Medical Imaging Reagents Global Market Report 2024

The medical imaging reagents market size has grown strongly in recent years. It will grow from $14.06 billion in 2023 to $15.13 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The expansion observed in the historical period can be attributed to factors such as the increasing prevalence of diseases, a growing aging population, the expansion of applications for medical imaging reagents, regulatory approvals, and strategic collaborations and partnerships within the healthcare industry.

The medical imaging reagents market size is expected to see strong growth in the next few years. It will grow to $19.52 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth in the forecast period can be attributed to the emphasis on personalized medicine, an increasing focus on early disease detection, the rising global burden of chronic diseases, the expansion of point-of-care imaging, and the integration of theranostics. Major trends expected in the forecast period include technological advancements, the increasing prevalence of chronic diseases, diagnostic imaging in personalized medicine, exploration of emerging markets and global expansion, and the fostering of partnerships and collaborations within the medical imaging reagents industry.

The growth of the medical imaging reagents market is anticipated to be propelled by the increasing prevalence of chronic diseases. Chronic diseases, characterized by lasting one year or longer and requiring ongoing medical attention, necessitate the use of medical imaging reagents for accurate diagnosis and detection. Notably, in 2022, the American Cancer Society reported an estimated 1.9 million new cancer cases and 609,360 cancer-related deaths in the United States. Additionally, the IDF Diabetes Atlas Tenth Edition 2021 revealed that 537 million individuals aged 20 to 79 years had diabetes in 2021, a figure expected to rise to 643 million by 2030 and 783 million by 2045. This surge in chronic diseases is a driving force behind the growth of the medical imaging reagents market.

The medical imaging reagents market is also set to witness growth due to the increasing demand in the pharmaceutical industry. Playing a crucial role in research, drug development, and precision medicine, medical imaging reagents contribute significantly to advancing pharmaceutical endeavors. For instance, the European Federation of Pharmaceutical Industries and Associations (EFPIA) reported a total pharmaceutical production of $384,200 million (€340,000 million) in Europe in 2022, reflecting a 4.95% increase from the previous year. This heightened demand in pharmaceutical industries is a key factor fueling the growth of the medical imaging reagents market.

A prominent trend in the medical imaging reagents market is the emphasis on product innovations by major companies to maintain their competitive positions. Notably, Aptamer Group plc, a UK-based company, introduced Optimer-Fc in March 2023. Optimer-Fc combines an Optimer binder with an antibody's Fc domain, enabling its use in IHC applications. This innovative reagent facilitates enhanced research, diagnostics, and forensics, offering improved precision and selectivity in detection. Additionally, major companies are developing groundbreaking products such as cell painting kits to drive market revenues. PerkinElmer Inc., a US-based corporation, launched the first cell painting kit in February 2021, providing researchers with a comprehensive range of high-content screening items and professional services for studying the effects of perturbagens on cell behavior.

Leading companies in the medical imaging reagents market are strategically focusing on the development of innovative products, such as the cell painting kit, to drive revenue growth. This kit comprises pre-optimized and validated fluorescent probes along with a corresponding diluent, streamlining the cell painting workflow for research scientists. Launched by PerkinElmer Inc., a US-based corporation specializing in diagnostics, life sciences, and applied services, the first cell painting kit introduced in February 2021 offers carefully selected and calibrated reagents to simplify the cell-painting process. The PhenoVue cellular imaging reagent collection, inclusive of fluorescent organelle staining probes and dye-labeled secondary antibodies, accelerates assay development for high-content screening applications, providing clients with batch-to-batch repeatability and validation for use on high-content screening systems. By combining cell and computational biology, the system studies the impact of perturbagens, such as chemicals, medications, or genes, on cellular behavior. This innovative product enhances the PhenoVue cellular imaging reagent line, offering researchers a comprehensive range of high-content screening items and professional services.

In September 2021, PerkinElmer Inc. executed the acquisition of Bio Legend for $5.25 billion. This strategic move aims to broaden PerkinElmer's life science franchise by incorporating expertise in cytometry, proteogenomics, multiplex assays, recombinant proteins, magnetic cell separation, and bioprocessing. Bio Legend, a US-based developer of reagents supporting microscopy-based imaging of cells and tissue samples, further strengthens PerkinElmer's position in the medical imaging reagents market.

Major companies operating in the medical imaging reagents market report are General Electric Company, Lantheus Holdings Inc., Thermo Fisher Scientific Inc., Bayer AG, Bracco SpA, Siemens AG, PerkinElmer Inc., Cardinal Health Inc., Shimadzu Corporation, Philips Healthcare, SA Laboratoires André Guerbet, Li-cor Biosciences Inc., Canon Medical Systems Corporation, Fujifilm Healthcare, Aidoc Medical, Guerbet Group, Lantheus Medical Imaging Inc., Merck KGaA, Beckman Coulter Inc., Agilent Technologies Inc., Bio-Rad Laboratories Inc., Bio-Techne Corporation, Esaote SpA, Hitachi Ltd., Koninklijke Philips N.V., Toshiba Corporation, Hologic Inc., Carestream Health Inc., Curium Pharma, Nordion Inc., IBA Molecular, Eckert & Ziegler Radiopharma GmbH, Advanced Accelerator Applications, Jubilant Life Sciences Limited, Mallinckrodt Pharmaceuticals, Rotem Industries Ltd., JFE Engineering Corporation, Nihon Kohden Corporation, Mindray Medical International Limited, Samsung Medison Co. Ltd., Analogic Corporation.

North America was the largest region in the medical imaging reagents market in 2023. The regions covered in the medical imaging reagents market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the medical imaging reagents market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main classes of medical imaging reagents include contrast reagents, optical reagents, and nuclear reagents. Contrast agents specifically enhance radiodensity and increase the contrast of structures or fluids in medical imaging by altering the way electromagnetic radiation or ultrasound waves pass through the body. Various technologies involved in these reagents include nanoparticles, fluorescent dyes, radiopharmaceuticals, fluorescent proteins, and quantum dots. These technologies are applied in various imaging modes such as X-ray, CT scan, ultrasound, and MRI scan. Medical imaging reagents find applications in diverse medical conditions, including neurological disorders, cardiovascular disorders, cancer, gastrointestinal disorders, musculoskeletal disorders, nephrological disorders, and others. These reagents are used by various end-users, including biotechnology companies, pharmaceutical companies, and diagnostic labs.

The medical imaging reagents market research report is one of a series of new reports that provides medical imaging reagents market statistics, including medical imaging reagents industry global market size, regional shares, competitors with a medical imaging reagents market share, detailed medical imaging reagents market segments, market trends and opportunities, and any further data you may need to thrive in the medical imaging reagents industry. This medical imaging reagents market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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