The latest market report published by Credence Research, Inc. “Global Medical Imaging Reagents Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2022,” the medical imaging reagents market was valued at USD 10,425.6 Mn in 2015, and is expected to reach USD 21,326.4 Mn by 2022, expanding at a CAGR of 8.9% from 2016 to 2022.
Imaging reagents play a vital role in the pharmaceutical, medical, biotechnology, life sciences tools, and diagnostic industries. Imaging and detection technologies are applied broadly in biotechnology, medicine, and pharmaceutical research. The major imaging techniques, such as X-ray, computer tomography (CT), ultrasound (US), magnetic resonance imaging (MRI) and nuclear medicine (NM), mainly analyze anatomy and morphology and are unable to detect changes at the molecular level. Additionally, ongoing developments in genomics, proteomics and cellular analysis market are assisted by medical imaging technologies, including fluorescent dyes and probes, quantum dot nanoparticles, and fluorescent proteins.
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Thus, overall medical imaging reagent market is expected to grow at a significant CAGR during the forecast period 2016 – 2022. The medical imaging reagents market is categorized on the basis of class, technology and applications. Contrast reagents are widely used in x-ray attenuation, MR signal enhancing and ultrasound scattering and frequency shift. The key factors assisting the growth of diagnostic applications segment is increasing support of governmental and non-governmental bodies to increase public enrollment associated with early disease diagnosis, rising prevalence of lifestyle diseases due to sedentary lifestyle and increasing awareness campaigns associated with the life threatening disease diagnosis across the globe. On the basis of regional analysis North America was observed as the largest market for medical imaging reagents due to the rising incidences of cancer, cardiovascular and neurological diseases, and high awareness strategies applied by governmental and non-governmental bodies specifically to prefer enhanced imaging modalities and reagents.
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Market Competition Assessment:
Bayer Healthcare AG, Becton Dickinson & Company, Bracco Imaging SpA, Cardinal Health, Inc., GE Healthcare, Lantheus Medical Imaging, Inc., Mallinckrodt Pharmaceuticals and Thermo Fisher Scientific, Inc. are the key players that dominate the global medical imaging equipment market. The market experts suggested that the medical imaging reagents market is highly capital intensive and requires huge research and development expenditures, hence the well established companies with huge capital reserves are expected to the market throughout the forecast period.
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Key Market Movements:
Rising incidence of cancer, cardiovascular and neurological diseases in Asia Pacific , North America and Europe
High public awareness about advanced imaging modalities and reagents in developed countries
Rise in geriatric population and improving healthcare infrastructure in emerging economies from Asia Pacific and Latin America such as China, India, Brazil, Mexico, Indonesia, Malaysia and others.
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