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Medical imaging reagents are used as contrasting agents in diagnostic imaging procedures to magnify tissues and organs and enhance the visibility of structures and fluids within the body. Key imaging modalities utilizing medical imaging reagents include X-ray, computed tomography, magnetic resonance imaging, ultrasound, and nuclear medicine imaging. Rapid advancements in molecular imaging techniques and targeted therapies have expanded the usage of medical imaging reagents for early disease detection, monitoring treatment response and recurrence, and aiding precision medicine. Driven by an aging population and rising prevalence of chronic non-communicable diseases, demand for medical diagnostic procedures and associated contrast agents is surging exponentially.
The global medical imaging reagents market is estimated to be valued at US$ 11.21 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Medical Imaging Reagents Market is Expected to be Flourished by Growing Prevalence of Chronic Diseases
One of the major drivers for the medical imaging reagents market growth is the rising disease burden of diabetes, cancer, cardiovascular conditions, and other lifestyle disorders globally. As per WHO reports, chronic diseases accounted for over 70% of total deaths worldwide in 2020. Early diagnosis and treatment monitoring of these conditions necessitate frequent medical tests and scans, fueling demand for contrast agents. Furthermore, expanding geriatric populace highly susceptible to age-related illnesses also acts as a high-impact driver. According to the United Nations, the share of global population aged 60 years or above is projected to double from 12% to 22% between 2015 and 2050.
The growing accessibility of various imaging modalities in emerging nations due to increasing healthcare expenditure of both governments and individuals also offers lucrative opportunities for market players. In addition, ongoing research into novel nanomaterial contrast agents with better tolerability, safety profiles, and targeted characteristics for precision diagnosis augurs well for the medical imaging reagents industry over the next decade.
Segment Analysis
The global medical imaging reagents market is segmented based on product type, modality, application and end user. Based on product type, the contrast reagents sub segment dominates the market and accounts for around 50% share. Contrast reagents help enhance the diagnosis of several diseases and conditions by allowing medical professionals to differentiate between normal and abnormal tissues.
PEST Analysis
Political: Changes in regulations related to drug approval can affect the medical imaging reagents market. Most countries have stringent regulations for drug testing and approval.
Economic: A growing economy favors increased healthcare spending which drives the demand for advanced diagnostic techniques like medical imaging that utilize reagents. The COVID-19 pandemic has however slowed down the economic growth in many countries impacting the market.
Social: Increasing incidence of chronic diseases, rising geriatric population and growing awareness about early disease diagnosis are major social factors fueling the demand for medical imaging reagents.
Technological: Technological advancements in medical imaging modalities like CT, MRI, ultrasound are augmenting the need for high quality reagents to produce enhanced images. Development of novel molecular targeted reagents can improve diagnosis.
Key Takeaways
The global medical imaging reagents market is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis comprises
North America dominates the global medical imaging reagents market accounting for around 40% share. Factors such as well developed healthcare infrastructure, favorable reimbursement policies, technological advancements and high healthcare expenditure contribute to North America’s large market share.
Key players related content comprises
Key players operating in the medical imaging reagents market are Bayer AG, Bracco SpA, Eli Lilly and Company, General Electric Company (GE Healthcare), among others. Bayer AG is a leading player with its Magnevist contrast reagent having significant market share globally. GE Healthcare also enjoys a strong position owing to its wide product portfolio and global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
