Medical Imaging Reagents Market Expected to Reach $17.32 Billion by 2027

According to a new report published by Allied Market Research, titled, "Medical Imaging Reagents Market, by Class, Technology and Application: Opportunity Analysis and Industry Forecast, 2019–2027," the global medical imaging reagents market size was valued at $11,698 million in 2019, and is projected to reach $17,329 million by 2027, registering a CAGR of 5.0% from 2019 to 2027.

Medical imaging reagents are chemicals that improve image developed through imaging equipment. With the use of these reagents, doctors can detect presence of a tumor and measure if it is benign or malignant, and can trace any cancerous spot in the body. Enhancement in medical imaging reagents include synthesizing it to target a biological process. Imaging systems are then adjusted to these enhancements to counteract a particular target. These imaging reagents are first tested on animals before using on humans. There are three types of medical imaging reagents, which include contrast reagents, optical reagents, and nuclear reagents. 

Increase in demand for functional imaging diagnostics and technologies, rise in number of chronic disease patients and development in medical imaging reagents, surge in number of patients applying for diagnostic imaging procedures, increase in technological advancements in medical imaging procedures, and rise in geriatric population across the globe are the major factors that boost the medical imaging reagents market growth. In addition, growth in awareness campaigns associated with chronic disease diagnosis across the globe and increase in adoption rate of medical imaging reagents in pre-clinical studies & medical interventions are anticipated to drive growth of the market. However, lack of imaging reagent suppliers and strict government regulations are expected to hinder growth of the medical imaging reagents market. 

Impact of COVID-19 on Global Medical Imaging Reagents Market 

In addition, COVID-19 pandemic is another major factor that has profound effects on the medical imaging reagents market due to the nationwide lockdowns across the globe. Thus, these lockdowns have led to emergence of new challenges and changes which are tedious to manage and every business is suffering. For instance, in medical imaging industry, COVID-19 has resulted in a decline of demand for imaging reagents. This is attributed to low availability of healthcare professionals and limited availability of healthcare services across the globe. Furthermore, rescheduling of medical imaging appointments has also impacted the market in a negative manner. 

The global medical imaging reagents market is segmented on the basis of class, technology, application, and region. By class, it is divided into contrast reagents, optical reagents, and nuclear reagents. The technology segment includes nanoparticles, fluorescent dyes & probes, radiopharmaceuticals, fluorescent proteins, and quantum dots. By application, it is categorized into diagnostics, drug discovery & development, and educational research. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea, Taiwan and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA). 

The contrast reagents segment dominated the global market in 2019, and is anticipated to continue this trend during the forecast period. Key factors such as increase in approvals for contrast reagents and rise in establishment of a number of public & private diagnostic centers and rise in prevalence of cardiovascular disease, increase in demand for contrast reagents, and advantages such as better image quality and detection of any disorder in the body boost the medical imaging reagents market growth. 

On the basis of technology, the market is classified into nanoparticles, fluorescent dyes & probes, radiopharmaceuticals, fluorescent proteins, and quantum dots. The nanoparticles segment accounted for the maximum market revenue and was the fastest growing segment in 2019, and is anticipated to maintain its dominant position during the forecast period. This is attributed to rise in demand for nanoparticles in medical imaging technology, rise in use of nanoparticles in targeted cancer imaging, technological advancements in nanotechnology, and surge in support of governmental and non-governmental authorities to increase public enrollment associated with early disease diagnosis. 

North America accounted for the largest share of the global medical imaging reagents market in 2019, and is expected to remain dominant throughout the forecast period. This was attributed to rise in prevalence of cardiovascular & neurological diseases and cancer and growth in awareness related to advanced imaging reagents. Moreover, rise in geriatric population, large number of target population with higher health awareness, and availability of trained medical professionals are other factors that fuel growth of the market. Asia-Pacific is expected to experience highest growth rate during the forecast period, majorly owing to increase in number of medical imaging procedures and surge in adoption of medical imaging reagents in advanced diagnostic imaging procedures.

Key Findings Of The Study 

• By class, the contrast segment occupied more than half of the share of global medical imaging reagents market in 2019
• By application, the drug discovery and development segment occupied around two-fifth share of the global medical imaging reagents market in 2019.
• By technology, the nanoparticles segment is expected to exhibit highest CAGR during the forecast period. 
• By region, Asia-Pacific is anticipated to grow at the highest rate during the analysis period.