Albany - NY, Sept. 11, 2015 (GLOBE NEWSWIRE) -- A new Transparency Market Research report states that the global medical imaging reagents market stood at US$10.3 billion in 2012 and is expected to reach an approximate value of US$18.5 billion in 2019, expanding at a CAGR of 8.8% between 2013 and 2019. The title of the report is "Medical Imaging Reagents Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019".
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As per the report, the major factors stimulating the growth of the market for medical imaging reagents include the rising demand for functional and diagnostic imaging technologies and the increased occurrence rate of cancer and cardiac disorders. The rising scope of application of advanced medical reagents and increasing concern for patient safety have also fuelled the demand for medical imaging reagents. On the other hand, supply shortages, rise in cost of development, reduced rate of awareness, and stringent reimbursement policies may impede the growth of the market in the near future.
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On the basis of class, the global medical imaging reagents market is segmented into optical reagents, contrast reagents, and nuclear reagents. Amongst these, in 2011, contrast reagents represented the biggest share of 44% in the market for medical imaging reagents. However, nuclear reagents are predicted to witness the highest growth rate in the forecast horizon, due to increased adoption of nuclear medicine and localized tracers.
On the basis of technology, the market is segmented into fluorescent proteins, nanoparticles, quantum dots, and radiopharmaceuticals. Amongst these, the nanoparticles technology is predicted to expand at the highest growth rate of more than 8% between 2013 and 2019 owing to its extensive applicability worldwide.
On the basis of application, the market is segmented into drug discovery and development, diagnostics, and research and development. Amongst these application segments, the drug discovery and development segment is predicted to experience the fastest growth in the forecast period owing to high adoption of medical imaging reagents in medical interventions and pre-clinical studies. On the other hand, diagnostic applications represented the biggest share in the market on the basis of revenue owing to the increasing number of patients having chronic diseases such as cardiovascular, neurological diseases, and cancers.
On the basis of geography, the medical imaging reagents market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, North America holds the biggest share in the market due to the rising occurrence of neurological and cardiovascular diseases and cancer in the region and increasing awareness about advanced imaging reagents and modalities. Europe trails North America in the market for medical reagents. On the other hand, Asia Pacific will witness the highest growth rate owing to robust economic advancements, rising demand for nonionizing imaging reagents, and high occurrence of cardiovascular diseases.
Prominent players in the market include Becton Dickinson & Company, Bayer Healthcare AG, Bracco Imaging SpA, GE Healthcare, Cardinal Health, Inc., and Lantheus Medical Imaging, Inc., among others.
The Global Medical Imaging Reagents Market is categorized into the following segments:
Global Medical Imaging Reagents Market Segmentation, by Class
- Contrast reagents
- Optical reagents
- Nuclear reagents
Global Medical Imaging Reagents Market Segmentation, by Technology
- Fluorescent proteins
- Quantum dots
Global Medical Imaging Reagents Market Segmentation, by Application
- Drug discovery and development
- Research and development
Global Medical Imaging Reagents Market Segmentation, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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Source:Transparency Market Research