Imaging Agents Market Analysis

Imaging Agents Market Analysis

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Based on product type, the gadolinium-based contrast media segment accounted for around 13.8% market share in 2021 and the trend will continue to rise in the near future due to the increasing utilization of gadolinium-based contrast agents to improve the quality of magnetic resonance imaging (MRI) scans and to detect diseases or other abnormalities.
 

Also, intravenous gadolinium-based contrast agents (GBCAs) are used in the majority of cardiac MRI tests to increase the visibility of the heart muscle and blood flow. Moreover, an increase in cancer imaging such as lung, thyroid, and breast cancer imaging procedures that require gadolinium-based imaging agent will further fuel the market growth.
 

During, the minimally invasive urological surgery the urologist can employ gadolinium-enhanced MRI to assess the success of new minimally invasive therapies. Such factors will accelerate the segmental as well as market growth. Moreover, researchers are also developing unique nanoscale MRI contrast agents consisting of gadolinium materials that resonate when exposed to magnetic radiation and are enclosed in carbon nanotubes. Therefore, numerous benefits of this imaging agents over others secure the segmental as well as imaging agents industry growth.
 

On the basis of application, the oncology segment accounted for around USD 2.3 billion market size in 2021 owing to the rising prevalence and growing demand for colorectal cancer screening coupled with increasing levels of geriatric population. Also, changing lifestyles with increased smoking habits, further results in a large pool of carcinoma lung patient population that fosters the imaging agents market value.
 

For instance, as per the Centers for Disease Control and Prevention in the U.S. colorectal cancer screening rates among adults aged 50 to 75 years increased 1.4% from 67.4 percent in 2016 to 68.8 percent in 2018.
 

Additionally, in oncology CT, MRI, MRA, and PET/CT imaging agents utilize to detect the breakage of the blood-brain barrier in brain tumors. This factor will enhance segmental growth. Moreover, various market players are focusing toward enhancing their imaging technology business. Thus, this factor will propel the demand for imaging agents.
 

For instance, in March 2019 Bracco Imaging established a new subsidiary, Blue Earth Therapeutics, to expand the innovation in next-generation therapeutic radiopharmaceutical technology for prostate cancer. This subsidiary is involved in the development of a pipeline of precision-targeted therapeutic radiopharmaceuticals with the goal of expanding into additional oncology disease areas. This strategy assisted the company in expanding its imaging agent business.
 

Based on modality, the imaging agents industry is categorized into X-ray, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound and others. The computed tomography (CT) segment accounted for over 25.7% market share in 2021. CT scanners produce 3D, 2D, and cross-sectional images, which are used to investigate interior injuries, complex tissues, and anomalies.
 

Also, it aids in the early detection of potential health hazards. CT scanning is painless and non-invasive procedure and produces extremely detailed images of soft tissue, blood arteries and bone, all at the same time. Moreover, CT scan is a prominent procedure used in the diagnosis of COVID-19. The chest CT for pulmonary embolism is increasingly utilized since it is effective in identifying both alternate diagnosis and COVID-19 complications.
 

Also, CT may reveal signs of viral pneumonia, aiding in the clinical diagnosis. As a result, the market for imaging agents is expected to grow over the forecast period. Furthermore, barium-based imaging agents are specifically used on computed tomography to improve visualization of the gastrointestinal tract, including the stomach, intestines, and esophagus. Such aforementioned factors further enhance the overall market growth.
 

Based on end-use, diagnostics and imaging centers segment accounted for over USD 2.4 billion market size in 2021. The diagnostic & imaging centers use advanced X-ray systems and blood tests to determine a person's conditions and offer cost-effective and quality treatment. Such aforementioned benefits will spur segmental growth. Furthermore, a diagnostic imaging center has trained professionals and advanced equipment, and improved imaging agents to perform a variety of screening tests.
 

North America imaging agents market is poised to grow at 4.9% CAGR through 2030 owing to increasing healthcare infrastructure and R&D investments across the region. The regional market is inclined towards funding and early diagnosis & treatment of chronic diseases with its significant measures, instruments, and infrastructure of hospitals or other centers. The presence of several market participants focusing on developing innovative imaging agents for better patient management will prove advantageous for the market expansion. Additionally, key industry players also take promotional and marketing efforts to increase the awareness amongst the people regarding the availability of superior imaging agents that should augment the industry growth in forthcoming years.