Market Insights
This report on the global medical imaging reagents market studies various technologies, classes, and applications of medical imaging reagents in healthcare. Rapid medical research development produces a continuous stream of new knowledge about disease processes, new therapeutic targets, and the complex relationship between a person’s genome and his/her related risk for disease. Therefore, medical imaging is expected to play a crucial role in the global healthcare system as it contributes to improved patient outcomes and cost-efficient healthcare in all major disease entities.
For this study, the global medical reagent market has been segmented on the basis of class type, technology, application, and geography. The class studies the medical reagents market, including contrast reagents, optical reagents, and nuclear reagents. Market size estimates and forecasts for these segments for the period 2013 to 2022 are provided in terms of revenue (USD Mn) along with the respective compounded annual growth rates (CAGRs) for the period 2016 to 2022, considering 2015 as the base year.
The global medical reagent market has been segmented on the basis of application and technology. The application segments include diagnostics, drug discovery and development, and research and development. On the basis of technology, the medical reagent market is segmented as nanoparticles, fluorescent proteins, fluorescent dyes and probes, radiopharmaceuticals, and quantum dots. Market size estimates and forecasts for these segments for 2013 to 2022 are provided in terms of revenue (USD Mn) along with the respective compounded annual growth rates (CAGRs) for the period 2016 to 2022, considering 2015 as the base year.
The medical imaging reagents market has been geographically categorized into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. Each geography market is further split to provide market revenue for select countries such as the U.S., Canada, the U.K., Germany, China, Japan, Brazil, and GCC countries. Market size and forecast for these segments from 2013 to 2022 are provided in terms of revenue (USD Mn) and volume (no. of units), along with the respective CAGRs for the period 2016 to 2022 this report.
The major key players profiled in the medical imaging reagents market are on the basis of various characteristics such as business description, financial health, budget allocation, product portfolio, and news coverage. The major players profiled in this report include Bayer Healthcare AG, Becton Dickinson & Company, Bracco Imaging SpA, Cardinal Health, Inc., GE Healthcare, Lantheus Medical Imaging, Inc., Mallinckrodt Pharmaceuticals and Thermo Fisher Scientific, Inc.
Based on the type of application, the global medical imaging reagents market is segmented as follows:
- Diagnostics
- Drug Discovery and Development
- Research and Development
In 2015, diagnostic was observed as the major application in the medical imaging reagents market, followed by drug discovery and development. The key factors assisting the growth of the diagnostic applications segment are increasing support of governmental and non-governmental bodies to increase public enrollment associated with early disease diagnosis, rising prevalence of lifestyle diseases due to sedentary lifestyle, and increasing awareness campaigns associated with the life-threatening disease diagnosis across the globe. However, drug discovery and development was observed as the fastest-growing application segment due to the growing adoption rate of medical imaging reagents in pre-clinical studies and medical interventions. According to market experts, drug discovery and development scientists utilizes a wide array of imaging technologies, including MRI, microCT, micro-PET, SPECT, X-Ray, and optical (two-dimensional and fluorescence molecular tomography) to quantitatively assess test agent performance at anatomical, functional, and molecular levels. In addition, molecular imaging technologies can also be utilized to conduct application research to develop and optimize the use of imaging to further advance imaging in the field of drug discovery.
Technology Segmentation Analysis
The technology segment comprises nanoparticles, fluorescent proteins, radiopharmaceuticals, quantum dots, fluorescent dyes, and probes. In the base year 2015, nanoparticles technology was observed as the fastest growing segment at a CAGR of around 9% during the forecast period 2016 to 2022 due to the broad range of applications along with rising research and development initiatives being taken to develop an enhanced form of medical imaging reagents. Based on the technology used, the medical imaging reagent market is segmented into the following:
- Nanoparticles
- Fluorescent proteins
- Radiopharmaceuticals
- Quantum dots
The market for imaging reagents is currently led by radiopharmaceuticals for nuclear medicine imaging. The market for these reagents is expected to grow with an average annual rate of around 9% during the forecast period. According to market experts, in the near future, advanced medical equipment will be minimally invasive in nature and easy to apply, which might ultimately induce novel technologies and products in the medical imaging reagents market. The mapping of the radiopharmaceutical distribution in vivo provides images of the functional morphology of organs in a non-invasive manner and plays an important role in the diagnosis of many common diseases associated with the malfunctioning of organs in the body as well as in the detection of a certain type of cancers. The widespread utilization and growing demands for these techniques are directly attributable to the development and availability of a vast range of specific radiopharmaceuticals. Thus, significant growth will be observed in the medical imaging reagents market throughout 2016 – 2022.
