Global Medical Imaging Reagents Market Extends at a Healthy CAGR of 5.1% by 2031

Introduction

Reagents are substances that improve the images created by imaging technology. With the aid of these agents, medical professionals can spot cancerous lesions on a patient's body and determine whether a tumor is benign or malignant. It is possible to make reagents for medical imaging better by synthesizing them with a focus on a particular biological process. Then, to counter a specific target, imaging systems are adjusted to consider these improvements. These imaging agents are initially tested on animals before being used on humans. Contrast reagents, optical reagents, and nuclear reagents are the three main categories of medical imaging reagents.

Market Dynamics

Growing Awareness of the Importance of Early Disease Diagnosis Drives the Global Market

Early diagnosis of chronic diseases improves the chances of effective treatment. As a result, healthcare professionals consistently stress the value of early clinical disorder diagnosis over forking a lot of cash for pricey cures. The World Health Organization (WHO) has also launched cancer prevention programs in numerous nations, including India, Korea, and Ireland, to address this issue and lower cancer incidence. These programs seek to improve the quality of life for cancer patients by implementing evidence-based strategies for prevention, early diagnosis, treatment, and palliation.

Similarly, the American Cancer Society proposed and released recommendations for screening cancer suspects of all varieties. This diagnostic imaging screening recommendation includes physical examinations and scanning with imaging modalities like magnetic resonance imaging (MRI), ultrasound, and X-ray. These initiatives, which are expected to increase awareness about the early detection of chronic disorders, are expected to increase the global demand for diagnostic imaging technologies and medical imaging reagents.

Possibilities for Growth in Emerging Markets Creates Tremendous Opportunities

The market for medical imaging reagents is anticipated to expand as a result of opportunities in underserved, emerging markets, improved healthcare industry infrastructure, an increase in the number of diagnostic and pharmaceutical industries, technological developments in the field of medical imaging, and a rise in demand for products containing medical imaging reagents. The healthcare sector is expanding quickly in emerging economies due to the increase in demand for more sophisticated manufacturing systems and significant government investments to upgrade healthcare infrastructure. Additionally, the concentration of diagnostic and pharmaceutical companies in emerging markets like China and India presents lucrative opportunities for market expansion.

Regional Analysis

North America is the most significant revenue contributor and is anticipated to grow at a CAGR of 4.2% during the forecast period. The report considers the three major North American countries: the United States, Canada, and Mexico. In 2019, the mature market of the United States brought in the most money for North America. North America held the largest market share for medical imaging reagents in 2019 (39.78%), and this trend is anticipated to continue in the future. The primary causes of this include the rise in demand for technologically sophisticated medical imaging procedures, the increase in R&D activities to create new medical imaging agents, the rise in demand for advanced healthcare services with higher healthcare costs, and the rise in product approvals.

Europe is anticipated to grow at a CAGR of 6.1% during the forecast period. The five major European countries considered in the report are Germany, France, the United Kingdom, Italy, Spain, and the rest of Europe. The market share for medical imaging reagents in Europe in 2019 was 30.32%. The market for medical imaging reagents in European nations is anticipated to grow steadily due to the rising demand for these products and the dominance of big businesses like Bayer AG, Bracco SpA, and Merck KGaA during the forecast period. The increased use of medical imaging reagents in cutting-edge imaging techniques and ongoing initiatives by the European Radiological Protection Competent Authorities (HERCA) to increase public awareness of medical imaging use are expected to lead to market growth.

Key Highlights

• The global medical imaging reagents market was valued at USD 10,678.2 million in 2022. It is expected to reach USD 16,707.9 million by 2031, growing at a CAGR of 5.1% during the forecast period (2023–2031).
• Based on class, the global medical imaging reagents market is bifurcated into contrast reagents, optical reagents, and nuclear reagents. The contrast reagents segment is the highest contributor to the market and is expected to grow at a CAGR of 5.1% during the forecast period.
• Based on technology, the global medical imaging reagents market is bifurcated into nanoparticles, fluorescent dyes and probes, radiopharmaceuticals, fluorescent proteins, and quantum dots. The nanoparticles segment is the highest contributor to the market and is expected to grow at a CAGR of 7.6% during the forecast period.
• Based on application, the global medical imaging reagents market is bifurcated into diagnostics, drug discovery and development, and educational research. The diagnostics segment is the highest contributor to the market and is expected to grow at a CAGR of 4.8% during the forecast period.
• North America is the most significant revenue contributor and is expected to grow at a CAGR of 4.2% during the forecast period.

Competitive Players

Competitive Players

The global medical imaging reagents market's major key players are Bayer Ag, Bracco Spa, Cardinal Health, Eli Lilly And Company, General Electric Company (Ge Healthcare), Lantheus Holdings, Inc., Li-Cor Biosciences Inc., Merck Kgaa (Sigma-Aldrich), Perkinelmer, Inc., and Thermo Fisher Scientific, Inc.

Recent Developments

Market News

• In January 2023, Agilent Technologies and Akoya Biosciences collaborated to develop multiplex-immunohistochemistry diagnostic products for tissue analysis.

• In October 2022, Google Cloud introduced a digital suite for medical imaging.

Segmentation

Global Medical Imaging Reagents Market: Segmentation

By Class

• Contrast Reagents
• Optical Reagents
• Nuclear Reagents

By Technology

• Nanoparticles
• Fluorescent Dyes and Probes
• Radiopharmaceuticals
• Fluorescent Proteins
• Quantum Dots

By Applications

• Diagnostics
• Drug Discovery and Development
• Educational Research

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA