According
to a new market report published by Transparency Market Research "
Medical Imaging Reagents
Market-
Global Industry Analysis, Size, Share, Growth, Trends and Forecast
2013 - 2019", the market was valued at USD 11.16 billion in
2012, and is expected to reach USD 15.90 billion by 2019, growing at
a CAGR of 5.2% from 2013 to 2019. Lack of adequate power
infrastructure and increasing demand for reliable electricity
delivery are the major driving forces of this market.
The
worldwide medical imaging reagents market that was valued at USD 10.3
billion in 2012, will report a compounded annual growth rate of 8.8%
to develop into a USD 18.5 billion worth market by 2019.
Market
determinants such as drivers, inhibitors, and opportunities influence
the dynamics of the global medical imaging reagents industry. Growing
geriatric population, increasing prevalence of cancer,
cardiovascular, and neurological medical conditions, and escalating
demand for diagnostic imaging procedures act as catalysts for the
market growth. The report also indicates that technological
development will likely fuel the growth of the imaging reagents
market.
Reluctance
in adopting nuclear products, shortage of supplies of imaging
reagents, and stringent regulatory policies suppress the development
of the market. Two key opportunities for the worldwide medical
imaging reagents market are increasing organized distribution of
network in emerging economies and development of nuclear products
based on personalized therapy.
Medical
imaging reagents, chemical compounds allow healthcare providers and
clinicians to diagnose if a tumor is benign or malignant. They also
aid to locate metastatic cancerous sites present in the body. The
market comprises of optical reagents, contrast reagents, and nuclear
reagents.
The
contrast reagents sector in the market represents the largest share
in the global medical imaging reagents market. Nuclear reagents
market sector is anticipated by the report to witness the highest
growth of over 14% CAGR from 2013 to 2019.
According
to technology, the research report segments the medical imaging
reagents market into fluorescent proteins, nanoparticles,
radiopharmaceuticals, fluorescent dyes, quantum dots, and probes. The
segment, radiopharmaceuticals technology market generates the largest
market share which is attributed to the increased awareness about
radioisotopes and increasing patient preference.
Nanoparticles
technology segment is estimated by the report to grow at the fastest
rate of 9.1% CAGR from 2013 till 2019. Medical imaging reagents find
their applications in several areas such as drug discovery,
diagnostics, and research and development.
The
report has forecasted that by the end of 2019, the market value of
medical imaging reagents in the sector diagnostic purposes will
account for over USD 10 billion.
According
to geography, the market is segmented into North America, Europe,
Asia-Pacific, and Rest of the World. North America generated the
largest market revenue in 2012 (over 40%), followed by Europe. Asia
Pacific, on the other hand is expected to demonstrate the fastest
growth rate attributed to factors such as increasing prevalence of
chronic diseases and disposable income.
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