Global Medical Imaging Reagents Market To Be Worth Around $18.5 Billion By 2023: Acumen Research and Consulting

Author: Acumen Research and Consulting

Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Medical Imaging Reagents Market (Class: Contrast Reagents, Optical Reagents, Nuclear Reagents; Technology: Nanoparticles, Fluorescent Dyes & Probes, Radiopharmaceuticals, Fluorescent Proteins, Quantum Dots; Application: Diagnostics, Drug Discovery & Development, R&D) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 - 2023”, forecasts that the global market for medical imaging reagents is expected to grow at a CAGR of around 8.0% from 2017 to 2023 and reach the market value of around $18.5 billion by 2023.
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Improvisation in images developed through imaging devices is done through chemicals known as medical imaging reagents. The detection of tumor becomes easier due to availability of these reagents. In addition, it can also trace cancerous spots if present in body. With the growing innovations and revolutions in medical imaging reagents, the targeted area is synthesized from a biological process. The imaging frameworks are then receptive to these improvements to neutralize the specific target. Before humans, the imaging reagents are tested on animals then it is used for human medical studies.
Untapped Markets in Emerging Economies Expected To Boost Market Growth 
Healthcare systems in developing nations such as Brazil, India, and China have been undergoing rapid changes in terms of healthcare investments and infrastructure. The burden of rising and aging population, growing number of chronic diseases, and increasing need for adequate healthcare facilities are expected to drive the demand for diagnostic equipment over the next few years. In addition, emerging nations need to focus on cost-effectiveness and scalability to cater to the needs of rising patient pool. In January 2014, the World Economic Forum in its project paper, ‘Health Systems Leapfrogging in Emerging Economies’ stated that, one-third of the global health expenditure would be focused on the provision of healthcare services in emerging markets by 2023.
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Increased Awareness About Radioisotopes And High Patient Preference Driving The Adoption of Radiopharmaceuticals
Radiopharmaceuticals include radioactive drugs that elicit no physiological response from the patient and could be used for diagnostic purposes. This segment accounted for the highest share in 2016, due to the increased awareness about radioisotopes and high patient preference. Also, nanoparticles are increasingly gaining popularity as a multi-modal imaging agent for positron emission tomography (PET) and magnetic resonance imaging (MRI). Novel techniques are being developed to synthesize such particles and modify them for the purpose of radionuclide imaging. The applicability of nanomaterials is governed by their size. The rise in demand for products has led to an increase in R&D activities for the advancement of these particles.
The global medical imaging reagents market is highly consolidated due to the presence of few international and regional players. The key players taken into consideration in report include GE Healthcare, Covalon Technologies Ltd., Bayer Healthcare AG, Lantheus Medical Imaging, Inc., Bracco Imaging SpA, Siemens Healthcare, Shimadzu Corporation, Thermo Fisher Scientific, Inc., Merck, and Philips Healthcare among others.
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