Medical Imaging Reagents Market Size, Share, and Trends 2024 to 2034

Medical Imaging Reagents Market Size and Forecast 2024 to 2034

The global medical imaging reagents market size is estimated at USD 18.10 billion in 2024 and is anticipated to reach around USD 34.30 billion by 2034, expanding at a CAGR of 6.60% from 2024 to 2034.

Medical Imaging Reagents Market Key Highlights

• By modality, the X-ray segment has emerged as the fastest-growing segment.
• By class, the segment of contrast reagents has emerged as the largest segment.
• By application, the neurological disorder segment has emerged as the largest global market.
• By geography, the region of North America has emerged as the largest global market.

Market Overview

The reagent is a particular substance that is administered to the individual prior to the process of medical imaging which helps to capture a perfect impression of the internal structures that need to be studied by the physician. The contrast that is used in the images is enhanced with the help of these reagents which provide better pictures during the X-ray procedures. The medical condition of the individual is diagnosed with the help of imaging procedures. Medical imaging procedures are made accurate by utilizing these reagents. The results that are obtained with the help of these imaging procedures are utilized for research and development programs with a view to introducing new medicines into the market along with educational research.

The usage of high-quality reagents in the healthcare sector has improved the success rate of the various procedures that are carried out. It is mainly a substance that is administered to patients just before the procedure of medical imaging is started. It enhances the contrast in the images so that a suitable diagnosis can be made. There are various types of reagents that are available in the market that are utilized according to the procedure that needs to be carried out on the patient. 

Medical Imaging Reagents Market Growth Factors

The increasing demand for advanced healthcare facilities by the people owing to the increasing disposable income available to them has helped the market to record considerable revenue over the period of time. Various lucrative offers provided to the potential consumers by the government in the form of reimbursement facilities has also helped the market to record considerable revenue in this period of time. The rapidly increasing number of patients suffering with pathological changes has also boosted the market for contrast agents to a great extent as it requires imaging techniques for finding out the exact problem with the patient.

• High accuracy is provided with the help of the reagents.
• It proves to be of great importance for arriving at a suitable diagnosis for a particular case which helps the physician decide on a line of treatment.
• An increasing number of patients suffering from chronic diseases

Market Scope:

Market Dynamics

Key Market Drivers

• An increasing number of patients suffering with chronic diseases - As a result of faulty lifestyle practices the number of patients suffering with chronic diseases has increased rapidly. The pathological changes that take place inside the body of the human being need to be studied with the help of medical imaging procedures. These procedures make use of various reagents that help to obtain a proper image of the pathological changes that have taken place inside the body of the individual.
• Increasing demand for facilities - The outbreak of the pandemic had a considerable impact on the healthcare system which increased the need for having advanced healthcare systems and equipment in the medical sector. The increasing demand for advanced medical reagents has helped to boost the market to a great extent.

Key Market Challenges

• Unaffordable prices - The utilization of advanced medical imaging reagents increases the total cost of the medical procedure which makes it unaffordable for the common people. People belonging to underdeveloped and developing countries find it difficult to take advantage of such advanced medical imaging procedures as a result of the higher rates.

Key Market Opportunities

• High accuracy of diagnosis - Various imaging techniques that are available in the healthcare system make use of a suitable contrast agent that provides maximum visualization which helps to arrive at a suitable diagnosis for the patient.

Modality Insights

On the basis of modality, the X-ray segment has emerged as the fastest-growing segment as a result of the increasing number of road traffic accidents that are taking place all over the world. The imaging technique of X-ray helps to detect the pathological changes and alterations that have taken place with respect to the structure of the bone. The increasing number of road traffic accidents has emerged as a potential opportunity for the growth of the X-ray imaging market. Various pathological disorders such as renal calculi and cholelithiasis require medical imaging procedures for arriving at a suitable diagnosis and confirming the condition of the patient. The increasing trend of sports has also helped the X-ray segment to gain momentum by receiving a greater number of patients who suffer with injuries during the sport.

The segment of city scan has also emerged as a trending market as a result of the huge number of patients who are opting for these medical imaging procedures. The technologically advanced equipment that is utilized by diagnostic centers and hospitals attracts potential consumers to a great extent. Since a huge number of patients visit a hospital set up on a regular basis, the market experiences tremendous growth in this particular sector. These medical imaging procedures help to diagnose the pathological changes that take place within the soft tissue and structures of the body along with the pathological changes that take place within the bone.

