Imaging Agents Market Size

Imaging Agents Market Size

Imaging Agents Market size surpassed USD 9.2 billion in 2021 and is expected to witness 5% CAGR from 2022 to 2030 owing to the increasing number of cancer cases across the globe along with surging innovation in imaging procedures and agents. Furthermore, increasing R&D investments along with rising healthcare infrastructure and the adaptation of innovative contrast agents are expected to drive market growth over the forthcoming years.

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Imaging agents is an important component of medical imaging since they help to visualize body organs better during an ultrasound, X-ray, MRI, and CT scans. Various trends in the imaging agents industry include nanoscale MRI contrast agents and Angio radioactive PET contrast agents among others that influence the market growth.

The COVID-19 pandemic had a moderate impact on the imaging agents market. In 2020, due to surging number of COVID-19 cases along with travel restrictions and limited access to hospitals and fewer patient visits to imaging centers for imaging procedures, the market experienced a slight decline in revenue.

However, in 2021, the government in various countries started removing travel restrictions and lockdowns. This step proved advantageous for restoration of healthcare industry and rendered a positive impact on the imaging agent industry. It increased the adoption of imaging procedure thereby increasing the demand for imaging agents.

As the number of COVID-19 affected patients reduce globally, the healthcare facilities resumed providing outpatient cancer care that has increased the number of imaging procedures and is steadily restoring the procedural volume to the pre-pandemic level. These factors are helping to uplift the market growth.
 

Imaging agents or contrast agents are used during imaging procedures to visualize the function of internal organs including the chemical process involved in blood flow, metabolism, and oxygen supplies among other. Also, it enhances the visibility of targeted tissue.
 

Rising number of cancer and CVD cases is expected to accelerate the market growth

Surging number of cancer and CVD cases worldwide is expected to foster the market demand for imaging agents over the analysis timeframe. For instance, according to the World Health Organization, in 2018, cancer was the second leading cause of death worldwide, accounting for over 9.6 million deaths. Similarly, according to the American Heart Association, in 2019, around 18.6 million people died of cardiovascular disease globally.
 

Rising alcohol and tobacco consumption has resulted in an increase in the global cardiovascular and cancer disorder burden. Tobacco usage accounts for almost 22% of all cancer deaths. Hence, these aspects will boost the demand for imaging procedures and imaging agents proving beneficial for the overall imaging agents market sales.
 

Imaging agents are used in determining the stages of cancer (how far it has progressed) as well as whether the cancer is in, around, or near vital organs and blood vessels. 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 require gadolinium, microbubble, and iodine imaging agents. Thus, the growing popularity of pre-diagnosis of breast cancer and colorectal cancer using imaging agents will accelerate the imaging agents market revenue during the forecast period.