Medical Imaging Reagents Market to Exhibit 8.80% CAGR from 2013 to 2019
Albany, NY -- (SBWire) -- 11/24/2017 --According to the research study, in 2012, the global market for medical imaging reagents was worth US$10.3 bn and is projected to reach US$18.5 bn by the end of 2019, exhibiting a progressive 8.80% CAGR from 2013 to 2019.Some of the key factors boosting the medical imaging reagents market are the growing demand for diagnostic and functional imaging technologies and the rising incidence of cardiac disorders and cancers. The increasing opportunities of application of advanced medical reagents and rising concern for the safety of patients have propelled the medical imaging reagents market. However, the increased cost of development, supply shortages, lack of awareness, and rigid reimbursement structures are some of the factors that are expected to curb the growth of this market in the near future.
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By class, the global market for medical imaging reagents is divided into nuclear reagents, contrast reagents, and optical reagents. In 2011, the contrast reagents segment held a share of 44% in the global market. Nevertheless, the nuclear reagents segment is estimated to exhibit a high growth rate in the forecast period owing to the increased adoption of localized tracers and nuclear medicine. By technology, the global market for medical imaging reagents is classified into radiopharmaceuticals, fluorescent proteins, nanoparticles, and quantum dots. Among all the segments, the nanoparticles segment is estimated to grow rapidly, exhibiting an 8% CAGR from 2013 to 2019.
By application, the global market for medical imaging reagents is categorized into drug discovery and development, diagnostics, and research and development. Among the several applications, the drug discovery and development segment is expected to witness high growth throughout the forecast period thanks to the high adoption of medical imaging reagents in pre-clinical studies. On the flip side, the diagnostics application segment held the largest share in the overall market in terms of revenue due to the rising number of patients suffering from chronic disorders such as cancers, neurological diseases, and cardiovascular diseases.
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The global medical imaging reagents market has been segmented on the basis of geography into North America, Europe, Asia Pacific, and Rest of the World. Among all the regions, North America dominates the overall market owing to the growing prevalence of cardiovascular and neurological diseases and cancer in this region and growing awareness about advanced imaging reagents. North America is followed by Europe. On the other hand, the Asia Pacific medical imaging reagents market is expected to witness rapid growth due to the robust economic advancements and increasing demand for nonionizing imaging reagents observed in recent years.
The research report further covers a vendor analysis of the global medical imaging reagents market including company overview, inception details, financial overview, business strategies, mergers and acquisitions, and recent developments. The prominent players operating in the market include Thermo Fisher Scientific, Inc., Mallinckrodt Pharmaceuticals, Bracco Imaging SpA, Bayer Healthcare AG, Lantheus Medical Imaging, Inc., Siemens Healthcare, and GE Healthcare.
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