Medical Imaging Reagents Market is Anticipated to Reach US Dollar 18.5 Billion by 2023
nbsp;Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled ldquo;Medical Imaging Reagents Marketnbsp;(Class: Contrast Reagents, Optical Reagents, Nuclear Reagents; Technology: Nanoparticles, Fluorescent Dyes amp; Probes, Radiopharmaceuticals, Fluorescent Proteins, Quantum Dots; Application: Diagnostics, Drug Discovery amp; Development, Ramp;D) ndash; Global Industry Analysis, Market Size, Opportunities and Forecast 2023rdquo;, estimates that the global market for medical imaging reagents is expected to reach the market value of around $18.5 billion by 2023 and is expected to grow at a CAGR of around 8.0% in terms of revenue during the period 2017 - 2023. Some of the key drivers supporting the market growth include advanced technologies and upsurge in demand for functional imaging diagnostics. In addition, key players are trying to innovate the technology such as hybrid imaging modalities in order to improve the productivity of imaging system, which is anticipated to augment the market growth of imaging reagents. Furthermore, increase in patients suffering from cancer with escalated requirement for superior diagnostic imaging technologies are boosting growth of this market. However, stringent regulations, shortage of these reagents, and unwillingness in adopting and accepting nuclear reagents may hamper the market growth.
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Growing Prevalence of Chronic Diseases
Rising incidences of chronic diseases such as heart disease, stroke, type II diabetes, and cancer drive the medical imaging reagents market. For instance, cardiovascular disease is one of the leading causes of deaths across the globe. According to the lsquo;Heart Disease and Stroke Statistics 2015rsquo; report published by American Heart Association, every year, 17.3 million deaths occur due to cardiovascular diseases, and this number is expected to reach 23.6 million by 2030. Similarly, stroke is one of the major causes of deaths, globally. It accounted for 11.13% of the total deaths across the globe in 2015. Thus, increase in the number of such chronic diseases may raise the demand for diagnostic and therapeutic imaging modalities, thereby driving the market growth in coming years. Moreover, aged patients are at highest risk of suffering from chronic diseases; thus, rapid increase in geriatric population would further drive the demand for medical imaging reagents.
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Insights on Market Segments
The global medical imaging reagents market is segmented based on class, technology, application, and region. Based on class, it is divided into contrast reagents, optical reagents, and nuclear reagents. Depending on technology, market is categorized into fluorescent dyes amp; probes, nanoparticles, radiopharmaceuticals, quantum dots, and fluorescent proteins. Based on application, the market is categorized into diagnostics, drug discovery amp; development, and Ramp;D. Based on region; it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Increase in Demand for Contrast Reagents
Different types of contrast reagents available in the market include barium-based, gadolinium-based, and iodinated contrast reagents, all of which are used medical imaging equipment. The contrast reagents are administered from different routes such as injectable, rectal, urethral, and oral. In 2016, based on class, contrast reagents segment held highest share in global medical imaging reagents market. Contrast reagents are applicable in different procedures such as ultrasound, computed tomography, and magnetic resonance imaging (MRI).
The global medical imaging reagents market is highly consolidated due to the presence of few international and regional players. The key players taken into consideration in this report include Lantheus Medical Imaging, Inc., Covalon Technologies Ltd., GE Healthcare, Bayer Healthcare AG, Siemens Healthcare, Merck, Bracco Imaging SpA, Shimadzu Corporation, Philips Healthcare, and Thermo Fisher Scientific, Inc. among others.
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