by 
Medical imaging reagents play a vital role in medical diagnostics by providing better visibility to organs and tissues in scans. These reagents are used as contrast agents during medical imaging procedures like X-rays, CT scans, MRI and ultrasound to enhance clarity. They help doctors detect abnormalities that may not be visible otherwise. With rising lifestyle diseases and growing geriatric population worldwide, diagnostic imaging is increasingly being used for various applications like cancer screening. Elders are more prone to develop diseases, thus raising demand for effective diagnostic techniques.
The global medical imaging reagents market is estimated to be valued at US$ 11.21 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the medical imaging reagents market is the increasing preference for targeted contrast agents. Earlier contrast agents were non-specific and enhanced the whole organ or area being imaged. However, targeted reagents work by specifically binding to receptors over-expressed in certain diseases like cancers. This allows for more accurate imaging of lesions and abnormalities. Nanoparticle based targeted reagents are gaining popularity as they can be functionalized for specific applications. Another notable trend is the development of theranostic agents which have both imaging and therapeutic abilities. These novel reagents help in diagnosing as well as enabling image-guided treatment of diseases in a single procedure. Research into multifunctional nanoparticles for theranostics holds potential to transform medical imaging diagnostics.
Porter’s Analysis
Threat of new entrants: The medical imaging reagents market requires high R&D investments and regulatory approvals, making the entry of new players difficult.
Bargaining power of buyers: The bargaining power of buyers is moderate as medical imaging reagents have applications across various end-use industries.
Bargaining power of suppliers: A few major players dominate the supply market, giving them significant bargaining power over buyers.
Threat of new substitutes: There exist no close substitutes for medical imaging reagents. New substitutes will require huge investments and time for development and approvals.
Competitive rivalry: The market involves competition between major players focusing on new product launches and regional expansions.
Key Takeaways
The global Medical Imaging Reagents market is expected to witness high growth. North America dominates the market currently due to presence of major players and advanced healthcare facilities in the region. Europe and Asia Pacific are also lucrative markets expected to grow at a fast pace during the forecast period.
Regional analysis: North America is the largest market for medical imaging reagents currently owing to high awareness levels and developed healthcare infrastructure. Asia Pacific is poised to be the fastest growing regional market with China, India, Japan, and South Korea witnessing increasing demand.
Key players: Key players operating in the medical imaging reagents market are Bayer AG, Bracco SpA, Eli Lilly and Company, General Electric Company (GE Healthcare), among others. Bayer AG and Bracco SpA dominate the contrast agents segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
