by The global Medical Imaging Reagents Market is estimated to be valued at US$ 11.21 Bn or Billion in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical imaging reagents are chemical compounds used for the visualization of internal body structures during various imaging procedures like MRI, CT, X-ray and ultrasound. They help doctors improve diagnosis by enhancing the contrast of organs, tissues, and blood vessels. Some key reagents types include contrast media, nuclear reagent, fluorescent dyes and others.
Market key trends:
Contrast media or contrast agents are most widely used medical imaging reagents. They work by making abnormal structures or tissues appear brighter or darker than other areas on medical scans. Iodinated contrast media is predominantly used for CT scans while gadolinium-based contrast agents are preferred for MRI. Rapid technological advancements are resulting in the development of innovative contrast media formulations with improved safety profiles and targeted specificity. Moreover, growing awareness about early disease detection and rising healthcare expenditure in developing nations are fueling the demand for advanced diagnostic imaging procedures which in turn is driving the medical imaging reagents market.
SWOT Analysis:
- Strengths: Wide applications in diagnostic imaging, Continuous technological advancements improving clinical outcomes.
- Weaknesses: Stringent regulatory approvals delay market availability, High infrastructure costs.
- Opportunities: Emerging economies providing lucrative growth prospects, Rising geriatric population increasing disease burden.
- Threats: Threat from refurbished imaging systems, Consolidation of market restricting customer choice.
Key Takeaways:
The Global Medical Imaging Reagents Market Growth is expected to witness high, exhibiting CAGR of 5.0% over the forecast period, due to increasing prevalence of chronic diseases. The market size for 2023 is estimated to be US$ 11.21 Bn.
Regional analysis: North America is expected to dominate the global market during the forecast period. This is attributed to presence of highly developed healthcare infrastructure, rising healthcare expenditure, and growing acceptance of advanced medical technologies in the region. Asia Pacific is anticipated to exhibit the fastest growth rate owing to increasing investments by key market players, rising medical tourism, and growing focus of international organizations on improving healthcare standards in emerging countries of the region.
Key players operating in the Medical Imaging Reagents Market are Bayer AG, Bracco SpA, Eli Lilly and Company, General Electric Company (GE Healthcare), among others. Bayer AG and Bracco SpA collectively hold over half of the market share. Other prominent players include Guerbet, Jiangsu Kesheng Xengtai Factory, and Jubilant DraxImage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
