The market for imaging agents worldwide is anticipated to grow at a CAGR of 6%, from a value of US$10.2 billion in 2022 to US$13.6 billion by the end of 2027. The imaging agents market refers to the segment of the healthcare industry that deals with the development, manufacturing, and distribution of agents or substances used in medical imaging procedures. These agents or substances are injected, swallowed, or inhaled to enhance the quality of the images produced during diagnostic tests such as magnetic resonance imaging (MRI), computed tomography (CT) scans, ultrasound scans, and positron emission tomography (PET) scans
The market is also segmented by type of imaging agent, including contrast agents, radiopharmaceuticals, and optical imaging agents. Contrast agents are the most commonly used imaging agents, and they work by altering the way that X-rays, MRI, or ultrasound waves interact with the body tissues, making them more visible on the resulting images. Radiopharmaceuticals are radioactive agents that are used in nuclear medicine procedures, such as PET scans, to detect and track the movement of specific molecules or substances in the body. Optical imaging agents use light waves to produce images, and are commonly used in cancer detection and treatment monitoring
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Overall, the imaging agents market is expected to continue to grow as new technologies and applications are developed, and as the demand for non-invasive diagnostic procedures increases
Key Takeaways from Market Study
- The global market for imaging agents is currently valued at US$ 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.
What is Influencing Imaging Agents Market Sales Growth?
The imaging agents market is experiencing strong sales growth due to several factors. One of the primary drivers of this growth is the increasing demand for non-invasive diagnostic procedures. Patients and healthcare providers are increasingly opting for imaging procedures that do not require invasive surgeries or procedures, which is driving up demand for imaging agents.
Another factor driving sales growth in the imaging agents market is the growing prevalence of chronic diseases. As the incidence of chronic conditions such as cancer, cardiovascular disease, and neurological disorders continues to rise, there is a growing need for advanced diagnostic tools, including medical imaging. This, in turn, is driving up demand for imaging agents.
Technological advancements in medical imaging are also contributing to the growth of the imaging agents market. New imaging modalities, such as 3D imaging and molecular imaging, require advanced imaging agents to produce high-quality images. As a result, there is a growing demand for new and improved imaging agents that can support these cutting-edge imaging techniques
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To raise public awareness of the presence of superior imaging agents, which should accelerate the sector’s growth in the coming years, major industry participants are also putting forth promotional and marketing efforts.
To maintain market competition, key players in the imaging agents market are using a variety of growth strategies with ongoing technological advancements.
- In May 2021, the U.S. FDA approved Lantheus’ PYLARIFY, a PSMA PET imaging agent for prostate cancer. When used in conjunction with a PYLARIFY injection, it helps to visualise soft tissue, bone, and lymph node metastases, which can help detect advanced or recurrent prostate cancer. This novel approach has enhanced the company’s entire product line.
- In May 2020, TAUVID and AMYVID (Florbetapir F 18 Injection), two products of Avid Radiopharmaceuticals, Inc., an arm of Eli Lilly and Company, received FDA approval in the United States. This PET imaging agent provides doctors with important information about Alzheimer’s disease. This approval helped the company increase its revenue generation and broaden the range of imaging agents it could offer.
Key Companies Profiled
- GE Healthcare
- Eli Lily
- Bayer Healthcare Pharmaceuticals
- Alliance Medical
- Bracco Diagnostics, Inc.
- Aytu BioScience, Inc.
- Guerbet Group
- Lantheus Medical Imaging, Inc.
- Trivitron Healthcare
- Beijing Beilu Pharmaceutical Co Ltd.
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Key Questions Covered in the Imaging Agents Market
- What are imaging agents, and how are they used in medical imaging?
- What are the different types of imaging agents, and how do they differ in their applications and uses?
- What are the key drivers of growth in the imaging agents market, and what trends are shaping the industry?
- Who are the major players in the imaging agents market, and what are their market shares and strategies?
- What are the major challenges facing the imaging agents market, and how can they be overcome?
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