AI in Molecular Imaging Market Size (2024 - 2030)

The estimated value of the global AI in Molecular Imaging Market stood at USD 203.25 Million in 2023, with projections suggesting it will reach USD 1643.85 Million by 2030, marking a substantial Compound Annual Growth Rate (CAGR) of 34.8% over the forecast period from 2024 to 2030.

AI in Molecular Imaging Market Overview

Molecular Imaging (MI) represents a burgeoning field within biomedical research, facilitating the observation, characterization, and measurement of biological processes occurring within living organisms, including humans, at both cellular and subcellular levels. These images offer insights into the workings of diseases within the body. Unlike traditional laboratory methods reliant on biopsies or cell cultures, MI allows the study of these processes in their natural context. This multidisciplinary field integrates various imaging techniques with knowledge from fields such as cell and molecular biology, chemistry, pharmacology, medical physics, biomathematics, and bioinformatics.

The incorporation of artificial intelligence (AI) into molecular imaging systems presents several advantages. Robust AI algorithms integrated into these systems can furnish clinically relevant and actionable information that is quantitative, precise, reproducible, and outcome-focused, empowering medical professionals to make informed clinical decisions. These AI-driven systems aid in tailoring personalized treatment regimens based on individual genetic and molecular profiles. Furthermore, they hold the potential to enhance standardization by streamlining processes and minimizing the need for manual intervention, thereby fostering greater automation and reducing dependence. Moreover, AI-powered systems deliver high-fidelity images with diminished noise and artifacts through deep learning technology. Consequently, the global AI in molecular imaging market is poised for rapid growth during the forecast period.

Drivers of the Global AI in Molecular Imaging Market:

The escalating prevalence of chronic diseases is a primary driver propelling the expansion of the global AI in molecular imaging market.

Chronic diseases, encompassing cardiovascular ailments, neurological disorders, cancer, chronic respiratory conditions, diabetes, among others, are witnessing a surge in incidence rates owing to aging populations and unhealthy lifestyles. These diseases constitute significant public health challenges worldwide. AI-based molecular imaging systems play a pivotal role in early disease detection with high precision. These systems offer insights inaccessible through other imaging modalities. AI-based molecular imaging systems can assess the extent and progression of diseases, as well as detect metastasis. Moreover, these systems are non-invasive, painless, and safe, further driving demand for AI-based molecular imaging systems.

The ongoing technological advancements in molecular imaging techniques represent another catalyst driving the growth of the global AI in molecular imaging market.

 Advancements in molecular imaging techniques generate vast amounts of complex imaging data. AI algorithms enable the analysis of this data with enhanced accuracy and efficiency. Compared to conventional medical imaging methods, AI-based imaging solutions offer faster and more precise diagnosis and treatment planning by efficiently analyzing complex imaging data. Additionally, AI algorithms facilitate the identification of patterns and relationships within the data that may be challenging to discern manually, thereby unlocking new insights into disease mechanisms and treatment modalities. Thus, the proliferation of technological advancements in molecular imaging techniques fosters demand for AI-based molecular imaging systems.

Challenges Facing the Global AI in Molecular Imaging Market:

The global AI in molecular imaging market confronts challenges, primarily stemming from the high cost associated with integrating AI into molecular imaging systems and the reluctance among medical practitioners to embrace AI-driven technologies. Healthcare facilities may encounter difficulties in adopting AI-based molecular imaging solutions due to the steep expenses related to hardware, software, and training. This may impede smaller healthcare facilities from integrating AI into molecular imaging systems. Furthermore, some medical practitioners exhibit hesitance toward adopting new technologies, viewing empathy and persuasion as quintessentially human skills, and questioning whether technology can entirely replace the human element in patient care. Concerns also linger regarding patients' potential overreliance on technology, potentially undermining the necessity for in-person medical interventions and straining doctor-patient relationships. Consequently, these challenges hinder the growth of the global AI in molecular imaging market.

Opportunities in the Global AI in Molecular Imaging Market:

Market expansion strategies present lucrative opportunities in the global AI in molecular imaging market. With increasing demand for AI-powered molecular imaging solutions driven by the rising prevalence of chronic diseases and technological advancements in molecular imaging techniques, major companies specializing in AI-based molecular imaging solutions can capitalize on this opportunity by extending their services to countries lacking robust healthcare infrastructure. By doing so, these companies can broaden their customer base and bolster their overall revenue.

COVID-19 Impact on the Global AI in Molecular Imaging Market:

The COVID-19 pandemic exerted a significant impact on the global AI in molecular imaging market. Stringent lockdown measures, travel restrictions, and social distancing protocols implemented across numerous nations disrupted manufacturing operations and led to a shortage of skilled labor. Supply chain disruptions impeded the production and distribution of hardware components and software solutions necessary for AI-powered molecular imaging systems. Consequently, the pandemic negatively affected the growth of the global AI in molecular imaging market. However, the pandemic accelerated the utilization of molecular imaging techniques, such as Positron Emission Tomography (PET) and Single-Photon Emission Computed Tomography (SPECT), in monitoring the effects of COVID-19 on vital organs, particularly the human brain. This heightened application of molecular imaging techniques amid the pandemic contributed positively to market growth. Thus, the global AI in molecular imaging market witnessed both challenges and opportunities amidst the COVID-19 pandemic.

