The global medical imaging reagents market was valued at USD 10.3 billion in 2012 and is expected to grow at a CAGR of 8.8% from 2013 to 2019, to reach an estimated value of USD 18.5 billion in 2019.
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Medical imaging reagents are chemical compounds specially designed to enhance images produced through imaging systems. Medical imaging reagents allow clinicians and healthcare providers to determine whether a tumor is malignant or benign and enables to locate any metastatic cancerous sites in the body. The development of a medical imaging reagent involves synthesizing it to target a particular biological process, after which imaging systems are adjusted to neutralize the particular target. Medical imaging reagents are first studied via pre-clinical animal research before engaging in human clinical studies. The growth of the medical imaging reagents market can be attributed to the increasing demand for diagnostic and functional imaging technologies. In addition, companies in this industry are trying to stay abreast with technological innovations such as hybrid imaging modalities (e.g. SPECT + MR and PET + CT), which would alternatively boost the market growth of novel imaging reagents such as nuclear reagents and nanoparticles.
According to the Union for International Cancer Control (UICC), worldwide cancer cases are estimated to rise by almost 75% and reach approximately 25 million over the next two decades. Moreover, according to the American Cancer Society, it has been estimated that in 2014, approximately 1,665,540 new cases of cancer would be diagnosed and almost 585,720 deaths would occur due to cancer in the U.S. This increasing base of cancer patients would need advanced diagnostic imaging modalities such as photoacoustic imaging and PET+MRI as well as imaging reagents for better diagnosis, prevention and treatment of the disease, which would consequently increase the demand for medical imaging reagents.
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The medical imaging reagents market has been primarily segmented by class, by technology and by applications. The medical imaging reagents class market further comprises contrast reagents, optical reagents and nuclear reagents. The contrast reagents market of the medical imaging reagents accounted for the largest market. However, among these categories, the nuclear reagents market is expected to foresee highest growth rate of over 14% from 2013 to 2019.
Moreover, medical imaging reagents technology segment comprises nanoparticles, fluorescent proteins, radiopharmaceuticals, quantum dots, fluorescent dyes and probes. The radiopharmaceuticals technology market of the medical imaging reagents accounted for the largest market due to the increased awareness about radioisotopes and high patient preference. Nevertheless, among these imaging reagent technologies, nanoparticles technology is anticipated to grow at the fastest growth rate of 9.1% from 2013 to 2019. Furthermore, medical imaging reagents application segment consists of diagnostics, drug discovery and development as well as research and development.
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Among the various application areas medical imaging reagents, drug discovery and development is expected to witness the fastest growth during the forecast period owing to the growing adoption rate of medical imaging reagents in the development of nuclear medicines and medical interventions. However, diagnostics applications accounted for the largest market in terms of revenue due to the escalating patient base of cancer and cardiovascular diseases. It is expected that by the year 2019, the market value of imaging reagents for diagnostic purposes shall be worth more than USD 10 billion.
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Geographically North America accounted for the largest market in the year 2012 (over 40%) followed by Europe. However, Asia Pacific is estimated to demonstrate the fastest growth rate owing to the expected rise in chronic diseases such as cancer and cardiovascular diseases coupled with rise in disposable income and growing awareness.
This market is highly consolidated in nature characterized by top five players occupying approximately 80% of the overall market share. The major players of this market include Bayer Healthcare AG, Becton Dickinson & Company, Bracco Imaging SpA, GE Healthcare, Lantheus Medical Imaging, Inc., Mallinckrodt Pharmaceuticals and Thermo Fisher Scientific, Inc.
The global medical imaging reagents market is segmented as follows:
Medical Imaging Reagents Market, by Class
Medical Imaging Reagents Market, by Technology
Fluorescent dyes and probes
Medical Imaging Reagents Market, by Applications
Drug Discovery and Development
Research and Development
Medical Imaging Reagents Market, by Geography
Rest of the World (RoW)
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