MEDICAL IMAGING REAGENTS MARKET ANALYSIS

The global medical imaging reagents market was valued at US$ 10.68 Bn in 2022 and is forecast to reach a value of US$ 15.78 Bn by 2030 at a CAGR of 5.0%between 2023 and 2030. The global medical imaging reagents market is experiencing strong growth due to the rise in prevalence of chronic diseases and rise in focus on disease diagnosis. Moreover, rising number of diagnostic imaging centres and growing geriatric population across the globe is expected to boost the growth of the market. However, factors such as shortage or poor availability of imaging reagents and lack of access in underdeveloped countries are expected to hamper the market growth.

Global Medical Imaging Reagents Market: Regional Insights

Based on geography, the global medical imaging reagents market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market during the forecast period due to the rise in prevalence of chronic disease, growing number of medical and diagnostic imaging procedures, rising demand for medical imaging reagents, and rising number of diagnostic imaging centres in the U.S. For instance, diagnostic imaging services are used to deal with a variety of chronic diseases. According to the Centers for Disease Control and Prevention (CDC), chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the United States. This in turn is driving the market growth.

Europe and Asia Pacific are also expected to witness robust growth in the global medical imaging reagents market owing to the rise in burden of chronic disease, rising demand for medical imaging reagents, rise in demand for diagnostic imaging procedures, and technological advancements. For instance, with the rise in burden of cancer, the demand for imaging reagents is also increasing to improve cancer diagnosis. India’s cancer cases could increase by 12% in the next five years, with 1.5 million people projected to suffer from the non-communicable disease by 2025, up from 1.39 million in 2020, according to the Indian Council of Medical Research (ICMR).

Figure 1. Global Medical Imaging Reagents Market Share (%), by Region, 2023

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Global Medical Imaging Reagents Market Drivers:

Rise in burden of chronic diseases to drive market growth

One of the key factors expected to augment growth of the global medical imaging reagents market over the forecast period is the rise in prevalence of chronic diseases worldwide. Such a high burden of chronic diseases leads to an increase in demand for medical imaging reagents. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death across the globe, taking an estimated 17.9 million lives each year. Rise in burden of these diseases lead to increase in demand for diagnostic or therapeutic imaging modalities, which, in turn, propel the growth of the global medical imaging reagents market.

Rise in focus on disease diagnosis to propel market growth

Another factor which is driving the growth of the global medical imaging reagents market is the rise in focus on disease diagnosis or increase in awareness for early disease diagnosis. For instance, early diagnosis of chronic diseases increases the chances of successful treatment. Thus, healthcare providers continue to emphasize early diagnosis of chronic disorders rather than overspending on expensive treatments. The World Health Organization (WHO) has also launched cancer prevention programs across different nations to improve the quality of life for cancer patients by implementing evidence-based strategies for prevention, early diagnosis, treatment, and palliation.

Global Medical Imaging Reagents Market Opportunities:

Rising number of diagnostic imaging centres is expected to offer significant growth opportunities for players in the global medical imaging reagents market. For instance, with the growing number of diagnostic imaging centres, the usage or demand for medical imaging reagents is also increasing with a rapid pace. For instance, RadNet Inc. has around 351 diagnostic imaging centre across the United States, and conducts more than nine million outpatient diagnostic imaging procedures every year. The primary objective of the company is to deliver high quality, conveniently accessible care in the most cost effective manner possible.

Growing geriatric population across the globe is expected to offer lucrative growth opportunities for players in the global medical imaging reagents market. For instance, aging can cause changes in heart and blood vessels that may increase the risk of developing cardiovascular disease. People age 65 and older are more likely than younger people to suffer from cardiovascular disease (CVD). According to the UN DESA’s Population Division, 1 in 6 people in the world will be over the age 65 by 2050, up from 1 in 11 in 2019. In many regions, the population aged 65 will double by 2050, while global life expectancy beyond 65 will increase by 19 years.

Global Medical Imaging Reagents Market Trends:

Growing awareness among people is a recent trend

With the increase in awareness among people about different imaging procedures and the benefits of medical imaging, coupled with the increasing prevalence of chronic diseases and the increasing geriatric population, the use of imaging modalities (which in turn increases the use or demand for medical imaging reagents) is also increasing rapidly. Furthermore, healthcare providers continue to emphasize early diagnosis of disorders rather than overspending on expensive treatments. This trend is expected to continue during the forecast period.

High demand for is imaging reagents another trend

Medical imaging reagents are chemicals that help improve the imaging of tissues, specific organs, diseases, and physiological functions. Moreover, medical imaging reagents are used in diagnostics, drug discovery & development, and educational research. They are frequently used in imaging and detection technologies in the healthcare and medical fields as well as in a number of fields related to life sciences, such as pharmaceutical research, pharmaceuticals, and biotechnology. Thus, there is an increase in demand for them, driving the market growth.

Global Medical Imaging Reagents Market Restraints:

Shortage or poor availability to hinder market growth

One of the key factors expected to hamper growth of the global medical imaging reagents market is the shortage or poor availability of imaging reagents. Imaging reagents are not always available for diagnostic purposes, owing to their limited availability globally. Shortage of imaging reagents, such as molybdenum-99 and technetium-99m, has also increased the cost of these reagents, making it difficult for end users to use imaging equipment for various purposes. Thus, scarcity of imaging reagents hamper the market growth, especially in developing countries. 

Lack of access to hamper the market growth

Another major factor that is hampering the growth of the global medical imaging reagents market is the lack of access in underdeveloped countries. Lack of financial resources, poor income, lesser number of diagnostic and pharmaceutical companies, and lack of advanced manufacturing systems hamper the growth of the medical imaging reagents market. Furthermore, inadequacy support by government agencies for adoption of medical imaging reagents and lack of trained professionals impede the market growth, especially in underdeveloped countries.

Figure 2. Global Medical Imaging Reagents Market Share (%), by Class, 2023

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Global Medical Imaging Reagents Market Segmentation:

The medical imaging reagents market report is segmented into Class, Technology, Application, and Geography.

Based on Type, the market is segmented into Contrast Reagents, Optical Reagents, and Nuclear Reagents. Of which, Contrast Reagents Segment is expected to dominate the medical imaging reagents market over the forecast period and this is attributed to the increase in demand for contrast reagents and increase in approvals for contrast reagents.

Optical Reagents Segment is also expected to witness significant growth in the near future and this is owing to the increase in number of medical imaging procedures.

Based on Technology, the market is segmented into Nanoparticles, Fluorescent Dyes & Probes, Radiopharmaceuticals, Fluorescent Proteins, and Quantum Dots. Out of which, Nanoparticles Segment is expected to dominate the market over the forecast period and this is attributed to the rise in burden of chronic diseases. Nanoparticles are gradually gaining popularity as multi-modal imaging agents for positron emission tomography (PET) and magnetic resonance imaging (MRI).

Fluorescent Dyes & Probes Segment is also expected to witness significant growth in the near future and this is owing to increase demand for fluorescent dyes and probes. Fluorescent dyes and probes are important reagents that are used for optical imaging such as near-infrared imaging.

Based on Application, the market is segmented into Diagnostics, Drug Discovery & Development, and Educational Research. Out of which, Diagnostics Segment is expected to dominate the market over the forecast period and this is attributed to the rise in focus on disease diagnosis or increase in awareness for early disease diagnosis.

Drug Discovery & Development Segment is also expected to witness significant growth in the near future and this is owing to rise in burden of chronic disease and increase in demand for safe and effective drugs to treat chronic diseases.

Global Medical Imaging Reagents Market: Key Developments

In April 2022, Becton, Dickinson and Company (BD) announced the launch of the new range of reagents, BD Horizon RealYellow 586 Reagents. The new reagents will allow researchers to gain improved data resolution and greater insights from samples compared to traditional fluorochromes. BD Horizon RealYellow 586 Reagents are capable to boost the drug discovery and development in oncology, autoimmune disorders, and infectious diseases.

In March 2022, Mylab Discovery Solutions announced its plans to launch entire range of routine diagnostic kits and devices in conventional and POCT format. With this expansion in product lines, now the labs can use Mylab’s devices and reagents to do all routine tests such as cardiac profile, kidney function tests, liver, urine, hormone, and fever panels, cancer markers, and much more.

In February 2021, PerkinElmer, Inc. launched the first cell painting kit as part of its new portfolio of PhenoVue cellular imaging reagents. This range of reagents leverages PerkinElmer’s expertise in cellular imaging and high-content screening and works alongside the company’s micro-plates, automation, software and industry-leading high-content screening instruments.

Global Medical Imaging Reagents Market: Key Companies Insights

The global medical imaging reagents market is highly competitive. This is attributed to the rise in demand for medical imaging reagents worldwide, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global medical imaging reagents market are Bayer AG, Bracco SpA, Eli Lilly and Company, General Electric Company (GE Healthcare), among others.

*Definition: Medical imaging reagents are chemicals that allow physicians to improve imaging of tissues, organs, diseases, and physiological functions. They are also used in diagnostics, drug discovery & development, and educational research.