimaging Technologies Market to Reach $37.4 Billion by 2017

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An aging global population, growing need for early disease diagnosis, an increase in the number of diagnostic centers, and development of advanced imaging technologies and radiopharmaceuticals will boost the global market for bioimaging technologies to a projected $37.4 billion by the year 2017. So indicates “Bioimaging Technologies: A Global Strategic Business Report”, published by market research firm Global Industry Analysts, Inc. (GIA). The report identifies medical bioimaging as the largest, fastest -growing product segment in the global bioimaging technologies market, deeming technological innovations the most significant driver of such growth. These innovations, the report says, are helping to foster the development of compact, simple, economical, and portable devices, which GIA expects will also spur the adoption of imaging equipment to inaccessible areas. Moreover, according to the report, North America “accounts for a major share” of the global molecular bioimaging market. GIA predicts that In the U.S., molecular imaging will--propelled by the availability of more clinical evidence for supporting PET/CT use and the decision by the U.S. Centers for Medicare and Medicaid Services (CMS) to expand Medicare reimbursements for additional cancers through nationwide coverage--significantly affect clinical practices. By contrast, the report characterizes prospects for the nuclear bioimaging industry as “uncertain” given a lack of clarity about future reforms. Complicating matters are unresolved issues surrounding the supply of SPECT radiopharmaceuticals and the 36% reimbursement cut for cardiac myocardial SPECT bio-imaging procedures by the CMS. GE, Philips, and Siemens are the leading players in the global imaging market, with more than a 75% share, GIA’s figures indicate. To read the press release, click here: To learn more about the report, click here: