Portland, OR -- (SBWIRE) -- 09/08/2017 -- According to a new report published by Allied Market Research, titled, "Medical Imaging Reagents Market by Class, Technology, and Application: Global Opportunity Analysis and Industry Forecast, 2017–2023," the global medical imaging reagents market accounted for $10,772 million in 2016, and is estimated to reach $18,587 million by 2023, registering a CAGR of 8.0%, North America was the highest contributor in the medical imaging reagents market in 2016; however, Asia-Pacific is expected to witness the highest growth rate.

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The enhancement of medical imaging reagent includes synthesizing it to target a biological process. The imaging systems are then attuned to these enhancements to counteract the particular target. These imaging reagents are first tested on animal research before using on human medical studies.

Increase in demand for functional imaging diagnostics and technologies drives the market growth. Furthermore, key players are attempting to modernize the technology, such as hybrid imaging modalities, to improve the efficiency of the imaging system, which is expected to enhance the market growth of imaging reagents. In addition, the rise in number of cancer patients requiring superior diagnostic imaging technologies fuels the market. However, the shortage of these reagents, stringent regulations, and reluctance in adopting nuclear reagents may restrain the market growth.

Among the class segment, the contrast reagents market accounted for the largest market share. However, the nuclear reagents market is expected to register highest growth rate as they provide better image quality and detection of any disorder in the body.

Among the technology segment, the radiopharmaceuticals accounted for highest market share in 2016, owing to increase in awareness regarding the benefits of radioisotopes. Conversely, nanoparticles technology is expected to grow at the highest growth rate.

Among the application, the rise in number of patients with chronic disorders has led the diagnostics application segment to account for the largest share in the overall market. Conversely, the drug discovery & development is anticipated to witness high growth throughout the forecast period as a result of the high adoption rate of medical imaging reagents in pre-clinical trials.

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In 2016, North America accounted for maximum contribution to the total revenue generated, owing to the rise in prevalence of cardiovascular and neurological diseases and cancer, and growth in awareness related to advanced imaging reagents. However, Asia-Pacific is expected to witness the highest CAGR during the analysis period, attributable to robust economic advancements and increase in demand for nonionizing imaging reagents observed in recent years.

KEY FINDINGS OF THE STUDY

- Drug discovery and development segment is projected to grow at the highest rate during the analysis period.

- Contrast reagents segment was the highest revenue-generating segment, and is expected to continue its dominance in future.

- North America dominated global medical imaging reagents market, and is projected to continue its dominance in future.

- China is expected to grow at the highest CAGR in the Asia-Pacific region.

- Radiopharmaceuticals segment was the largest contributor among the technology segments.

According to Sriram Radhakrishnan, Team Lead, Healthcare at Allied Market Research, "The increase in the use of imaging reagents for the diagnosis and treatment of various diseases and the rise in awareness regarding the importance of early diagnosis are the major factors that will boost the market growth."

The key companies profiled in the report include Bracco Imaging SpA, Bayer Healthcare AG, Lantheus Medical Imaging, Inc., GE Healthcare, Siemens Healthcare, Covalon Technologies Ltd., Thermo Fisher Scientific, Inc., Merck, Philips Healthcare, and Shimadzu Corporation.