Imaging Agents Market size is set to surpass USD 14.2 billion by 2030, according to a new research report by Global Market Insights Inc.
Increasing healthcare infrastructure along with R&D investment and adaptation of innovative contrast agents are expected to drive industry landscape. Rising number of cancer and CVD cases globally and rising demand for image guided procedures will foster the imaging agents market growth.
Surging innovation in imaging procedure and agents will fuel the market progression
Innovations in imaging procedures, as well as imaging agents, is one of the major factors driving the market growth. Advancements and innovations in technology offer effective, convenient, and less-invasive procedures that will increase the adoption rate of such procedures. For instance, in May 2021, Lantheus received U.S. FDA approval for PYLARIFY, a PSMA PET imaging agents for prostate cancer. PYLARIFY injection helps to visualize bone, soft tissue, and lymph node metastases in order to detect whether recurrent or advanced prostate cancer is present.
Similarly, in the year 2021, researchers introduced new imaging agents that track tumor development to accelerate diagnosis and therapies for cancer. Also, GE Healthcare, in August 2021 presented clinical trials for the F18 Angio radioactive PET contrast agent. This imaging agent is intended for imaging angiogenesis. The new imaging agent monitors the formation of new blood vessels in the body, that occur during wound healing and growth of malignant tumors.
Rising incidences of cancer such as lung cancer, breast cancer, prostate cancer, cervical cancer, head and neck cancer, and others across the globe will increases the demand for imaging procedure.. According to the National Cancer Institute, there will be 2,48,530 new cases of prostate cancer in 2021. Moreover, another emerging tool that is being used to view soft tissue in early cancer diagnosis is ultrasound modulated optical tomography (UOT). This improved imaging technology provides imaging a new dimension, resulting in increased utilization of imaging agents.
Rising demand for iodinated contrast media will spur the imaging agents market growth
Iodinated contrast media segment exceeded USD 4 billion in 2021 owing to the increasing number of angioplasty procedures performed across the globe. Additionally, growing adoption of low osmolar contrast media due to its proven efficacy in diagnostic imaging and reduced toxicity issue will propel overall imaging agents market sales.
Iodinated contrast media is used in several modalities, including CT, X-ray, ultrasound, MRI scans, and cath lab procedures. Furthermore, iodinated contrast medium is a type of intravenous radiocontrast that contains iodine that helps to make vascular systems and organs more visible during radiographic operations.
Browse key industry insights spread across 195 pages with 227 market data tables & 18 figures & charts from the report, “Imaging Agents Market Size by Product Type (Iodinated Contrast Media, Gadolinium-based Contrast Media, Microbubble Contrast Media, Barium-based Contrast Media), Application (Oncology, Gastrointestinal, Cardiology Neurology), Modality (X-Ray, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound) and End-use (Hospitals, Ambulatory Surgical Centers, Diagnostic & Imaging Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Increasing cases of cardiovascular disorders will ramp up the application segment
The cardiology segment accounted for around USD 2.6 billion in 2021 driven by the rising cases of cardiovascular disorders across the globe. Cardiovascular disorder mainly occurs in people who smoke regularly and are exposed to various toxins. For instance, as per the Centers for Disease Control and Prevention, in the U.S., around 1.5 million strokes and heart attacks occur every year. Also, stated that every year over 800,000 individuals die each year from cardiovascular disease with approximately 160,000 of them death occur in those under the age of 65. Therefore, to prevent the cardiovascular disorders imaging procedure is followed using imaging agents.
In addition, cardiology uses microbubble contrast agents to detect irregularities or blockages in the arteries. It increases the imaging clarity of blood arteries and cardiac structures, allowing them to be seen more clearly. It can also aid in the examination of a patient's heart condition following any treatment or surgery.
X-ray imaging modality held significant market share in the imaging agents business
X-ray segment is projected to witness 4.9% CAGR from 2022 to 2030 owing to increasing demand for X-Ray imaging for disease management. Similarly, low cost of the X-ray modality and widespread acceptance will drive the adoption of imaging agents. Radiologists utilize imaging agents in x-ray to distinguish between physiologic and pathologic situations within the body. Moreover, advancements in x-ray systems, such as Hierarchical Phase-Contrast Tomography (HiP-CT), that further allows whole organs to be imaged down to 1 micron resolution, leads to the imaging agents market share.
Growing preference towards hospital will enhance the industry outlook
Hospital segment is predicted to witness over 41.5% market share in 2021 owing to the presence of skilled professional and rising number of hospitals across the globe. Similarly, surging adoption of advanced diagnostic systems, growing number of MRI, CT and ultrasound examinations and improving healthcare infrastructure will secure the overall imaging agents market progression.
Furthermore, according to data published by the Department of Industrial Policy and Promotion (DIPP) and Foreign direct investment (FDI), India's spending on hospitals has increased dramatically to efficiently manage patient health. As a result, increased healthcare investments around the world will certainly have a positive impact on the imaging agents industry revenue.
Highly competitive imaging agents market in Europe will contribute to industry expansion
Europe imaging agents market is expected to grow at 5.2% CAGR during the forecast period impelled by the rising number of cancer cases. According to the World Health Organization, in 2020, 43,98,443 total cases of cancer was observed in Europe. With rising cases, companies are focusing on increasing their research and development activities, to manufacture advanced imaging agents that will further fuel the regional market expansion.
For instance, Alliance Medical is one of the largest providers of diagnostic imaging services in Europe. The company is now focusing towards improving accessibility and reduce cost of care by managing imaging services. For instance, in September 2021, Alliance Medical received Health Professions Council of South Africa (HPCSA) approval to directly employ radiographers.
Major leaders are focusing on strategies & launching innovative products to capture a higher market share
Some of the prominent industry players operating in the imaging agents industry include GE Healthcare, Eli Lily, Bayer Healthcare Pharmaceuticals, Alliance Medical, Bracco Diagnostics, Inc., Aytu BioScience, Inc., Curium, Guerbet Group, Lantheus Medical Imaging, Inc., Trivitron Healthcare and Beijing Beilu Pharmaceutical Co Ltd. These market players are implementing various strategic collaborations, innovations, mergers, and acquisitions to sustain market competition and strengthen its value.
For instance, in June 2021, Bayer acquired two U.S. companies, Noria and PSMA to expand portfolio of imaging for the treatment of prostate cancer. This acquisition strengthened their global leadership position in the market.