Biological and Medical Imaging Reagents Market Size, Share, Growth, and Industry Analysis, By Type (Nuclear Imaging (PET & SPECT) Reagents, Magnetic Resonance Imaging (MRI) Reagents, Fluorescence Imaging Reagents, Ultrasound and X-ray Contrast Reagents and Others), By Application (Hospitals, Clinics and Others.), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Biological And Medical Imaging Reagents Market Report Overview

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The global biological and medical imaging reagents market size is USD 23320 million in 2022 and is projected to touch USD 51487.83 million by 2031, exhibiting a CAGR of 7.3% during the forecast period.

Biological and medical imaging reagents is a technique and a procedure that involves taking pictures of the internal anatomy of a patient for clinical evaluation, medical intervention, and to show how certain organs or tissues are functioning (physiology). Medical imaging aims to identify and cure disease as well as disclose internal structures that are covered by the skin and bones. In order to detect anomalies, medical imaging also creates a database of typical anatomy and physiology. Even though it is possible to image excised organs and tissues for medical purposes, pathology is typically thought of as the discipline that performs these treatments rather than medicine.

Electroencephalography (EEG), magnetoencephalography (MEG), electrocardiography (ECG), and other measurement and recording methods that are not primarily intended to produce images are examples of other technologies that produce data that can be represented as a parameter graph versus time or maps that contain information about the measurement locations. These technologies can be compared to certain types of medical imaging in another field.

COVID-19 Impact: The Intrinsic Covid-19 Condition Curtailed the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 epidemic severely damaged the world's healthcare system. Hospitals and clinics had to deal with a number of issues, including a lack of resources, a massive influx of patients, and the risk of infection among medical staff. Due to the pandemic and the suspension and postponement of elective surgeries, including biological and medical imaging tests, the market share was hampered. The biological and medical imaging reagents market share is anticipated to grow significantly during the forecasted period.

LATEST TRENDS

"The Utilization of Nuclear Imaging Reagents to Surge the Market Demand "

Nuclear medicine has been employed for disease study and therapy since the early half of the twentieth century, when they were first used as tracer elements. A number of radiopharmaceutical chemicals are now employed for the diagnosis of various diseases as a result of later advancements in nuclear medicine and molecular imaging. These radiopharmaceuticals are used in nuclear imaging techniques like positron emission tomography (PET) and single-photon emission computerized tomography (SPECT), which are now commonly used in the diagnosis and treatment of illnesses. Nuclear imaging as a modality within the biological imaging reagents market has been increasing pace in recent years due to advantages including improved picture quality and precision in the detection of illnesses made feasible, particularly in the early detection and diagnosis of cancers.

Biological And Medical Imaging Reagents Market Segmentation

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By Type

Based on type the biological and medical imaging reagents market is classified into Nuclear Imaging (PET & SPECT) Reagents, Magnetic Resonance Imaging (MRI) Reagents, Fluorescence Imaging Reagents, Ultrasound and X-ray Contrast Reagents and others.

 Nuclear Imaging (PET & SPECT) Reagents is the leading part of the type segment.

 By Application

Based on application the biological and medical imaging reagents market is classified as hospitals, clinics and others.

Hospitals are the leading part of the application segment.

DRIVING FACTORS

"Increasing Popularity of Multimodal Imaging to Propel the Market Growth "

The appeal of multimodal imaging, also known as multiplexed imaging, is largely due to its clear advantages over single modality imaging, including improved vision and more accurate images. In the greater imaging landscape, the introduction and assimilation of emerging technologies and tools, particularly those that use several imaging modalities, have gained traction. Due to their numerous advantages, PET-SPECT hybrid and PET-MRI imaging systems are now widely used, which has greatly boosted the market for biological imaging reagents. Focusing on these multimodal methodologies, manufacturers in the worldwide biological and medical imaging reagents market are projected to see greater potential in the areas of research and medication development.

Incorporating Technology in Molecular Imaging to Positively Boost the Market Share

The wider field of imaging has not escaped the pervasive influence of technology, which has not only accelerated the growth of multimodal imaging techniques but also improved the chances for standardized imaging. For instance, the use of AI in molecular imaging is growing in popularity as more and more research is being done on its enormous potential to increase diagnostic accuracy. The market for biological and medical imaging reagents has grown significantly as a result of these improvements being included into current imaging technology.

RESTRAINING FACTORS

"The Risk Associated and the High Cost Incurred to Repel the Market Players"

Some of the constraints preventing the growth of the biological and medical imaging reagents market include the risks of radiation exposure and the time it takes for regulatory approvals. Exposure to ionising radiation limits market growth. Another issue preventing the development of the market is the high cost of machinery and equipment. Therefore, the handling and maintenance cost being a restraining factor can hamper the biological and medical imaging reagents market growth in the forecasted period.

Biological And Medical Imaging Reagents Market Regional Insights

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"North America to Dominate the Market Share with the Presence of Prominent Players"

The North American region held the largest share for biological and medical imaging reagents market worldwide, and it is anticipated that it will continue to hold this position during the projected period. Due to its sophisticated healthcare system and emphasis on research and development, North America is anticipated to be the most lucrative area for the global biological and medical imaging reagents market. In 2018, the developed markets of North America and Europe accounted for over two-thirds of the total share in the global biological imaging reagents market, by revenue. This can be attributed to the sheer number of tests being performed in these regions, coupled with increased awareness and concern for early-stage disease detection.

INDUSTRY DEVELOPMENT

• April 2019: PerkinElmer, Inc., a major player in the market, acquired Cisbio Bioassays – a leading life science company.
• August 2019: Bracco S.p.A. received FDA approval for -Varibar ® Thin Liquid (barium sulfate) for oral suspension, for the detection and assessment of the type and severity of swallowing disorders.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players, and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• Cardinal Health (U.S.A)
• Bracco (Italy)
• Bayer HealthCare (India)
• Curium Pharma (U.K)
• Hengrui Medicine (China)
• GE Healthcare (U.S.A)
• Lantheus Medical Imaging (U.S.A)
• Nihon Medi-Physics (Japan)
• YRPG (China).

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.