Medical Imaging Reagents Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

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The Medical Imaging Reagents by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Medical Imaging Reagents, 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 growth in the historic period can be attributed to increasing prevalence of diseases, growing aging population, expanding applications, regulatory approvals, strategic collaborations and partnerships.

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 growth in the forecast period can be attributed to personalized medicine, increasing focus on early disease detection, rising global burden of chronic diseases, expanding point-of-care imaging, integration of theranostics. Major trends in the forecast period include technological advancements, increasing prevalence of chronic diseases, diagnostic imaging in personalized medicine, emerging markets and global expansion, partnerships and collaborations.

The increase in the prevalence of chronic diseases is expected to propel the growth of the medical imaging reagents market going forward. Chronic diseases refer to conditions that last one year or longer and require continuous medical attention, which may worsen over time. Chronic diseases require medical imaging reagents to diagnose and detect diseases by visualizing organs and affected structures. For instance, in 2022, according to the American Cancer Society, a US-based voluntary organization, the number of new cancer cases and fatalities expected was estimated to be 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States. Furthermore, in December 2021, according to the IDF Diabetes Atlas Tenth Edition 2021 report published by the International Diabetes Federation, a Belgium-based umbrella organization of national diabetes associations, 537 million persons (20–79 years old) were estimated to have diabetes in 2021. By 2030, there will be 643 million diabetics worldwide, and by 2045, there will be 783 million. The increase in the prevalence of chronic diseases is driving the growth of the medical imaging reagents market.

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The medical imaging reagents market covered in this report is segmented –

1) By Class: Contrast Reagents, Optical Reagents, Nuclear Reagents

2) By Technology: Nanoparticles, Fluorescent Dyes, Probes Radiopharmaceuticals, Fluorescent Proteins, Quantum Dots

3) By Modality: X-ray, CT Scan, Ultrasound, MRI Scan

4) By Application: Neurological Disorder, Cardiovascular Disorder, Cancer, Gastrointestinal Disorder, Musculoskeletal Disorder, Nephrological Disorder, Other Applications

5) By End User: Biotechnology Companies, Pharmaceutical Companies, Diagnostic Labs

Product innovations are a key trend gaining popularity in the medical imaging reagents market. Major companies operating in the medical imaging reagents market are focused on developing new solutions to sustain their position in the market. For instance, in March 2023, Aptamer Group plc, a UK-based company that manufactures medical imaging reagents launched Optimer-Fc. It is made up of an Optimer binder coupled to an antibody’s Fc domain, which enables a wide range of Optimer instruments to be used in IHC applications. Optimer-Fc is an antibody substitute for primary detecting antibody that can be used in current workflows. IHC is used to identify disease markers, such as cancer, in cells. With the creation of a new reagent suite to facilitate enhanced research, diagnostics, and forensics, as well as enhanced precision and selectivity in detection, this development in opter binders will allow life scientists to explore both new and established disease biomarkers.

The medical imaging reagents market report table of contents includes: