Analysis of Imaging Agents Market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Expanding at a CAGR of 6%, the global imaging agents market is projected to increase from a valuation of US$ 10.2 billion in 2022 to US$ 13.6 billion by the end of 2027.
The use of radiopharmaceuticals enables the diagnosis of tumour cells within organs or throughout the body. One of the main factors driving the need for diagnostic radiopharmaceuticals is the rising prevalence of acute and chronic diseases such as cancer across the world. Global sales of diagnostic radiopharmaceuticals are predicted to rise at a CAGR of 7.5% and reach a valuation of US$ 7 billion by 2027.
To improve the visualisation of body organs during an ultrasound, MRI, X-ray, and CT scans, imaging agents are a crucial part of medical imaging. Angio-radioactive PET contrast agents and nanoscale MRI contrast agents’ development generates opportunities in the imaging agents market.
Medical imaging agents are the chemicals that essentially allow doctors to see the operation of certain inside organs, tissues, or vessels during analysis or medical treatments. Medical professionals frequently employ imaging to diagnose conditions such as osteoarthritis, bone fractures, calcification, and bone loss because it helps uncover interior hidden pictures.
The past changes in the market situation are explained in 3 phases:
During imaging procedures, imaging agents or contrast agents are used to visualise the function of inside organs, comprising, among other aspects, chemical processes associated with blood flow, metabolism, and oxygen supply. Additionally, these agents make the targeted tissue more visible.
The capacity of molecular imaging agents to highlight minute abnormalities and to distinguish between healthy or inflamed tissues and cancer tissue based on early molecular changes rather than obvious anatomical differences makes them superior to conventional imaging agents.
In both anatomical and molecular imaging, nanoparticles represent a new class of imaging agents. Utilizing the signal strength, stability, and biodistribution characteristics of molecular imaging agents with submicron dimensions is known as nanoparticle-based imaging.
Also, high clinical trials of imaging agents are performed to improve the quality of the imaging agents. Over the coming years, the market expansion is anticipated to be driven by rising R&D expenditures, expanding healthcare infrastructure, and the use of cutting-edge imaging contrast agents.
Imaging Agents Market Size (2022E)
US$ 10.2 Billion
Forecasted Market Value (2027F)
US$ 13.6 Billion
Global Market Growth Rate (2022-2027)
China Market Growth Rate (2022-2027)
China Market Value (2022)
US$ 3 Billion
Key Companies Profiled
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“Rising Cases of Cancer & CVD Fuelling Demand for Imaging Agents”
Over the forecast period, it is anticipated that the rising incidence of cancer and CVD cases will fuel market demand for imaging agents.
The burden of cardiovascular and cancer disorders worldwide has increased as a result of rising alcohol and cigarette use. Nearly 22% of all cancer deaths are related to tobacco consumption. As a result, these factors will increase the demand for imaging procedures and imaging agents, which will be advantageous for the overall market sales of imaging agents.
Imaging tools are used to assess cancer's stages (how far along it is), as well as whether it has spread to blood vessels or essential organs. The majority of cardiac MRI procedures also employ intravenous gadolinium-based contrast agents to make the heart muscle and blood flow more visible.
The use of gadolinium-based contrast media, microbubbles contrast media, and iodine imaging agents are also becoming more common in cancer imaging techniques for the thyroid, lungs, and breasts. As a result, during the forecast period, the use of imaging agents for the pre-diagnosis of colorectal and breast cancer would gain in popularity and boost market revenue.
“High Price of Equipment & Imaging Diagnosis May Hinder Sales of Imaging Agents”
Fees of some imaging diagnosis processes are quite high depending on the type of disease one is infected with, and it may be difficult for people with low income to spend on the entire procedure. Also, the high price of some equipment is not affordable for small clinics.
Thus, it is anticipated that the high cost of imaging processes and equipment as well as the scarcity of qualified specialists will hinder the market's expansion.
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“Presence of Well-established Healthcare Infrastructure in North America Attracts Major Imaging Agent Manufacturers”
The market for imaging agents in North America is forecast to expand at a healthy CAGR from 2022 to 2027 as a result of advanced medical infrastructure and R&D expenditures in the region. With its considerable initiatives, tools, and facilities of hospitals or other centres, the regional market is geared toward funding and early detection & treatment of chronic diseases.
