Medical Imaging Reagents Market Overview:
The global medical imaging reagents market was valued at $11,698 million in 2019, and is projected to reach $17,329 million by 2027, registering a CAGR of 5.0% from 2019 to 2027.
Medical imaging reagent is defined as substance administered to patients before medical imaging procedure. Furthermore, they are used to enhance contrast in images of the inside of the body obtained using X-rays, γ-rays, and radioactive particles. In addition, based on technology of medical imaging techniques, different types of medical imaging reagents are employed. For instance, there are different types of medical imaging reagents that include contrast reagents, optical reagents, and nuclear reagents. Moreover, these medical reagents are used in medical imaging, which is conducted for diagnosis of medical conditions, discovery, and development of new drugs and educational research.
Rise in cases of chronic diseases such as cancer and cardiovascular diseases, surge in technological advancements, development in medical imaging reagents, and high unmet medical and diagnostic imaging procedure needs are key factors that fuel growth of the global medical imaging reagents market. For instance, cardiovascular diseases are one of the leading causes of deaths across the globe. Moreover, aged patients are at highest risk of suffering from chronic diseases; thus, rapid increase in geriatric population is expected to further drive the demand for medical imaging reagents. In addition, growth in demand for medical imaging reagents, owing to rise in number of cancer patients who need superior diagnostic imaging techniques, such as photoacoustic imaging technique and imaging reagents for improved diagnosis also contributes toward growth of the market. Moreover, rise in geriatric population, increase in expenditure on healthcare, and growth in demand for effective procedures and safe medication are expected to fuel the medical imaging reagents market growth.
In addition, another major factor that boosts the market growth includes rise in awareness related to early disease diagnosis. For instance, early diagnosis of chronic diseases increase chances of successful treatment. Therefore, healthcare providers continuously emphasize on early diagnosis of clinical disorders, which includes use of medical imaging techniques that in turn involves use of medical imaging reagents.
Conversely, untapped emerging markets in developing countries are expected to provide remunerative opportunities for market players. For instance, healthcare systems in developing countries such as Brazil, India, and China have experienced significant increase in investments in healthcare and infrastructure, which leads to surge in demand for genetic testing in the region. However, lack of imaging reagent suppliers and strict government regulations are expected to hinder growth of the market.
Impact of COVID-19 on Global Medical Imaging Reagents Market
COVID-19 pandemic has affected the market adversely. For instance, after COVID-19 was declared as a pandemic by the WHO, countries worldwide adopted nationwide lockdowns to observe social distancing as a measure to contain the spread. This led to disruption, limitation, challenges, and changes in each sector of every industry. Similarly, the medical imaging reagents industry was also impacted by the pandemic. For instance, medical imaging reagents are used in medical imaging for diagnosis of clinical conditions. Thus, limited availability of medical care for conditions other than COVID-19 around the world has impacted the number of medical imaging procedures conducted worldwide in a negative manner. Furthermore, limited availability of healthcare staff across the world is another major factor, which has a negative effect on the medical imaging reagents market. In addition, medical imaging related to disease conditions that are not urgent and can be postponed such as in case of cancer has also impacted market in a negative way.
Medical Imaging Reagents Market Segmentation
The global medical imaging reagents market is segmented on the basis of class, technology, application, and region. By 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. By application, it is categorized into diagnostics, drug discovery & development, and educational research. Region wise, the medical imaging reagents market size is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, Taiwan and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Nuclear reagents segment is projected as one of the most lucrative segment.
On the basis of class, the contrast reagents segment dominated the global market in 2019, and is anticipated to continue this trend during the forecast period. Key factors such as increase in approvals for contrast reagents and rise in establishment of a number of public & private diagnostic centers and rise in prevalence of cardiovascular disease, increase in demand for contrast reagents, and advantages such as better image quality and detection of any disorder in the body boosts the medical imaging reagents market growth.
On the basis of technology, the market is classified into nanoparticles, fluorescent dyes & probes, radiopharmaceuticals, fluorescent proteins, and quantum dots. The nanoparticles segment accounted for the maximum medical imaging reagents market share and was the fastest growing segment in 2019, and is anticipated to maintain its dominant position during the forecast period. This is attributed to rise in demand for nanoparticles in medical imaging technology, rise in use of nanoparticles in targeted cancer imaging, technological advancements in nanotechnology, and surge in support of governmental and non-governmental authorities to increase public enrollment associated with early disease diagnosis.
Nanoparticles segment held a dominant position in 2019 and will continue to maintain the lead over the forecast period.
North America accounted for the largest share of the global medical imaging reagents market size in 2019, and is expected to remain dominant throughout the forecast period. This was attributed to rise in prevalence of cardiovascular & neurological diseases and cancer and growth in awareness related to medical imaging reagents. Moreover, rise in geriatric population, large number of target population with higher health awareness, and availability of trained medical professionals are other factors that fuel growth of the market. Asia-Pacific is expected to experience highest growth rate during the forecast period, majorly owing to increase in number of medical imaging procedures and surge in adoption of medical imaging reagents in advanced diagnostic imaging procedures.
The global medical imaging reagents market is highly competitive and the prominent players in the market have adopted various strategies to garner maximum medical imaging reagents market share. These include collaboration, product launch, partnership, and acquisition. Major 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.
Asia-Pacific region would exhibit the highest CAGR of 8.1% during 2019-2027.
Key Benefits For Stakeholders
- This report entails a detailed quantitative analysis along with the current global medical imaging reagents market trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessment.
- The medical imaging reagents market forecast is studied from 2019 to 2027.
- The market size and estimations are based on a comprehensive analysis of key developments in the industry.
- A qualitative analysis based on innovative products facilitates strategic business planning.
- The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the medical imaging reagents market.
Key Market Segments
- Contrast Reagents
- Optical Reagents
- Nuclear Reagents
- Fluorescent Dyes & Probes
- Fluorescent Proteins
- Quantum Dots
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Medical Imaging Reagents Market Report Highlights
Key Market Players
LANTHEUS HOLDINGS, INC., PERKINELMER, INC., GENERAL ELECTRIC COMPANY (GE HEALTHCARE), BRACCO SPA, BAYER AG, LI-COR BIOSCIENCES INC., CARDINAL HEALTH, ELI LILLY AND COMPANY, MERCK KGAA (SIGMA-ALDRICH), THERMO FISHER SCIENTIFIC, INC.
Medical imaging reagents are chemicals that allow physicians to improve imaging of tissues, specific organs, diseases, and physiological functions. Medical imaging reagents are used in diagnostics, drug discovery & development, and educational research.
Increase in prevalence of lifestyle diseases, owing to sedentary lifestyle and rise in awareness programs for early detection of chronic diseases across the globe are expected to drive growth of the medical imaging reagents market. In addition, rise in demand for radiopharmaceuticals in in vivo trials, increase in use of quantum dots medical imaging technology in pre-clinical studies, and rise in advance imaging in the field of drug discovery propels the market growth. However, shortage of supplies of imaging reagents is expected to hinder the growth of the market.
In addition, North America is expected to remain dominant during the forecast period, owing to increase in demand for medical imaging reagents, rise in prevalence of chronic diseases, and presence of major key players along with R&D centers. Moreover, Asia-Pacific and LAMEA are expected to offer lucrative opportunities to key players during the forecast period, owing to increase in patient awareness toward medical imaging procedures.