Medical Imaging Agents Global Market estimated to be worth $12,290.7 million by 2026
Medical imaging involves use of substances that improve the visibility of specific organs, tissues or blood vessels and help in diagnostic imaging and in surgical interventions using medical imaging tools. These substances are introduced by swallowing or injection into a specific area of the body and are absorbed or excreted through urine or bowel movements. As estimated by IQ4I Research, the medical imaging agents global market is expected to grow at mid single digit CAGR from 2019 to 2026 to reach $12,290.7 million by 2026.
Medical imaging agents global market by molecule/isotope segmented into contrast agents and nuclear medicine. As estimated by IQ4I Research, the contrast agents global market is expected to grow at mid single digit CAGR from 2019 to 2026. The increase in diagnostic imaging procedures, increase in incidence and prevalence of disease conditions, increasing in aging population, increasing research activities for contrast agents, and favorable reimbursements are driving the market growth. However, adverse effects related to contrast agents and shortage of radiologists is restraining the market growth and potential risks from deposition of gadolinium in brain, countries around the world have recommended restrictions and suspension of different intravenous linear contrast agents. This has led to a decrease in demand and stopping of linear agent production. Stringent regulations and availability of alternative products are hampering the market expansion.
As estimated by IQ4I Research, the nuclear medicine global market expected to grow at mid single digit CAGR from 2019 to 2026 due to increasing radioisotopes application, rise in public awareness, use of SPECT/CT and PET/CT imaging scans (hybrid imaging) and advancements in technology, production of radiopharmaceuticals from cyclotrons, efficient diagnosis, emerging radio isotopes and replacement of old/traditional equipments are driving the market. However, high cost of radioisotopes, shorter half life, shortage of qualified technicians and radiotoxicity issues are restraining the market growth. Stringent regulations, high capital investment, closure of reactors and threat from traditional imaging techniques are hampering the market expansion.
The contrast agents global market by molecule is segmented into Iodinated based Gadolinium-based contrast agents, Microbubble based contrast agents and others. Iodine-based contrast agents market held the largest market revenue in 2019 and microbubble segment is growing at strong high double digit CAGR rom 2019 to 2026 due to expansion in disease indications.
The nuclear medicine global market by isotopes are segmented into Technetium (Tc-99m), Thallium (Tl-201), Gallium (Ga-67), Iodine (I-123), Xe-133, Samarium (Sm-153), Rhenium (Re-186), Flurodeoxyglucose (18F-FDG), Gallium (Ga-68), Rubidium (Rb-82) and others. Technetium (Tc-99m) nuclear medicine market held largest revenue in 2019 and expected to reach grow at a mid single digit CAGR and Flurodeoxyglucose (18F-FDG) grow at strong CAGR from 2019 to 2016 due to its accuracy.
The medical imaging agents market by modality is segmented into X-Ray/CT, MRI, Ultrasound, SPECT and PET. X-Ray/CT market held the largest market revenue in 2019 and ultrasound segment is grow at high double digit CAGR from 2019 to 2026 due to increase in incidence and prevalence of disease conditions, increase in aging population who are more to cardiovascular disease.
The medical imaging agents global market by applications is segmented into cardiovascular, cancer, gastrointestinal, musculoskeletal, neurology, nephrology, obstetrics & gynecology, pulmonary, hepatology and others. Cardiovascular market accounted the largest share and cancer is the fastest growing market with mid single digit CAGR growth from 2019 to 2026 due to increase in cancer imaging such as lung, thyroid and breast cancer. Medical imaging agents global market by route of administration is segmented into intravascular, oral, rectal and others. Intravascular accounted for largest share and is the fastest growing market from 2019 to 2026 due to increase in incidence and prevalence of cardiovascular, cancer, neurology and other related conditions which require imaging agents to be administered.
Medical imaging agents global market by imaging is segmented into diagnostic and interventional imaging. Diagnostic imaging market held the largest market revenue in 2019 and expected to grow at low single digit CAGR from 2019 to 2026 and interventional imaging segment is growing rapidly at a double digit CAGR from 2019 to 2026 due to increase in image guide procedures and increase in aging population who usually opt minimally invasive procedures.
Medical imaging agents market based on the end-user is segmented into hospitals, diagnostic & ambulatory surgical centers and other which include academic and research institutes. Hospitals market accounted largest share in 2019 due to as there is a rise in demand for the diagnosis and interventional treatment of diseases with CT or X-Ray, MRI, ultrasound, SPECT and PET imaging procedures due to increase in incidence and prevalence of diseases, ready availability of cyclotrons for generation of isotopes and presence of trained technicians who can handle radioisotopes and Diagnostic & Ambulatory surgical centers is the fastest growing market with mid single digit CAGR growth from 2019 to 2026 due to increase in number of diagnostic procedures related to musculoskeletal, gastrointestinal and others.
The Medical imaging agents global market based on geography is divided into North America, Europe, Asia-Pacific and Rest of the world. North America region commanded the largest revenue in 2019. Favorable reimbursement coverage, technological advancement in equipment, increased utilization of fusion imaging and increase in incidence and prevalence of diseases conditions due to change in lifestyle, obesity has led the market growth in this region. However, Asia-Pacific region is the fastest growing market for imaging agents and is expected to grow at high single digit CAGR from 2019 to 2026 due to increased healthcare awareness, improved economic growth, large patient pool, and rising aged population.
Considering the attractiveness of medical imaging agents global market, several venture capitalists are aggressively investing. According to IQ4I analysis, funding received by medical imaging agents companies during the period 2018-2019 was worth ~$167.7 million. Majority of funding was aimed to build plant to make a crucial medical isotope production and also research facility at TRUIMF. Contrast agents clinical trials data indicate that globally, XX% clinical trials are in phase 3 stage, XX% clinical trials are in phase-2, XX% clinical trials are in phase-1 and XX% clinical trials are under early phase 1. Similarly, in nuclear medicine clinical trials data indicate globally XX% clinical trials are in phase 3, XX% clinical trials are in phase 2 and XX% clinical trials are in early phase 1. In nuclear medicine PET agents such as Ga-68 clinical trials indicate globally XX% clinical trials are in phase 3, XX% clinical trials are in phase 2, XX% clinical trials are in phase 1 and XX% clinical trials are in early phase 1. Majority of clinical trials are focused on chronic conditions followed by Cancer such as prostate cancer, breast cancer, lung, head and neck cancer, cardiovascular diseases and non-Hodgkin’s lymphoma. There is a steady increase in the number of clinical trials performed year-on-year which may result in the launch of several new devices in coming years, which is expected to drive the medical imaging agents global market further.
Major players in the Medical imaging agents global market are Bayer Group (Germany), Bracco Group (Italy), Curium Pharma (France), Cardinal Health (U.S), Fujifilm Holding Corporation (Japan), Fujipharma Co. Ltd (Japan), GE Company (GE Healthcare) (U.S.), Guerbet (France), Jubilant Life science (India), Lantheus Medical Imaging (U.S.) and Novartis International AG (Advanced accelerator) (Switzerland).
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