Worldwide sales of imaging agents are predicted to rise at a CAGR of 6% from 2022 to 2027, says Fact.MR, a market research and competitive intelligence provider. The market is projected to reach US$ 13.6 billion by the end of 2027.
Medical imaging agents are chemicals that essentially allow specialists to see how certain inside organs, tissues, or vessels operate during examinations or medical operations. Doctors widely employ imaging to diagnose conditions such as osteoarthritis, bone fractures, bone loss, and calcification because they help uncover interior hidden parts.
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Over the coming years, the rising prevalence of chronic ailments such as cancer and cardiovascular diseases is anticipated to increase the demand for medical imaging agents globally. The market’s overall expansion is also being fuelled by favourable government initiatives, advancing healthcare facilities, and advanced illness screening programs. The market for medical imaging agents is also expected to experience healthy growth due to the introduction of new, inventive agents that help reveal more information.
North America dominates the market for medical imaging agents because of its technological advancements and easy accessibility to established healthcare facilities. Over the years ahead, the Asia Pacific market is anticipated to develop significantly due to an increase in the number of people suffering from serious illnesses. People who routinely smoke and are exposed to different pollutants are more likely to develop cardiovascular disorders.
- For instance, according to the Centers for Disease Control and Prevention, over 1.5 million heart attacks and strokes occur in the United States each year. Furthermore, it has been noted that around 160,000 of the over 800,000 yearly deaths from cardiovascular disease occur in those under the age of 65.
Imaging procedures utilising imaging agents are followed to prevent and treat cardiovascular problems. Cardiologist additionally uses microbubble contrast agents to spot alterations or obstructions in the arteries. They improve the imaging quality of the heart and blood vessels, making it possible to see them more clearly. They can also help in the evaluation of a patient’s heart status after a surgery.
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Key Takeaways from Market Study
- The global market for imaging agents is currently valued at US$ 10.2 billion.
- The market is projected to reach US$ 13.6 billion by the end of 2027.
- China’s imaging agents market is predicted to surge ahead at a CAGR of 10% from 2022 to 2027.
- Global sales of diagnostic radiopharmaceuticals are predicted to rise at a CAGR of 7.5% during the next 5 years.
“Growing demand for image-guided operations and an increase in the number of cancer & cardiovascular cases worldwide will drive market expansion of imaging agents,” says Fact.MR analyst.
GE Healthcare, Trivitron Healthcare, Eli Lily, Alliance Medical, Bayer Healthcare Pharmaceuticals, Bracco Diagnostics, Inc., Curium, Aytu BioScience, Inc., Guerbet Group, Lantheus Medical Imaging, Inc., and Beijing Beilu Pharmaceutical Co Ltd. are some of the well-known companies supplying imaging agents.
To maintain their market position and increase revenue growth, these market players are involved in strategic alliances, innovations, mergers, and acquisitions.
- For instance, Bayer purchased Noria and PSMA in June 2021 to broaden its offering of imaging for the treatment of prostate cancer. The company’s position as an industry leader on a global scale was bolstered by this acquisition.
What is Influencing Imaging Agents Market Sales Growth?
“Rising Cases of Cancer & CVD Fuelling Demand for Imaging Agents”
Over the forecast period, it is anticipated that the rising incidence of cancer and CVD cases will fuel market demand for imaging agents.
- For instance, the World Health Organization (2022) states that cancer is the major cause of mortality globally, and accounted for around 10 million fatalities in 2020, or almost one in every six deaths.
- Additionally, the research from the same organisation states that cardiovascular diseases (CVDs), which claim a projected 17.9 million lives annually, are the most common cause of death worldwide.
The burden of cardiovascular and cancer disorders worldwide has increased as a result of rising alcohol and cigarette use. Nearly 22% of all cancer deaths are related to tobacco consumption. As a result, these factors will increase the demand for imaging procedures and imaging agents, which will be advantageous for the overall market sales of imaging agents.
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