For this study, the global medical imaging reagent market is categorized into:
- North America
- Europe
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa (MEA)
In 2015, North America was the largest market for medical imaging reagents due to the rising incidences of cancer, cardiovascular and neurological diseases, and high awareness strategies applied by governmental and non-governmental bodies to prefer enhanced imaging modalities and reagents. The other factors assisting the growth of medical imaging reagents are high healthcare expenditure and high public awareness associated with lifestyle disease diagnosis for maintenance. During 2016- 2022, Asia-Pacific is expected to experience the highest growth rate due to strong economic developments, the high incidence rate of cardiovascular diseases, and increasing demand for non-ionizing imaging reagents. The market experts suggest that, because of the region’s population size and rapid economic transformation, many scholars have researched the Asia-Pacific region’s ongoing demographic shift and its future, which suggests the diagnostic imaging market of this region will grow at a significant rate.
Based on the type of application, the global medical imaging reagents market is segmented as follows:
- Diagnostics
- Drug Discovery and Development
- Research and Development
In 2015, diagnostic was observed as the major application in the medical imaging reagents market, followed by drug discovery and development. The key factors assisting the growth of the diagnostic applications segment are increasing support of governmental and non-governmental bodies to increase public enrollment associated with early disease diagnosis, rising prevalence of lifestyle diseases due to sedentary lifestyle, and increasing awareness campaigns associated with the life-threatening disease diagnosis across the globe. However, drug discovery and development was observed as the fastest-growing application segment due to the growing adoption rate of medical imaging reagents in pre-clinical studies and medical interventions. According to market experts, drug discovery and development scientists utilizes a wide array of imaging technologies, including MRI, microCT, micro-PET, SPECT, X-Ray, and optical (two-dimensional and fluorescence molecular tomography) to quantitatively assess test agent performance at anatomical, functional, and molecular levels. In addition, molecular imaging technologies can also be utilized to conduct applied research to develop and optimize imaging further to advance imaging in the field of drug discovery.
Technology Segmentation Analysis
The technology segment comprises nanoparticles, fluorescent proteins, radiopharmaceuticals, quantum dots, fluorescent dyes, and probes. In the base year 2015, nanoparticles technology was observed as the fastest growing segment at a CAGR of around 9% during the forecast period 2016 to 2022 due to the broad range of applications along with rising research and development initiatives being taken to develop an enhanced form of medical imaging reagents. Based on the technology used, the medical imaging reagent market is segmented into the following:
- Nanoparticles
- Fluorescent proteins
- Radiopharmaceuticals
- Quantum dots
The market for imaging reagents is currently led by radiopharmaceuticals for nuclear medicine imaging. The market for these reagents is expected to grow with an average annual rate of around 9% during the forecast period. According to market experts, in the near future, advanced medical equipment will be minimally invasive and easy to apply, which might induce novel technologies and products in the medical imaging reagents market. The mapping of the radiopharmaceutical distribution in vivo provides images of the functional morphology of organs in a non-invasive manner and plays an important role in the diagnosis of many common diseases associated with the malfunctioning of organs in the body in the detection of a certain types of cancers. The widespread utilization and growing demands for these techniques are directly attributable to the development and availability of a vast range of specific radiopharmaceuticals. Thus, significant growth will be observed in the medical imaging reagents market throughout 2016 – 2022.
For this study, the global medical imaging reagent market is categorized into:
- North America
- Europe
- Asia Pacific
- Latin America (LATAM)
- Middle East and Africa (MEA)
In the base year 2015, North America was observed as the largest market for medical imaging reagents due to the rising incidences of cancer, cardiovascular and neurological diseases, and high awareness strategies applied by governmental and non-governmental bodies specifically to prefer enhanced imaging modalities and reagents. The other factors assisting the growth of medical imaging reagents are high healthcare expenditure and high public awareness associated with lifestyle disease diagnosis for maintenance. During 2016- 2022, Asia-Pacific is expected to experience the highest growth rate due to strong economic developments, the high incidence rate of cardiovascular diseases, and increasing demand for non-ionizing imaging reagents. The market experts suggest that, because of the region’s population size and rapid economic transformation, many scholars have researched the Asia-Pacific region’s ongoing demographic shift and its future, which suggests the diagnostic imaging market of this region will grow at a significant rate.
