Imaging Agents Market Size, Share and Trends 2024 to 2034

Imaging Agents Market Size and Forecast 2024 to 2034

The global extruded plastics market size is worth around USD 10.69 billion in 2024 and is anticipated to reach around USD 17.47 billion by 2034, growing at CAGR of 5.03% over the forecast period 2024 to 2034. The imaging agents market growth is attributed to the development in providing information about structural or disease-related changes.

Imaging Agents Market Key Takeaways

• North America dominated the imaging agents market in 2023.
• Asia Pacific is anticipated to grow at the fastest rate during the forecast period.
• By product, the iodinated contrast media segment generated the biggest market share in 2023.
• By product, the gadolinium-based contrast media segment is projected to expand significantly in the market in the future years.
• By application, the cardiology segment dominated the market in 2023.
• By application, the oncology segment is estimated to grow at the fastest rate during the forecast period.
• By modality, the computed tomography (CT) segment dominated the global imaging agents market in 2023.
• By end-use, the diagnostics and imaging centers segment contributed the highest market share in 2023.

Market Overview

With the help of an imaging agent, users observe the anatomical structure and physiological process to diagnose the disease. The localization of disease and monitoring of disease progression or regression is crucial for preclinical research and clinical intervention. This calculates the suitable course of treatment and assesses the effectiveness of the ongoing treatment. To achieve an accurate diagnosis, a combination of imaging technology is required. Various imaging modalities pose different characteristics, strengths, and challenges regarding spatial resolution, sensitivity, or tissue penetration depth. In the last 20 years, the application of nanotechnology has improved the image quality in structural and biomolecular imaging and simultaneously reduced the toxicity of image-enhancing agents. The application is also noticed in the pharmaceutical industry for drug development and pharmacokinetic measurements, which guide dose selection.

Imaging Agents Market Growing Factors

• Better patient care: The advanced technology of combining AI with medical imaging enhances accuracy and transforms the speed and efficiency of imaging diagnosis.
• Locate the problem: Imagine devices such as MRI and CT scans that help detect tumors or other abnormalities before performing surgery.
• Diagnosis and treatment: It is a non-invasive test conducted by medical professionals to recreate different images of the body for better diagnosis and accurate treatment.
• Early detection: medical imaging allows screening of health conditions before the appearance of any symptoms.

How is AI changing the imaging agents market?

AI is widely used in medical imaging. It is used to identify complicated patterns in imaging data, provide a quantitative evaluation of radiographic traits, and detect image modalities at various treatment stages. The incorporation of AI analysis into medical imaging supports healthcare professionals in identifying problematic areas. For instance, AI-based medical imaging technology is used to diagnose cardiovascular abnormalities, which helps to identify left atrial enlargement and cardiac problems. AI-powered medical imaging tools utilize powerful algorithms and massive computing power to provide physicians with decision support quickly. AI and machines are beneficial for tracking the patient’s condition and detecting even the slightest change in vast amounts of information.

Market Scope

Market Dynamics

Driver

Forecasting and prevention

Medical imaging allows doctors or medical professionals to identify the underlying problem with any intervention with the internal body, such as tendons, muscles, joints, vessels, and organs. This also results in the patient's early recovery. Imaging procedures such as CT scans and radiation therapy technologies use medical radiation (such as ionizing radiation, gamma rays, and x-rays) to diagnose and treat a wide range of diseases, including stroke, heart disease, cancer, and appendicitis. Medical Imaging & Technology Alliance (MITA) states that manufacturers have introduced new products, system innovations, and patient care initiatives that reduce radiation doses by up to 75 percent, along with improving the ability of physicians to diagnose and treat their patients.