Recent Developments in the Global AI in Molecular Imaging Market:

• In October 2022, Blue Earth Diagnostics, a UK-based molecular imaging company, announced a data-sharing agreement with Siemens Healthineers and the University Hospital of the Technical University of Munich (TUM).
• In June 2021, Canon Medical Systems USA Inc. obtained 510(k) clearance for its Advanced intelligent Clear-IQ Engine (AiCE), a deep learning reconstruction (DLR) technology, on the Cartesion Prime Digital PET/CT system. The technology was showcased at SNMMI 2021 for both PET and CT acquisitions, ushering in the integration of AI into molecular imaging.

Global Molecular Imaging Market Segmentation with AI:

Global AI in Molecular Imaging Market Segmentation: By Technology

• Deep Learning
• Natural Language Processing
• Other Technologies

As of 2022, the deep learning sector dominated with approximately 58.6% market share, primarily due to its extensive applications in radiology. These applications include object detection, image generation, transformation, and segmentation.

The Natural Language Processing (NLP) domain is forecasted to exhibit the most rapid growth during the projected period. This surge can be attributed to the increased integration of NLP into machine learning (ML) and artificial intelligence (AI) domains.

Global AI in Molecular Imaging Market Segmentation: By Component

• Hardware
• Software
• Services

In 2022, the software segment commanded the largest market share, driven by heightened demand for advanced technologies like AI in molecular imaging systems. These technologies aid healthcare professionals in swift and precise disease detection. Software solutions are particularly favored due to their seamless integration into existing molecular imaging systems, presenting a cost-effective alternative to acquiring new AI-powered systems.

The services segment is anticipated to experience the fastest growth rate during the outlook period, fueled by escalating demand for training, maintenance, and support services. These services are pivotal for the successful deployment and operation of AI-based molecular imaging systems.

Global AI in Molecular Imaging Market Segmentation: By Application

• Cardiology
• Neurology
• Oncology
• Other Applications

In 2022, oncology emerged as the leading segment in the global AI in molecular imaging market. This growth can be attributed to the increasing incidence of cancer, rising patient awareness regarding cancer screening, and augmented global funding for cancer research endeavors. AI-based molecular imaging systems facilitate swift and accurate cancer diagnosis and treatment planning, leading to enhanced patient outcomes through personalized and targeted treatment approaches.

The cardiology segment is expected to witness the fastest growth rate over the forecast period, driven by escalating demand for AI-based molecular imaging systems for early and accurate detection of cardiovascular diseases such as myocarditis and atherosclerosis.

Global AI in Molecular Imaging Market Segmentation: By End User

• Hospitals
• Molecular Diagnostic Laboratories
• Ambulatory Surgical Centers
• Medical Clinics

In 2022, hospitals dominated the market share, attributable to the increasing burden of chronic diseases necessitating complex screening and diagnostic procedures. Hospitals boast essential infrastructure and resources for conducting such tests and treatment planning.

The molecular diagnostic laboratories segment is projected to witness the fastest growth rate in the outlook period, owing to the presence of advanced imaging modalities, including AI-based molecular imaging systems, for swift and precise chronic disease diagnosis.

Global AI in Molecular Imaging Market Segmentation: By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

North America emerged as the leader in the global AI in molecular imaging market in 2022. This growth is fueled by the rising prevalence of chronic diseases, early adoption of advanced technologies like AI, and significant investments in healthcare infrastructure. Additionally, North America hosts several prominent market players such as Subtle Medical, Inc., FUJIFILM VisualSonics Inc., Bruker Corporation, Invicro LLC, and PerkinElmer.

The Asia-Pacific region is poised to experience the fastest growth rate during the forecast period, driven by rapid healthcare infrastructure development, increasing demand for advanced diagnostic devices, and substantial advancements in molecular imaging systems by major companies and startups like Canon Medical Systems Corporation (Japan), Qure.ai (India), and Lunit (South Korea).

Global AI in Molecular Imaging Market Key Players:

1. FUJIFILM VisualSonics Inc. (Canada)
2. Siemens Healthcare GmbH (Germany)
3. Koninklijke Philips N.V. (Netherlands)
4. Canon Medical Systems Corporation (Japan)
5. Bruker Corporation (United States)
6. Mirada Medical Limited (United Kingdom)
7. Agfa-Gevaert Group (Belgium)
8. Subtle Medical, Inc. (United States)
9. Invicro LLC (United States)
10. PerkinElmer (United States)