Imaging agents industry is anticipated to register around 5% CAGR between 2022 and 2030 due to increasing number of cancer cases across the globe along with surging innovation in imaging procedures and agents.
Selbyville, Delaware, May 23, 2022 (GLOBE NEWSWIRE) --
The imaging agents market value is projected to cross USD 14.2 billion by 2030, according to a new research report by Global Market Insights Inc. Innovations in imaging procedures, as well as imaging agents, is one of the major factors that will drive the market expansion.
Increased healthcare spending in developed as well as developing economies will fuel the industry progression. The burden of chronic diseases can be put into perspective by the fact that it is the leading cause of death and disability in the world. While easily preventable, chronic disorders including obesity, type-2 diabetes, arthritis, and thyroidism increase the demand for healthcare services and push up healthcare costs. Moreover, improving circumstances in developing and underdeveloped nations will have a good impact on the industry growth.
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Imaging agents market from microbubble contrast media segment exceeded USD 1 billion in 2021. Microbubbles are intravenous imaging agents used as ultrasound contrast agents. It plays an essential role in ultrasound-mediated therapy and imaging. Microbubble-based ultrasound contrast agents are used to monitor the biomarker status of imaging inflammation, as well as to visualize tumor vasculature and vascular endothelium. The large share of this segment is mainly attributed to increasing demand for microbubbles in echocardiography imaging procedures, rise in mortality associated with stroke and heart attack, and upsurge in demand for advanced diagnosis technologies.
Some of the key findings from the imaging agents market report include:
High prevalence of cancer and cardiovascular disorders in developed as well as developing economies serves as one of the eminent factors for market progression.
Asia Pacific region exhibited highest CAGR during the analysis period and accounted for a significant market share.
However, the side effects associated with the use of imaging agents may hinder the industry demand.
Browse key industry insights spread across 195 pages with 227 market data tables & 18 figures & charts from the report, “Imaging Agents Market Analysis 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:
Imaging agents market from gastrointestinal segment accounted for around 16% revenue share in 2021 is set to register a significant CAGR through 2030. This is attributed to increasing adoption of barium-based contrast media to improve visualization of the gastrointestinal tract. Gastrointestinal (GI) disorders encompass a wide range of diseases that affect the stomach, large intestine, small intestine, rectum, and esophagus. In GI imaging contrast agents helps to identify malignant tumors from normal structures. Hence, the aforementioned factors will accelerate the segment expansion.
The magnetic resonance imaging (MRI) segment surpassed USD 1.2 billion in 2021. This is due to increasing demand for MRI contrast agents to examine CNS for neurological disorders, as they provide better images of neural structures than CT scan. MRI is a non-invasive radiological imaging method that creates detailed images of the anatomy and physiological processes of the body. MRI contrast agents increase the contrast between normal and abnormal tissues in the body during magnetic resonance imaging tests, making interior body structures more visible. Hence, aforementioned factors will positively influence the market statistics.
Asia Pacific imaging agents market captured over 21.2% business share in 2021 and is poised to grow substantially during the forecast timeframe. This is owing to the growing number of imaging procedures in developing countries coupled with rising awareness about availability of advanced technology. Other factor such as investment opportunities in the Asia pacific region, rising number of image guided procedure, expanding number of imaging centers and hospitals and availability of reimbursement are primarily accelerating the regional market progression.
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Some of the key market players operating in 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 industry players are adopting various growth strategies to capture maximum share and sustain the market competition.
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