Restraint

Patient awareness

An increase in patient awareness for those who undergo frequent medical imaging is observed. It is essential to reduce radiation-related risk while simultaneously progressing the diagnosis. In a meeting held by The International Atomic Energy Agency (IAEA) under the Department of Nuclear Safety and Security, the participants discussed the impacts and strong action needed to improve guidelines for patient protection and technological solutions to monitor patient radiation exposure. Geographically, Japan has the record for most diagnostic devices in the world. In England, 45.9 million imaging tests were proclaimed in the year 2023.

Opportunity

Deep Learning and Machine Learning

Imaging agents involving deep learning and machine learning technologies are expected to be incorporated into medical imaging as hand interpretation of reports after observing the medical image leads to delay and errors; this issue can be avoided in the future. In the field of medical image processing, deep learning models are having a profound effect. Convolutional neural networks (CNNs), artificial neural networks used for image and pattern recognition, and other deep learning techniques have made it practically possible to automate the processing of medical images and improve diagnostic and treatment accuracy. This is widely applicable in radiology.

• In April 2024, researchers from Stanford and the University of Washington worked together to create the foundational model known as MONET (Medical cONcept rETriever), which explores the process of connecting medical images with text and produces intricate inscriptions to enable tasks in AI transparency ranging from model auditing to model interpretation. This research was recently published in Nature Medicine.

Product Insights

The iodinated contrast media segment dominated the imaging agents market in 2023 and is expected to expand in the field. Iodinated contrast media is a chemical contrast agent that contains iodine atoms for x-ray-based imaging modalities such as computed tomography (CT) and angiography. It is known to improve imaging resolution between tissues and improve blood vessel visualization. According to Immunology and Allergy Clinics of North America 2022, ICM is operated worldwide approximately 75 million times per year.

• In September 2024, the use of iodinated contrast medium (ICM) for CT scans in radiology departments was said to lessen the environmental effect of the procedure during the International Society for Computed Tomography (ISCT) meeting in Boston.

The gadolinium contrast media segment is expected to grow at a significant rate in the imaging agents market during the forecast period of 2024-2034. Contrast agents are pharmaceutical drugs that increase the information of diagnostic images. It improves the sensitivity and specificity of diagnostic images by changing the natural properties of tissues, which make an impact on the fundamental mechanisms. Gadolinium contrast media is also known as MRI contrast media, agents, or dyes. The use is widely noticed in magnetic resonance imaging (MRI) scans. This contrast media is injected into the body before the MRI scan to enhance and improve the quality of the MRI images. This provides an accurate anatomical and physiological report of the body, which helps the radiologist diagnose it.

Application Insights

The cardiology segment dominated the imaging agents market in 2023. Cardiac imaging consists of several types of examination that capture pictures of your heart and surrounding structures. With the help of diagnostic imaging, doctors detect heart conditions such as heart disease, leakage in heart valves, and defects in the size and shape of the heart. Cardiac (heart) imaging procedures include CT Coronary Angiography (CTCA), Coronary Artery Calcium Scoring, and MRI Heart (Cardiac MRI). Cardiovascular imaging is a safer procedure that is non-invasive or minimally invasive. Seldom people get allergic reactions because of the dye used in cardiac imaging tests.

The oncology segment is estimated to grow at the fastest rate in the imaging agents market during the forecast period. Cancer is a difficult disease to detect, but with the help of imaging techniques, early detection of many cancers is possible. Additionally, imaging techniques determine how developed the cancer is or the cancer stage, and they detect the precise location of uncontrollable growth of body cells, which directs the surgery to treat the cancer.

• In August 2024, USC Norris Comprehensive Cancer Center, located in Los Angeles, which is also part of Keck Medicine of USC, announced the additional feature of cutting-edge cancer technologies that offer the latest advancements in radiation therapy and diagnostic imaging.