The existence of several market players who concentrate on creating cutting-edge imaging agents for improved patient management would be beneficial for the growth of the medical imaging agents market.
The market in the Asia Pacific is expanding as a result of the region's rapidly rising rate of stroke cases, which raises demand for imaging methods and contrast materials. Major players in the Asia Pacific region are also concentrating on the development of MRI and CT angiograms of the newest generation for precise diagnostic and therapy choices.
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“Market Driven by Rising Prevalence of Cancer & Heart Disorders in the Region”
The market in the U.S. is expected to expand steadily due to an increase in cardiovascular and cancer patients. The term "heart condition" covers a wide range of conditions that can have an impact on the heart, including blood vessel diseases and genetic anomalies.
According to the Centers for Disease Control and Prevention
As a result, the growth of the industry will be aided by the rise in cardiac problems.
Lung cancer cases have increased in the United States as a result of rising tobacco consumption and smoking rates.
This causes an annual rise in the incidence of cancer and other diseases.
“Presence of Major Imaging Agent Providers in the Country”
China’s imaging agents market is predicted to increase at an impressive CAGR of 10% from 2022 to 2027 and will reach US$ 3 billion by 2027. This can be attributed to the existence of well-known local and international manufacturers in the nation, as well as the rise in healthcare spending.
It is projected that this aspect will support market expansion. Growth in the market is also driven by hospitals' increasing use of advanced diagnostic tools to identify and treat diseases as well as the country's growing hospital range.
“High Demand for Gadolinium-based Contrast Agents as They Help Provide High-quality Imaging Scans”
Based on product type, the market is segmented into iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barium-based contrast media.
The gadolinium-based contrast media segment held a 13.8% market share in 2021, and this trend will likely continue in the coming years.
Growing use of gadolinium-based contrast agents to enhance the quality of magnetic resonance imaging (MRI) scans and to detect illnesses or other abnormalities boosts the market growth.
A majority of cardiac MRI procedures also employ intravenous gadolinium-based contrast agents (GBCAs) to make the heart muscle and blood flow more visible. Additionally, the rise in cancer imaging procedures requiring gadolinium-based imaging agents, such as those for breast, thyroid, and lung cancer, would further propel market expansion.
The success of new minimally-invasive treatments can be evaluated by the urologist using gadolinium-enhanced MRI during . Such elements will quicken both market and segment growth. Also, scientists are creating novel nanoscale MRI contrast materials made of gadolinium compounds that resonate when subjected to magnetic radiation and are encased in carbon nanotubes.
Numerous advantages that this imaging agent has over competing for products ensure both segmental as well as industry expansion.
“High Demand for Imaging Agents in Diagnosis of Oncology-based Disorders”
Based on application, the market is segmented into oncology, cardiology, gastrointestinal, neurology, and others.
Due to the rising prevalence and expanding need for colorectal cancer screening along with rising levels of the geriatric population, the oncology segment is anticipated to expand at a healthy rate over the forecast period. A huge population of patients with lung cancer is caused by changing lifestyles and rising smoking rates, which boosts the market value of imaging agents.
Furthermore, in oncology, imaging techniques including CT, MRA, MRI, and PET/CT are used to identify brain cancers that have broken the blood-brain barrier. The segmental expansion will be aided by this aspect. Additionally, several market participants are concentrating on expanding their image technology businesses. This will hence increase demand for imaging agents.
To raise public awareness of the presence of superior imaging agents, which should accelerate the sector's growth in the coming years, major industry participants are also putting forth promotional and marketing efforts.
To maintain market competition, key players in the imaging agents market are using a variety of growth strategies with ongoing technological advancements.
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The global imaging agents market is currently valued at US$ 10.2 billion.
Global sales of imaging agents are predicted to increase at a CAGR of 6% from 2022 to 2027.
The global imaging agents market is projected to reach US$ 13.6 billion by 2027.
A diagnostic imaging agent is a material used to improve contrast in images of the internal structure of the body taken using radioactive particles, sound waves, X-rays, or MRIs to identify disease.
Lantheus Medical Imaging, Inc., GE Healthcare, Eli Lily, Alliance Medical, Bracco Diagnostics, Inc., Bayer Healthcare Pharmaceuticals, Aytu BioScience, Inc., Curium, and Guerbet Group are some of the major companies in the imaging agents market.
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