Medical Imaging Reagents Market
Number of pages: 100 | Report Format: PDF | Published date: January 27, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 12.71 billion |
|
Revenue Forecast in 2030 |
US$ 19.49 billion |
|
CAGR |
5.1% |
|
Base Year for Estimation |
2021 |
|
Forecast period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Type, Technology, Application, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global immunohematology market was valued at US$ 12.71 billion in 2021 and is expected to register a revenue CAGR of 5.10% to reach US$ 19.49 billion by 2030.
Medical Imaging Reagents Market Fundamentals
Medical imaging reagents are solutions injected into patients for biological imaging of organs. These reagents are utilized in diagnostics, medication discovery and development, and educational research. Medical imaging reagents are significantly used in the biotechnology, life sciences, medical, and pharmaceutical sectors, with diagnostics being the largest market for imaging reagent products. They are also used to evaluate the efficacy of different treatments, such as chemotherapy and radiation therapy. In recent years, research has aided in advancing reagent usage and related technologies in developing new and improved diagnostic applications. The development of early detection tools for Alzheimer's disease and other malignancies is a major driver in the medical imaging reagents market. FDA regulates medical imaging reagents, and reagents approved for use in humans are considered safe when used as directed.
Medical imaging includes several procedures that provide pictures of various body parts. Imaging can assist in screening potential health disorders before symptoms occur, diagnosing the possible cause of current symptoms, and monitoring the effectiveness of treatment for those illnesses that have been diagnosed. X-rays, CT (computed tomography) scans, MRI (magnetic resonance imaging), and ultrasound are all examples of imaging. Each imaging form employs a distinct technique to generate a picture. The advantages of imaging include the early discovery of abnormalities, accurate diagnosis, continued monitoring, contribution to the selection of effective treatment, and improved condition management.
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Medical Imaging Reagents Market Dynamics
The rising prevalence of cancer, which requires superior imaging technologies, such as photoacoustic imaging for improved diagnosis, avoidance, and treatment of disease, is the primary driver for the medical imaging reagents market revenue growth. According to the American Cancer Society journal, CA: A Cancer Journal for Clinicians factsheet, there were approximately 1.9 million new cancer cases and around 609,360 cancer deaths in the U.S. in 2022. An increase in the geriatric population is also expected to drive the medical imaging reagents market. Moreover, increase in R&D activities in the medical imaging sciences is expected to increase the demand for the medical imaging sciences, thus helping the market to grow at a significant revenue CAGR. The rise in demand for radiopharmaceuticals in vivo trials, increase in the usage of quantum dots medical imaging technology in pre-clinical studies, and rise in availability of advanced imaging technologies in the field of drug discovery propel revenue growth in the market.
However, the high cost of these techniques, shortage of supplies of imaging reagents, and absence of favorable reimbursement policies in emerging countries are hindering the medical imaging reagents market revenue growth.
Medical Imaging Reagents Market Ecosystem
The global medical imaging reagents market is analyzed from four perspectives: type, technology, application, and region.
Medical Imaging Reagents Market by Type
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Based on the type, the global medical imaging reagents market is segmented into contrast, optical, and nuclear.
The contrast segment dominated the market with the largest revenue share in 2021, owing to the rising prevalence of cardiovascular diseases and increasing approvals for multiple contrast reagents. For instance, according to the Centers for Disease Control and Prevention (CDC), in every 34 seconds, one person in the U.S. dies due to cardiovascular disease, and coronary heart disease was the most common type of heart disease that killed around 382,820 individuals in 2020. Contrast reagents are gaining impetus owing to several advantages, such as better image quality and detection of any disorder in the body.
Medical Imaging Reagents Market by Technology
Based on the technology, the global medical imaging reagents market is segmented into nanoparticles, fluorescent dyes & probes, radiopharmaceuticals, fluorescent proteins, and quantum dots.
The nanoparticles segment accounted for a key revenue share of the market in 2021, owing to the rising demand for nanoparticles in medical imaging technology and technological advancements in nanotechnology. Gene detection, protein analysis, cell tracking, early-stage disease diagnosis, monitoring real-time therapeutic effects, element tracing, enzyme activity evaluation, and gene detection are some of the uses in which nanoparticles can be utilized. Due to their small size, they can exhibit enhanced permeability and retention (EPR) effects in the tumor. Earlier, early detection of some selective cancer biomarkers was challenging. However, the signals can be magnified now due to nanoparticles. These factors are attributed to the overall growth of the nanoparticles segment.
Medical Imaging Reagents Market by Application
Based on the application, the global medical imaging reagents market is segmented into diagnostics, drug discovery, and research & development.
The diagnostics segment accounts for the biggest market share, owing to increase in support of the government and private organizations to increase public awareness about early diagnosis and rising number of awareness campaigns associated with severe disease diagnosis. Along with this, major firms are continuously working to develop new and advanced diagnostic techniques. For instance, Medial EarlySign, a pioneer in creating AI-based clinical predictive analytics, announced the formation of a new cooperation with Roche to focus on revolutionary, evidence-based solutions for the early identification of lung cancer. The joint effort aimed to produce proven clinical machine-learning models to enhance lung cancer detection, possibly leading to earlier diagnosis and treatment. Early identification of high-risk patients can enhance survival rates by detecting lung cancer at an earlier stage when it is more likely to be cured.
Medical Imaging Reagents Market by Region
Based on the region, the global medical imaging reagents market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global medical imaging reagents market due to various factors, such as rising healthcare expenditure, increased cancer awareness, and favorable reimbursement policies. North America is characterized by a high level of collaboration and consolidation among market players through mergers and acquisitions, further driving the medical imaging reagents market revenue growth in the region.
Medical Imaging Reagents Market Competitive Landscape
The prominent players operating in the global medical imaging reagents market are:
Medical Imaging Reagents Market Strategic Developments
The global medical imaging reagents market is expected to be valued at US$ 19.49 billion in 2030.
The global medical imaging reagents market is expected to register a revenue CAGR of 5.1% during the forecast period.
The rising prevalence of cancer patients, increase in the geriatric population, and continuous R&D activities in medical imaging are the major factors driving the market revenue growth.
The nanoparticles segment dominates the global medical imaging reagents market.
Bayer Healthcare AG, GE Healthcare, Becton, Dickinson and Company, Bracco S.p.A, and Danaher Corporation are among the key players operating in the global market.
*Insights on financial performance are subject to the availability of information in the public domain