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
Contrast
Reagents
Optical
Reagents
Nuclear
Reagents
Medical
Imaging Reagents Market, by Technology
Nanoparticles
Fluorescent
proteins
Fluorescent
dyes and probes
Radiopharmaceuticals
Quantum
dots
Medical
Imaging Reagents Market, by Applications
Diagnostics
Drug
Discovery and Development
Research
and Development
Medical
Imaging Reagents Market, by Geography
North
America
Europe
Asia-Pacific
Rest
of the World (RoW)
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