Thanks to growth from new clinical applications such as neurology, the European molecular imaging market is expected to grow from 211 million euros ($276 million U.S.) in revenues in 2011 to reach 298 million euros ($388.4 million U.S.) in 2018, according to a new report from market research firm Frost & Sullivan.
Along with the traditional fields of oncology and cardiology, neurology as well as infectious and inflammatory disease segments are increasingly leveraging molecular imaging techniques with radiotracers and widening the application base, according to the company.
Frost & Sullivan also noted that market penetration is being fueled by the heightened prevalence and awareness of cancer as procedural volumes of various cancer screening modalities such as PET and PET/CT are on the rise. Use of molecular imaging technologies is also being motivated by the ability to facilitate personalized treatment, according to the firm.
Growth will also be driven by technological innovations, such as hybrid PET/MRI scanners that offer higher specificities than currently available PET/CT models, Frost & Sullivan said.
On the downside, Frost & Sullivan pointed out there is an urgent need for skilled technicians and physicians to effectively acquire and interpret images. This is an important challenge that needs to be addressed, the company said.