Medical imaging reagents play a vital role in providing enhanced contrast images for a wide range of diagnostic procedures. These reagents include contrast agents, radiopharmaceuticals and other medical specialty chemicals used for diagnostic and interventional imaging procedures such as X-ray, MRI, ultrasound and nuclear medicine. The global Medical Imaging Reagents Market is estimated to be valued at US$ 11.21 Billion 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 key trends:
The increasing adoption of imaging diagnostic procedures has been a major factor propelling the growth of the medical imaging reagents market. Imaging diagnostic methods offer non-invasive procedures for disease detection and are seeing higher preference over conventional diagnostic techniques. They provide early diagnosis of diseases, enable monitoring of treatment effectiveness and aid in accurate imaging of internal body parts. As per statistics, global diagnostic imaging market accounted for over US$ 30 billion in 2020 and is estimated to grow over 4% annually till 2027. This rising adoption of imaging modalities across the globe is fueling the demand for medical imaging reagents which help provide enhanced contrast for clearer imaging and better diagnosis, thereby facilitating precise clinical decisions and management of diseases.
Strength: The medical imaging reagents market has high potential for growth owing to increasing prevalence of chronic diseases and growing geriatric population globally.
Weakness: Stringent regulations associated with new drug development and high costs involved in research and development activities pose challenges.
Opportunity: Rising healthcare expenditure in emerging economies presents lucrative opportunities. Growing adoption of biomarker-based imaging also offers scope for market expansion.
Threats: Presence of alternative non-invasive diagnostic techniques and stringent safety norms associated with diagnostic reagents are threats.
The global medical imaging reagents market is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis shows that North America dominated in 2023 with a share of over 30%, driven by advanced healthcare infrastructure and high adoption of imaging modalities. However, Asia Pacific is likely to emerge as the fastest growing regional market owing to rising healthcare awareness, expanding patient pool, and increasing investments by key players in developing countries.
Key players operating in the medical imaging reagents market are Bayer AG, Bracco SpA, Eli Lilly and Company, and General Electric Company (GE Healthcare), among others. These companies are focusing on new product launches and strengthening their distribution networks across emerging regions to consolidate their market position. For instance, GE Healthcare launched innovative MRI contrast agents and nuclear reagents to expand its imaging reagents portfolio in 2021.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it