Medical Imaging Reagents Market Outlook 2031:
The global medical imaging reagents market size was valued at USD 16 Billion in 2022 and is projected to reach USD 28.44 Billion by 2031, expanding at a CAGR of 6.6% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing incidence of chronic diseases such as cardiovascular & cancer diseases, growing technological advancements, and rising demand for unmet medical and diagnostic imaging procedure requirements.
Medical imaging reagents are substances that help physicians to diagnose and identify diseases more accurately by allowing them to see structures or organs. Furthermore, these compounds are widely utilized in imaging and detecting technologies in the healthcare and medical industries as well as in a variety of life science-related sectors including pharmaceutical research, drugs, and biotechnology.
The most prevalent imaging technologies such as X-ray, computed tomography, magnetic resonance imaging are widely used to examine the anatomy and morphology of the human body.
However, the incomparable results that imaging techniques can give into the human body is gradually becoming an important part of a healthcare professional's diagnostic portfolio.
Various imaging technologies such as magnetic resonance imaging (MRI), computed tomography (CT), and positron emission tomography (PET) are becoming more common in hospital procedures around the world. According to the World Health Organization (WHO), breast cancer is the most common cancer in women affecting 2.1 million women each year and resulting in the highest number of cancer-related deaths among women.
There were 627,000 cases of death of women suffering from breast cancer reported in 2018, which is around 15% of all cancer deaths among women. While breast cancer rates are growing among women in more developed countries. Thus, the need for efficient diagnostics is expected to fuel the market expansion in the coming years.
The outbreak of COVID-19 pandemic has had a negative impact on the market globally. Following the declaration of COVID-19 as a pandemic by WHO, governments around the world imposed emergency shutdown to enforce social distancing as a preventive measure. This resulted in disruption, limitations, and changes in every industry area.
Similarly, the pandemic had also influenced on the medical imaging reagents market. For example, medical imaging reagents are employed in medical imaging to diagnose clinical diseases.
As a result, the unavailability of medical care for illnesses other than COVID-19 has had a negative influence on the amount of medical imaging procedures performed globally. Furthermore, the limited availability of healthcare personnel around the world and medical imaging for disease problems such as cancer.
Medical Imaging Reagents Market Trends, Drivers, Restraints, and Opportunities
- Largely adoption of minimally invasive procedures and personalized medicines are driving the market growth.
- Rising number of clinical trials and modern advancement of diagnostic devices are anticipated to propel the market expansion during the forecast period.
- Rising support of public and private institution to increase public enrollment associated with early disease diagnosis and growing prevalence of lifestyle diseases due to sedentary lifestyle are estimated to boost the market expansion.
- Less awareness of life-threatening diseases and lack of treatment facilities in low income countries are major challenges hampering the market growth.
- High cost involved in treatment process affects the market share in low & middle income level countries. This is expected to hamper the market growth in the coming years.
Scope of Medical Imaging Regents Market Report
The report on the global medical imaging reagents market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Medical Imaging Reagents Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Products (Nuclear Reagents, Optical Reagents, and Contrast Reagents) and Technology (Nanoparticles, Fluorescent Proteins, Quantum Dots, Probes, Radiopharmaceuticals, and Fluorescent Dyes)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Siemens Healthcare; GE Healthcare Inc.; Philips Healthcare; Bracco Imaging SpA; Bayer Healthcare AG; Lantheus Medical Imaging, Inc.; Thermo Fisher Scientific, Inc.; Siemens Healthcare; and Mallinckrodt Pharmaceuticals
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Medical Imaging Regents Market Segment Insights
Nuclear reagent segment is expected to grow at an impressive rate
Based on products, the global medical imaging reagents market is segmented into nuclear reagents, optical reagents, and contrast reagents. The nuclear reagent segment is expected to grow at an impressive rate during the forecast period owing to the increasing adoption of localized tracers and nuclear medicine.
Furthermore, imaging reagents can be injected into a vein, artery, or body cavity or given by mouth, enema, or injection. Furthermore, widespread usage of imaging methods in preclinical research studies across the globe, increasing cost of systems, and the development & commercialization of advanced technology of novel preclinical imaging technologies are boosting the segmentgrowth.
Radiopharmaceuticals segment is projected to expand at a considerable CAGR
On the basis of technology, the market is segregated as nanoparticles, fluorescent proteins, quantum dots, probes, radiopharmaceuticals, and fluorescent dyes. The radiopharmaceuticals segment is projected to expand at a considerable CAGR during the forecast period attributed to the growing awareness of high patient preferences and radioisotopes.
Furthermore, improved medical equipment is a minimally invasive and simple to use, resulting in novel technologies and products in the medical imaging reagents market.
The non-invasive mapping of radiopharmaceutical distribution in vivo offers pictures of functional morphology of organs and plays an important role in the diagnosis of many disorders associated with organ malfunction along with the detection of malignancies. Thus, these factors are anticipated to propel the segment growth.
North America is anticipated to constitute a key market share
In terms of regions, the global medical imaging reagents market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the projected period owing to the increasing cases of cancer, neurological & cardiovascular diseases, and rising awareness related to medical imaging reagents in the region.
On the other hand, the market of Europe is expected to expand considerably in the coming years due to the increasing number of research and development activities, and growing health awareness in the region.
Furthermore, increasing population, more opportunities for cost-effective clinical and preclinical investigations, and government funding for research and development operations in the sector are expected to boost the market expansion in the region.
Segments
The global medical imaging reagents market has been segmented on the basis of
Products
- Nuclear Reagents
- Optical Reagents
- Contrast Reagents
Technology
- Nanoparticles
- Fluorescent Proteins
- Quantum Dots
- Probes
- Radiopharmaceuticals
- Fluorescent Dyes
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Siemens Healthcare
- GE Healthcare Inc.
- Philips Healthcare
- Bracco Imaging SpA
- Bayer Healthcare AG
- Lantheus Medical Imaging, Inc.
- Thermo Fisher Scientific, Inc.
- Mallinckrodt Pharmaceuticals
Competitive Landscape
Some of the key players competing in global medical imaging reagents market are Siemens Healthcare; GE Healthcare Inc.; Philips Healthcare; Bracco Imaging SpA; Bayer Healthcare AG; Lantheus Medical Imaging, Inc.; Thermo Fisher Scientific, Inc.; Siemens Healthcare; and Mallinckrodt Pharmaceuticals.
To expand their market reach, major market players are indulged in innovation and development of new products. Market players are stepping into merger & acquisitions, licensing partnerships, and co-development to stay ahead in the market competition. For a safer and precise immunotherapy cancer treatment, GE Healthcare has partnered with Vanderbilt University Medical Center in January 2019.
With this partnership, it aimed to help in forecasting both the efficacy and side effects of the treatment for a specific patient. Furthermore, the former company also aimed to create novel positron-emission tomography (PET) imaging tracers, which was designed to aid healthcare technician in stratifying cancer patients for clinical trials.
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