The Global Imaging Agents Market is Projected to Reach US$13.3 Billion by 2024

Increasing Focus on Early Disease Diagnosis and Expanding Indications Continue to Drive Growth in the Imaging Agents Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Imaging Agents market. The global Imaging Agents market is projected to reach US$13.3 billion by 2024, driven by the increasing prevalence of chronic and infectious diseases, and the need for early diagnosis of the same. Expanding indications, innovations in imaging modalities and technological advancements in imaging agents are also expected to foster market growth.

Imaging agents, which can be either contrast medium or radiopharmaceuticals, are a vital component of the overall medical imaging industry. These agents allow clinicians to enhance imaging of specific organs or tissues and improve diagnosis of physiological functions and diseases, as well as support monitoring of treatments. Global market for imaging agents is being driven by the increasing incidence of chronic and life-threatening diseases, growing shift towards minimally invasive and safer diagnostic procedures, increasing inclination towards early disease diagnosis and growing focus of healthcare sector on reducing treatment costs. Further, expanding population worldwide, aging population with rising median age, improving access to healthcare in emerging markets and a general increase in overall awareness about diseases and the benefits of early diagnosis are some of the macro-level factors driving demand for imaging agents. Technological advancements in imaging agents have also enabled expansion of their uses, expending their application to diseases not-targeted earlier, thereby driving their potential target market and expanding scope for further growth.

While the market for contrast media, comprising imaging agents for X-ray/CT, MRI and ultrasound modalities, is fairly mature, growth is being driven by advances in techniques and emergence of new and safer products. Growth will also be fueled by the increasing adoption of ultrasound procedures in the coming years. X-Ray/CT contrast agents are mostly Iodinated and Barium based compounds used in radiography and computed tomography (CT). While MRI contrast agents are Gadolinium-based compounds used to improve the visibility of internal body structures in magnetic resonance imaging (MRI), ultrasound contrast agents are gas and microbubbles based products used in the clinical routine to enhance the usefulness of diagnostic ultrasound scans and procedures. Gradually gaining prominence across clinical labs worldwide is nuclear imaging technology, which offers excellent market opportunities for diagnostic pharmaceuticals that act as image enhancers. Broadening applications and better safety and efficacy benefits are driving adoption of nuclear imaging procedures such as PET and SPECT, which are in turn driving demand for radiopharmaceuticals used in imaging of neurological and cardiac diseases, and cancers. Development and launch of several radiopharmaceuticals is also driving growth in the market.

As stated by the new market research report on Imaging Agents, the United States represents the largest market worldwide. Growing awareness about various diagnostic procedures and increased emphasis on early detection for improved therapeutic results are promoting demand for medical imaging procedures and thus for imaging agents in the US. The US is experiencing significant growth in diagnostic radiopharmaceuticals segment, due to the rising incidence of cancer, cardiac conditions and other neurodegenerative disorders. Asia-Pacific is forecast to register the fastest CAGR of 6.6% over the analysis period, driven by the increasing number of imaging procedures being performed in the region. The need for early diagnosis of diseases for improved management, and focus of regional governments on implementation of long-term initiatives aimed at improving healthcare infrastructure are also driving demand for medical imaging in developing economies, fueling demand for imaging agents.

Major players in the market include Aytu BioScience Inc., Bayer Healthcare Pharmaceuticals, Bracco Diagnostics Inc., Curium, Daiichi Sankyo Company Limited, Bracco-Eisai Co. Ltd, Eli Lilly and Company, GE Healthcare, Guerbet Group, Lantheus Medical Imaging Inc., and Piramal Imaging SA, among others.

The research report titled “Imaging Agents: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East & Africa and Latin America (Brazil and Rest of Latin America). The report analyzes the Imaging Agents market by the Product Group/Segment - Contrast Media (X-Ray/CT, MRI, Ultrasound) and Diagnostic Radiopharmaceuticals.

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