July 19, 2024
Medical Imaging Reagents Market

Increasing adoption of medical imaging technology to open up new opportunities for Medical Imaging Reagents Market

The 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 Overview:

Medical imaging reagents are contrast agents used to enhance the visibility of internal organs and structures during medical imaging procedures. The key types of imaging reagents include MRI (magnetic resonance imaging) contrast agents, ultrasound contrast agents, nuclear medicine imaging agents, and CT (computed tomography) contrast agents. MRI contrast agents hold major share in the market owing to widespread use of MRI techniques in various diagnostic procedures. MR contrast agents enhance soft tissue contrast and allow identification of abnormal from normal tissue structures. X-ray/CT contrast agents are also widely used owing to growing adoption of CT scans in various disease screening.

Market Dynamics:

The Medical Imaging Reagents market is primarily driven by growing geriatric population and rising prevalence of chronic diseases. Growing elderly population is more prone to diseases such as cancer, cardiovascular, neurological disorders which requires diagnostic imaging for diagnosis and monitoring disease progression. According to WHO, global geriatric population aged 60 years and above is expected to reach 2 billion by 2050 from 900 million in 2015. Moreover, increasing incidence of cancer and heart diseases are also propelling the demand for diagnostic imaging procedures thereby fueling the market growth of imaging reagents. It is estimated that global cancer cases will rise to 29.5 million by 2040 from 14.1 million in 2012. Further, favorable reimbursement policies and increasing healthcare expenditure also supports the market growth of medical imaging reagents over the forecast period.

Segment Analysis:

The medical imaging reagents market is segmented based on product type, application, and end-user. Based on product type, the contrast reagents segment dominated the market in 2022 owing to the widespread use of contrast agents in various imaging procedures such as X-ray, MRI, ultrasound, CT scan and nuclear imaging. Contrast reagents help enhance the contrast of structures or fluids within the body.

PEST Analysis:

  • Political: Governments across countries are increasingly emphasizing on expanded healthcare coverage which is positively impacting investments and adoption of advanced medical technologies using reagents.
  • Economic: Growing geriatric population and rising prevalence of chronic diseases are driving the need for medical diagnostic procedures using reagents which is boosting the reagents market growth.
  • Social: Increased awareness about early disease diagnosis and rising disposable income levels are encouraging people to opt for various diagnostic imaging tests thereby augmenting reagents demand.
  • Technological: Technological advancements in imaging modalities and development of novel reagents with better efficacy and safety are expanding clinical applications of reagents in imaging.

Key Takeaways:

The Global Medical Imaging Reagents Market Size was valued at US$ 11.21 Bn in 2023 and is expected to reach over US$ 16.30 Bn by 2030, expanding at a CAGR of 5.0% during the forecast period. The rising geriatric population base which is more prone to developing various diseases and growing prevalence of chronic diseases such as cancer, cardiovascular diseases is fuelling the need for diagnostic imaging procedures globally. From a regional perspective, Asia Pacific region is projected to witness the fastest growth during the analysis period attributed to increasing healthcare expenditure, rising patient volume, and improving healthcare infrastructure in emerging countries of the region.

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. These players are focusing on new product launches, strategic collaborations and expansions to garner greater market share. For instance, in 2022, Bayer AG launched two new MRI contrast agents in China – Gadoteridol and Gadobutrol. These contrast agents offer higher resolution and sharper images compared to conventional agents.