Medical Imaging Reagents Market to Reach US$18.5 bn by 2019 due to Soaring Demand for Diagnostic Imaging Procedures
Medical imaging reagents find applications in determining whether a tumor is benign or malignant and help in the detection of metastatic cancerous sites in the body with high accuracy. Medical imaging reagents are chemicals that play a vital role in biotechnology medical, diagnostic, pharmaceuticals, and life science industries. High demand from various end-users is likely to fuel the growth of the global medical imaging reagents market.
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As per a research report by Transparency Market Research (TMR), the valuation of global medical imaging reagents market was US$10.3 bn in 2012 and is anticipated to reach US$18.5 bn by 2019, growing at a considerable CAGR of 8.80% between 2013 and 2019.
Why are more clinicians and healthcare providers opting for medical imaging reagents?
The growing demand for diagnostic and functional imaging technologies coupled with the rising prevalence of cancer and cardiac disorders has led to increased uptake of medical imaging reagents by clinicians and healthcare. Moreover, growing concerns for the safety of patient and increased applications of advanced medical reagents are likely to generate notable growth opportunities for the global medical imaging reagents market.
Furthermore, the incidence rate of various disorders associated with cardiovascular and neurological symptoms increases with the growing geriatric population. This demographic trend is likely to spur the growth of the global medical imaging reagents market.
Why is there a considerable adoption rate of substitutes of medical imaging reagents?
Despite their safety, medical imaging reagents fail to provide inexpensive solutions due to their high development cost. Unfavorable reimbursement policies are further preventing patients from undergoing medical imaging. The insurance policies do not cover medical imaging considering that the method is only meant for diagnosing cancer and not curing it. Moreover, the shortage of supplies in response to the growing demand is impeding the growth of the global medical imaging reagents market.
Another factor that is negatively influencing the growth of the global medical imaging reagents market is the low level of awareness amongst the patient pool in the emerging nations. Furthermore, the stringent regulations and high capital investment induce high entry and exit barriers for the new entrants. All these factors are creating bottlenecks in the growth of the global medical imaging reagents market.
What are the most important trends affecting the growth of the global medical imaging reagents market?
According to a report by the World Health organization (WHO), the number of new cancer cases is anticipated to increase by about 70% over the next 2 decades. The growing prevalence of cancer has promoted the application of global medical imaging reagents. The high growth rate of the drug discovery and development segment can be attributed to a large number of applications of medical imaging reagents in pre-clinical studies. However, the diagnostics application segment will be the leading segment in the overall market by revenue due to the augmenting patient base of chronic disorders such as neurological diseases, cancers, and cardiovascular diseases.
Rapid growth in the demand for nuclear reagents can be attributed to the augmented adoption of localized tracers and nuclear medicine. By technology, the nanoparticles segment is anticipated to register substantial growth owing to the large-scale applicability of these technologies along with a wide scope of research and development associated with their application areas.
On the basis of geography, the global medical imaging reagents market is categorized into Asia Pacific, Europe, North America, and Rest of the World. Asia Pacific emerges to be a rapidly growing market due to the increasing demand for medical imaging reagents coupled with the fast developing economic structure. On the flip side, North America leads the overall market due to the high incidence of cardiovascular and neurological diseases and cancer in the region.
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