Precision Medical Imaging Market, By Application (Cardiovascular, Neurology, Gastroenterology, Infectious Diseases, Oncology, and Other) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis, and Forecast till 2029

Precision Medical Imaging Market accounted for US$ 4.5 billion in 2019 and is estimated to be US$ 9.0 billion by 2029 and is anticipated to register a CAGR of 7.4%.

Precision medical imaging concept covers a broad range of applications, from the molecular imaging of theranostic radiotracers to the use of scans to create custom, 3D-printed implants. 

Rising outreach in emerging markets, increasing innovations in technology, growing research and development, and adoption of strategies such as collaboration are projected to dive growth of the precision medicine imaging market in the coming years.

Key players are focusing on innovation to expand their developing markets. For instance, Strata Oncology, Inc. and Synapse, Inc. together, launched an end-to-end precision oncology program to enhance outcomes of the treatment with reduced costs, as the firms are selecting the most promising precision medicine clinical trials. Further, in May 2017, Strata Oncology, Inc. also introduced Strata NGS test, which is manufactured for 90 gene targeted assay that deals on genetic alterations in tumor tissue and includes clinical trial eligibility markers and tumor markers. In August 2017, the U.S. Food and Drug Administration approved the first gene therapy, Kymriah (tisagenlecleucel). This therapy was developed by Novartis for the treatment of patients below 25 years of age with B-cell precursor acute lymphoblastic leukemia. It signifies a shift from chemotherapy to precision medicine. In 2016, AstraZeneca developed a next-generation asthma drug, Benralizumab, for eosinophil biomarker. It is a part of the new biological treatments for people with asthma, as AstraZeneca is shifting towards precision medicine to cure the disease.

However, lack of reimbursement policy limits growth of the precision medicine market.

The precision medical imaging market is segmented based on the application and region.

On the basis of the application, the precision medical imaging market is segmented into cardiovascular, neurology, gastroenterology, infectious diseases, oncology, and other.

Regional Insights:

In the region, the precision medical imaging market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America estimated for essential share in precision imaging market, owing to the established health care infrastructure, excessive healthcare expenditure, and consciousness in early diagnosis of diseases. Asia-Pacific precision imaging market is expected to register tremendous growth due to the presence of rising markets like India and China along with growing medical tourism due to modernization of hospitals and low prognosis costs in this country. In Europe region, Germany has a main share in precision medical imaging market. In the Middle East and Africa place, South Africa is measured as one in all the largest markets because of the excessive occurrence of diverse illnesses.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029.  For the purpose of this study, has segmented the global precision medical imaging market report based on application and region.

Precision Medical Imaging Market, By Application:

• Cardiovascular
• Neurology
• Gastroenterology
• Infectious Diseases
• Oncology
• Other

Precision Medical Imaging Market, By Region:

• North America
  • Middle East & Africa
    • • GCC
      • Israel
      • South Africa
      • Rest of Middle East & Africa
  • Latin America
    • • Brazil
      • Mexico
      • Rest of Latin America
  • Asia Pacific
    • • China
      • India
      • Japan
      • South Korea
      • Rest of Asia Pacific
  • Europe
    • • Germany
      • UK
      • France
      • Russia
      • Italy
      • Rest of Europe
  • • U.S.
    • Canada

The key players operating in the precision medical imaging market include Ferrer Incode, Nanostring Technologies, Inc., Pfizer, Inc., Tepnel Pharma Services, Novartis AG, Teva Pharmaceutical Industries Ltd., Qiagen N.V., Merck & Co., Inc., and Quest Diagnostics. Manufacturers in the precision medicine imaging market are undertaking strategies such as collaboration to improve their product portfolio. For instance, in September 2019, Precision for Medicine Group, Inc. completed the acquisition of Agility Clinical, a contract research organization that emphasizes on clinical development of rare diseases and orphan therapies. The aim of the acquisition was to bring new precision medicines into the market.

• Ferrer Incode
• Nanostring Technologies, Inc.
• Pfizer, Inc.
• Tepnel Pharma Services
• Novartis AG
• Teva Pharmaceutical Industries Ltd.
• Qiagen N.V.
• Merck & Co., Inc.
• Quest Diagnostics