Modality Insights

The computed tomography (CT) segment dominated the global imaging agents market in 2023. Computed tomography (CT) is a 3D X-ray that is constructed by taking X-ray shots of the same structures from different angles. Later, these X-rays undergo a computer process, yielding a 3D image. compared with other noninvasive imaging modalities, the CT scan is the fastest and provides high resolution, making it one of the most widely used diagnostic imaging techniques, particularly in oncology and cardiology. The majority of clinically used CT contrast agents are iodinated small molecules, as iodine efficiently reduces X-ray photons. The high energy emitted by X-ray leads to ionization, which means the radiation changes the atomic structure of the tissue, causing a potential risk for the development of cancer. It also damages the DNA. Contributing to the CT segment is more demanding in the imaging agents market.

• In November 2023, according to the American Cancer Society, routine chest X-rays will reveal around 238,340 new instances of lung cancer in the US in 2023, along with 127,070 lung cancer-related fatalities. Ten to twenty percent of lung cancer cases are diagnosed among "never-smokers," or those who have never smoked or who have smoked fewer than 100 cigarettes in their lives.

End-use Insights

The diagnostic & Imaging Centers segment accounted for the biggest share of the imaging agents market in 2023, as healthcare practitioners refer patients to engage with diagnostic imaging centers, which produce medical images with the help of a variety of machines and techniques, including radiography (X-rays), magnetic resonance imaging (MRI), computed tomography (CT), fluoroscopy, ultrasound, echocardiography, and nuclear medicine, such as PET. Moreover, the affordable factor for both patients and healthcare professionals contributes to the rising demand for diagnostic & imaging center segments in the market.

Regional Insights

North America dominated the imaging agents market in 2023 due to the increasing demand for radiology imaging, which has experienced significant advancements over the past few years in North America. This region has constantly grown and strengthened its healthcare industry infrastructure. These advancements are witnessed in technology, application, and accessibility of the services. The United States is known to have the best medical imaging facilities and the world’s top radiology department, which focuses on thorough patient care. Moreover, investment in research and development is fueling the growth of imaging agents markets.

Asia Pacific is anticipated to grow at the fastest rate in the imaging agents market during the forecast period. The Asia Pacific region is expanding in the market due to the rising number of cancers, heart disease, and gastrointestinal cases. Japan and South Korea are at the forefront of these technological innovations. Recently, robotic radiology has been incorporated into this region.

• In September 2024, ASUS unveiled its most recent array of AI-driven medical products. In order to improve medical staff productivity and inspire people worldwide to lead better lifestyles, wearable medical technology, medical artificial intelligence, and medical imaging technologies are being developed with the goal of smartening the healthcare industry.

Imaging Agents Market Companies

• Siemens Healthineers
• Canon Medical Systems Corporation
• RadNet
• Bayer Healthcare Pharmaceuticals
• GE Healthcare
• Alliance Medical
• Lantheus Medical Imaging Inc.
• Guerbet Group
• Eli Lily
• Mindray and Hologic, Inc.
• Blue Earth Diagnostics
• Blackford Analysis
• Philips Medical

Recent Developments 

• In May 2024, Blue Earth Diagnostics, a Bracco company and a leader in the development and commercialization of cutting-edge PET radiopharmaceuticals, announced a collaboration with Siemens Healthineers to share POSLUMA® (Flotufolastat F 18), a PET imaging agent used to visualize PSMA-positive lesions associated with suspected metastases or recurrences of prostate cancer.
• In April 2024, RadNet (Los Angeles) is launching a new joint venture with Providence Health System. Tri-Valley Imaging Group is the new brand name for which this partnership will be held, and it plans to launch in seven other locations throughout California. The goal is to leverage diagnostic imaging expertise.

Segments Covered in the Report

By Product

• Iodinated Contrast Media
• Gadolinium-based Contrast Media
• Microbubble Contrast Media
• Barium-based Contrast Media

By Application

• Oncology
• Cardiology
• Gastrointestinal
• Neurology
• Others

By Modality 

• X-Ray
• Computed Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Ultrasound

By End-use

• Hospitals
• Ambulatory Surgical Centers
• Diagnostic & Imaging Centers
• Others

By Geography

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East & Africa