Medical Imaging Reagents Market 2023-2030 by Application (Diagnostics, Drug Discovery & Development, and Educational Research), Class (Contrast Reagents, Optical Reagents, and Nuclear Reagents) and Technology (Nanoparticles, Fluorescent Dyes & Probes, Radiopharmaceuticals, Fluorescent Proteins, and Quantum Dots): Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Healthcare | Pages : 176 Pages | Published On : Jul 2023
The global market for medical imaging reagents, which are substances administered to patients before medical imaging procedures to enhance contrast in images, was valued at $11,698 million in 2023. It is projected to reach $17,329 million by 2030, exhibiting a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030.
Medical imaging reagents are utilized in various medical imaging techniques, including X-rays, γ-rays, and radioactive particles, to obtain clear images of the internal body structures. Different types of medical imaging reagents are employed based on the specific technology used in medical imaging. These include contrast reagents, optical reagents, and nuclear reagents. Medical imaging procedures play a crucial role in the diagnosis of medical conditions, the discovery and development of new drugs, and educational research.
The growth of the global medical imaging reagents market is driven by several factors. There has been a rise in the prevalence of chronic diseases such as cancer and cardiovascular diseases, which has increased the demand for diagnostic imaging techniques. Technological advancements and developments in medical imaging reagents have also contributed to market growth. Additionally, there is a high unmet need for medical and diagnostic imaging procedures. Cardiovascular diseases, in particular, remain a leading cause of global mortality. Furthermore, the growing elderly population, who are at a higher risk of chronic diseases, is expected to further drive the demand for medical imaging reagents. The market is also fueled by the increasing demand for superior diagnostic imaging techniques, such as photoacoustic imaging, and imaging reagents that enable improved diagnosis for cancer patients. Factors like the rise in healthcare expenditure, a growing geriatric population, and the demand for effective procedures and safe medication are expected to further propel the growth of the medical imaging reagents market.
Furthermore, increased awareness regarding early disease diagnosis is another significant factor contributing to market growth. Early diagnosis of chronic diseases, for example, enhances the chances of successful treatment. As a result, healthcare providers emphasize the importance of early diagnosis of clinical disorders, which involves the use of medical imaging techniques and, consequently, medical imaging reagents.
On the other hand, untapped emerging markets in developing countries present lucrative opportunities for market players. Countries like Brazil, India, and China have witnessed significant investments in healthcare and infrastructure, leading to a surge in demand for genetic testing in these regions. However, the growth of the market may be hindered by the lack of imaging reagent suppliers and strict government regulations.
Impact of COVID-19 on the Global Medical Imaging Reagents Market
The COVID-19 pandemic has had an adverse impact on the market. Following the declaration of the pandemic by the World Health Organization (WHO), countries worldwide implemented nationwide lockdowns and social distancing measures to contain the spread of the virus. Consequently, there were disruptions, limitations, challenges, and changes across various industries, including the medical imaging reagents industry. For instance, medical imaging reagents are used in diagnostic imaging for clinical conditions. The limited availability of healthcare resources for non-COVID-19 conditions globally has negatively affected the number of medical imaging procedures conducted worldwide. Additionally, the shortage of healthcare staff worldwide has had a detrimental effect on the medical imaging reagents market. Moreover, medical imaging related to non-urgent conditions such as certain cancer cases has been postponed, further impacting the market negatively.
Medical Imaging Reagents Market Segmentation
The global market for medical imaging reagents is categorized into different segments based on class, technology, application, and region. In terms of class, it is divided into contrast reagents, optical reagents, and nuclear reagents. The technology segment includes nanoparticles, fluorescent dyes & probes, radiopharmaceuticals, fluorescent proteins, and quantum dots. The application segment encompasses diagnostics, drug discovery & development, and educational research. The market size of medical imaging reagents is analyzed across various regions, namely North America (including the U.S., Canada, and Mexico), Europe (including Germany, France, the UK, Italy, Spain, and the rest of Europe), Asia-Pacific (including Japan, China, India, Australia, South Korea, Taiwan, and the rest of Asia-Pacific), and LAMEA (including Brazil, Saudi Arabia, South Africa, and the rest of LAMEA).
In terms of segment review, the contrast reagents segment held the dominant position in the global market in 2023 and is expected to continue this trend during the forecast period. This can be attributed to several key factors, such as increased approvals for contrast reagents, the establishment of numerous public and private diagnostic centers, a rise in the prevalence of cardiovascular diseases, and the growing demand for contrast reagents. The advantages offered by contrast reagents, including improved image quality and the ability to detect disorders in the body, further contribute to the growth of the medical imaging reagents market.
The market is segmented based on technology into nanoparticles, fluorescent dyes & probes, radiopharmaceuticals, fluorescent proteins, and quantum dots. Among these, the nanoparticles segment held the largest market share in 2023 and is projected to maintain its dominant position throughout the forecast period. This growth can be attributed to the increasing demand for nanoparticles in medical imaging technology, their usage in targeted cancer imaging, advancements in nanotechnology, and support from governmental and non-governmental authorities to promote early disease diagnosis.
In terms of regional analysis, North America accounted for the largest share of the global medical imaging reagents market in 2023 and is expected to remain dominant in the coming years. This can be attributed to the high prevalence of cardiovascular, neurological diseases, and cancer, as well as the growing awareness regarding medical imaging reagents in the region. Additionally, factors such as the rise in the geriatric population, a large population with heightened health awareness, and the availability of trained medical professionals contribute to the market growth. On the other hand, Asia-Pacific is projected to experience the highest growth rate during the forecast period, primarily due to the increasing number of medical imaging procedures and the adoption of medical imaging reagents in advanced diagnostic imaging procedures.
The global medical imaging reagents market is highly competitive, and key players in the market have implemented various strategies to capture a significant market share. These strategies include collaborations, product launches, partnerships, and acquisitions. Prominent players operating in the market include Bayer AG, Bracco SpA, Cardinal Health, Eli Lilly and Company, General Electric Company (GE Healthcare), Lantheus Holdings, Inc., LI-COR Biosciences Inc., Merck KGaA (Sigma-Aldrich), PerkinElmer, Inc., and Thermo Fisher Scientific Inc.
Key Benefits For Stakeholders
• To identify the prevailing opportunities and conduct a strategic assessment, this report provides a detailed quantitative analysis of the global medical imaging reagents market trends from 2023 to 2030.
• The forecast for the medical imaging reagents market is studied for the period from 2023 to 2030.
• The market size and estimations are based on a comprehensive analysis of key developments in the industry.
• Strategic business planning is facilitated by a qualitative analysis that focuses on innovative products.
• The competitive scenario of the medical imaging reagents market is understood by examining the development strategies adopted by key market players.
Key Market Segments
• Contrast Reagents
• Optical Reagents
• Nuclear Reagents
• Fluorescent Dyes & Probes
• Fluorescent Proteins
• Quantum Dots
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
Table and Figures
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