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Improvements in Quantitation, New Clinical Applications, and Rising Prevalance of Cancer Keeps Market on the Upward Growth Curve
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This study takes a look at the Western European molecular imaging industry. The geographic scope of the market includes the United Kingdom, Germany, Italy, Spain, France, Scandinavia, and Benelux. The market is expected to experience a compound annual growth rate (CAGR) of 4.5 percent during 2017 to 2022, primarily driven by the growing incidence of cancer - with breast cancer and lung cancer being the most common cancers - and the continuing shift from single modalities to hybrid imaging. France, Germany, and Italy are hotspots for immediate future, followed by the steadily growing markets of Spain, Scandinavia, and Benelux.Apart from the rising incidence of cancer, the greater availability of novel radiotracers and higher quantitation will drive the molecular imaging market. On the other hand, the price sensitivity of purchasers due to insufficient reimbursement and competition from other imaging modalities will continue to restrain growth.France is the fastest growing market in Western Europe due to its high gross domestic product (GDP) spending on oncology screening programs. Italy and Germany are expected to be the second and third fastest due to the high incidence of cancer and increasing government initiatives. Spain, Benelux, and Scandinavia are forecast to grow steadily, while the United Kingdom is likely to be the slowest due to budgetary constraints.There has been greater focus on PET/CT systems over SPECT/CT over the last few years and this trend will continue in the forecast period. Top market participants are anticipated to continue placing greater emphasis on premium modalities.The PET/CT segment will experience the highest growth, while more stable growth is expected for the SPECT/CT segment. The latter segment has shrunken due to past shortages of Tc-99m, concerns over stability of future supply, improvements in PET MPI, and lower quantitation accuracy than PET. However, over the last few years, improvements in its technology and quantitation accuracy is expected to drive growth.SPECT/CT has traditionally been used for cardiac imaging, while PET/CT has primarily been used for oncology imaging. This is set to change as advancements in PET/CT and SPECT/CT technologies, coupled with the launch of novel radiopharmaceuticals, will see molecular imaging applied across new clinical areas such as orthopedics and neurology.
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