Class Insights

On the basis of class, the segment of contrast reagents has emerged as the largest segment which is expected to grow further as a result of the approvals which it has achieved. A huge number of private and public diagnostic centers have come up in recent times which have received the approval for utilizing contrast reagents which has helped the market to record considerable revenue. A rapidly increasing number of cases of cardiovascular diseases has helped the market to record considerable revenue over the period of time. With the increasing demand for advanced technologies and better quality of the images obtained from the machines, the market for contrast reagents is experiencing a tremendous boost. Contrast reagents provide a high-quality image by distinguishing the desired area from the other artifacts that are included in the image. This feature of contrast reagents is extremely important for arriving at a suitable diagnosis for the patient for the purpose of treatment.

The other segments which are included under this category are optical reagents and nuclear reagents which are also experiencing a gradual growth over the period of time pertaining to the high-quality images that are provided with the usage of these reagents. A clear image is extremely important for diagnosing the pathological changes that occur inside the body of the human being and hence carrying out a suitable treatment plan for the patient. 

Application Insights

On the basis of application, the neurological disorder segment has emerged as the largest global market. The increasing number of cases related to neurological disorders has emerged as a major opportunity for the growth of the medical imaging reagents market. Neurological disorders have been observed as a common disease among people belonging to the geriatric age group. A huge number of people all over the world suffer with various neurological disorders that require advanced medical imaging techniques and procedures for arriving at a suitable diagnosis with a view to selecting a proper line of treatment. Medical imaging techniques assist in confirming the diagnosis of the patient and in turn help the physician to decide the necessary procedures and treatments to be carried out on the patient.

The advanced medical imaging reagents that are utilized for the various imaging procedures in the diagnostic centers help to obtain a proper and accurate image of the underlying pathologies and changes that are taking place inside the body of the human being. A huge number of patients belonging to the geriatric age group take advantage of advanced medical imaging reagents by opting for emerging techniques and procedures. Advanced medical imaging reagents that are utilized in the medical industry have lesser side effects on the human body and hence proved to be our first choice for most potential consumers all over the world.

Regional Insights

On the basis of geography, the region of North America has emerged as the largest global market for medical imaging reagents market as a result of the huge number of hospitals and diagnostic centers that are located in this part of the world. The existence of the key market players in the region of North America has also emerged as a major reason for the growth of the medical imaging reagents market. A huge number of people residing in the region of North America belong to the geriatric population who proves to be a potential market for the growth of the medical imaging reagents market. The advanced healthcare facilities that are provided to the people by the government also proved to be a great opportunity favoring the market of medical imaging reagents market. The people belonging to the region of North America mostly possess a Mediclaim which also proves to be a great opportunity for the market as the patients readily opt for advanced diagnostic procedures such as ultrasound, CT scan, MRI, and X-ray.

The region of Europe has also emerged as a developing market for medical imaging reagents as a result of the advanced healthcare options that are provided by the government to the people. The outbreak of the pandemic had a considerable impact on the growth of the market which helped the medical sector to enhance the facilities that are provided by them.

The Asia Pacific region has also experienced tremendous growth in the various healthcare facilities that are provided to the people after the occurrence of the pandemic.

Medical Imaging Reagents Market Companies

• Bracco Spa
• Lantheus Holdings, Inc
• General Electric Company
• Siemens AG
• Bayer AG
• CMC Contrast AB
• Thermo Fisher Scientific Inc
• Merck & Co., Inc
• Shimadzu Corporation
• Koninklijke Philips N.V. 

Recent Developments

• In April 2019 – PerkinElmer corporation limited, which is a leading market player in the medical imaging reagents market took over Cisbio Bioassays which is one of the leading companies in the field of life science.
• In August 2019 - Bracco S.p.A was granted approval from the FDA regarding Varibar Thin Liquid (barium sulfate). This substance is utilized in oral suspensions which helps to assess and detect the severity and type of various swallowing disorders.

Segments Covered in the Report

By Modality

• X-ray
• CT Scan
• Ultrasound
• MRI Scan

By Class

• Contrast Reagent
• Optical Reagent
• Nuclear Reagent 

By Application

• Neurological Disorder
• Cardiovascular Disorder
• Cancer
• Gastrointestinal Disorder
• Musculoskeletal Disorder
• Nephrological Disorder
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)