The current global market for molecular imaging technology is estimated at $2.2 billion this year and is expected to increase at a compound annual growth rate of 6.2 percent, according to a November 2013 market research report from BCC Research.

Smruti Munshi, an analyst for the publisher of technology market research reports based in Wellesley, Mass., listed a number of drivers in the market, most notably an uptick in PET and SPECT standalone and hybrid scanner sales. An aging population and increased prevalence of cancer and Alzheimer’s disease were also noted as contributing factors in the growing demand for molecular imaging.

Nanobiotechnology and robotics appear to be trends gaining momentum in molecular imaging instrumentation, as well as new technologies aimed to meet the demand of molybdenum-99, and in turn technetium used in a majority of nuclear medicine exams, as aging reactors are decommissioned and threaten a shortfall. Potential shortage of technetium is also boosting research and development of alternative imaging agents for SPECT.

The next major destination for molecular imaging device manufacture is China and the migration is already in effect due to infrastructure and competitive business models in the region. Production in China may require “made in China” designations and CE and FDA approval.

Consolidation is expected to continue among molecular imaging companies. “Given that the market entails complex technologies and entry is restricted to players with strong financing, it is anticipated to witness mergers, acquisitions and licensing deals, as the crossover between medical diagnostics and pharmaceuticals continues to take place,” wrote Munshi.

Patents are also estimated to increase in number as molecular imaging technologies evolve. It was noted that image storage related to molecular imaging devices in hospitals was at least in part cloud-based and at a reduced cost for healthcare institutions.