Medical Imaging Reagents Market to Exhibit 8.80% CAGR from 2013 to 2019 owing to Growing Prevalence of Cardiac Disorders
A new Transparency Market Research report states that the global medical imaging reagents market stood at US$10.3 bn in 2012 and is predicted to touch US$18.5 bn by 2019, by rising at an 8.80% CAGR between 2013 and 2019. The title of the report is “Medical Imaging Reagents Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”
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Medical imaging reagents are compounds that are designed to enhance images obtained through medical imaging devices. These reagents enable doctors to evaluate the nature of a tumor i.e. whether it is malignant or benign in nature. They also help in detecting cancerous spots within the human body. Hence, these reagents play a major role in pharmaceuticals, diagnostics, life sciences and medical industries, and biotechnology. Medical imaging reagents are typically employed in animal research before their use in human medical studies.
As per the report, the rising geriatric population and the rising occurrence of cancer, neurological, and cardiovascular diseases are predicted to fuel the market for medical imaging reagents. In addition¸ the soaring demand for diagnostic imaging procedures and the rising number of technological advancements globally will also augment the development of the market. Furthermore, the strengthening of distribution channels within developing markets and the proliferation of nuclear-product-based personalized therapy are the key opportunities seen in the market. On the other hand, the strict regulatory approvals and the dearth of imaging reagent suppliers may inhibit the growth of the market for medical imaging reagents. In addition, consumers’ hesitation toward adopting nuclear products may also impede the growth of the market in the coming years.
On the basis of class, the report segments the market into optical, contrast, and nuclear reagents. Amongst these, contrast reagents held the largest share of 44% in the market in 2011. On the other hand, the segment of nuclear reagents is predicted to exhibit the highest growth in the forecast horizon. This is due to the increasing adoption rate of nuclear medicine and localized tracers.
By technology, the report segments the market into fluorescent proteins, nanoparticles, quantum dots, and radiopharmaceuticals. Of these, the nanoparticles technology is predicted to expand at the highest CAGR of more than 8.0% between 2013 and 2019.
By application, the medical imaging regents market is segmented into drug discovery and development, diagnostics, and research and development. Amongst these, in terms of revenue, diagnostic applications held the largest share in the market in 2011 owing to the growing count of patients suffering from chronic diseases globally. On the other hand, the use of medical imaging reagents will be the highest in drug delivery and development in the forecast horizon. This is owing to the increasing adoption rate of medical imaging reagents within medical interventions and pre-clinical studies.
Geographically, the report segments the market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, the North America medical imaging reagents market is the largest due to the growing occurrence of cancer, neurological, and cardiovascular diseases. Europe trailed North America and held the second-largest share in the market in the same year. However, Asia Pacific is predicted to experience the highest growth owing to the rising economic development and the rising demand for non-ionizing imaging reagents.
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