Global Biological and Medical Imaging Reagents Market to Expand at 8% till 2022
According to a new report released by Research on Global Markets, the Global Biological, and Medical Imaging Reagents Market is expected to expand at a compound annual growth rate (CAGR) of 8% and reach approximately USD 11.22 Bn during the 2017-2022 period. Biological and medical imaging reagents are chemical compounds assist physicians to detect and diagnose a disease at an early stage, by enhancing the visualization of organs or structures within the human body.
According to the report, the demand for advanced diagnostic procedures and techniques for faster and efficient detection of cancer, cardiovascular diseases, and other heart-related ailments has boosted the market for biological and medical imaging reagents. The global biological and medical imaging reagents market is classified into four segments – class, application, routes of administration and end user.
Depending on the class segment, the market for biological and medical imaging reagents is dominated by contrast reagents, due its extensive use in diagnostic procedures such as positron emission tomography (PET), x-rays, magnetic resonance imaging (MRI), and computed tomography (CT). Close to its heels, it is the radiopharmaceuticals segment which occupies 28% of the global market.
Based on the application, X-rays lead the pack due to its importance in detecting various types of diseases such as cardiovascular diseases, pneumonia, orthopedic and dental diseases, cancers and tumors. Next in line, the PET and CT segments occupy 29%, followed by the MRI segment holding 15.1% share in 2017. Injections are the most popular route of administration of imaging reagents with a market share of 62% in 2016, while the diagnosis sector was the source of maximum revenue for the market in 2017.
Taking a closer look at the regional insights, North America accounted for 45% of the market share in 2017. Efforts and encouragement from the Food and Drug Administration (FDA), National Cancer Institute (NCI), the pharmaceutical industry, and academia has accelerated the growth of the market. The Asia- Pacific, Latin America, Middle East, and Africa market is expected to witness greater adoption of medical imaging reagents, due to the increased investment in healthcare infrastructure and growing health awareness in the developing economies.
Key highlights of this report:
1. Trends in the global interventional cardiology market.
2. Market attractiveness analysis, and geography-wise market revenue (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
3. Qualitative analysis of the global drivers and challenges affecting the market and its segments
4. Porter’s five forces analysis.
5. Segmentation based on class (contrast reagents, radiopharmaceuticals, and optical reagents) - historical (2014-2016) and forecasted (2017-2022) market size (USD Bn), and key market observations
6. Segmentation based on application (magnetic resonance imaging [MRI], positron emission tomography [PET] and computed tomography [CT], x-ray, and ultrasonography [USG]) - historical (2014-2016) and forecasted (2017-2022) market size (USD Bn), and key market observations
7. Segmentation based on routes of administration (injection, oral, and enema) - historical (2014-2016) and forecasted (2017-2022) market size (USD Bn), and key market observations
8. Segmentation based on end use (diagnosis, drug discovery, and research and development [R&D]) - historical (2014-2016) and forecasted (2017-2022) market size (USD Bn), and key market observations
9. Detailed analysis of the key developments and major innovations in the market.