LONDON, Jan. 9, 2013 /PRNewswire/ -- In addition to oncology and cardiology, the next big field of clinical application for molecular imaging will be neurology. This expanding user base is expected to boost revenues for the European molecular imaging market.
New analysis from Frost & Sullivan (http://www.healthcare.frost.com), European Molecular Imaging Markets, finds that the markets earned revenues of $276.0 million in 2011 and estimates this to reach $388.4 million in 2018. The research covers positron emission tomography (PET), single photon emission computed tomography (SPECT) and planar segments.
"The discovery of novel radiotracers is expanding the use of molecular imaging diagnostics to newer clinical applications," notes Frost & Sullivan Research Analyst Kaavya Karunanithi. "In addition to the traditional fields of oncology and cardiology, neurology as well as infectious and inflammatory disease segments are increasingly leveraging molecular imaging techniques with radiotracers, thus widening the application base."
Market penetration is also being fuelled by the heightened prevalence and awareness of cancer. Procedural volumes of various cancer screening modalities, including PET and PET/CT, are rising. Furthermore, the ability to facilitate personalised treatment is motivating the use of molecular imaging technologies.
Technological innovations too continue to drive growth in the molecular imaging markets. For instance, hybrids such as the recently introduced PET/MRI offer higher specificities than currently available PET/CT.
"In the long run, optical modalities and tri-modality systems, with the ability to cater to a wider clinical application portfolio, will dominate," adds Kaavya. "Such technically advanced offerings boost market prospects, even while addressing the demand for personalised medicine."
With rapid advancements in technology, there is an urgent need for skilled technicians and physicians to effectively acquire and interpret images. This is an important challenge, which needs to be addressed.
"Market participants must stay abreast of the high degree of technological change," advises Kaavya. "They will need to provide innovative, accurate and reliable solutions that facilitate personalised medical care."
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European Molecular Imaging Markets is part of the Advanced Medical Technologies Growth Partnership Service programme, which also includes research in the following markets: European Market for Computed Tomography, Global Trends in Medical Imaging–Cardiology Applications, and European Mobile Imaging Services Market. All research included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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SOURCE Frost & Sullivan