Imaging Agents Market Size, Share and Industry Analysis Report by Product Type (Iodinated Contrast Media, Gadolinium-based Contrast Media, Microbubble Contrast Media, Barium-based Contrast Media), Application (Oncology, Gastrointestinal, Cardiology Neurology), Modality (X-Ray, Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound) and End-use (Hospitals, Ambulatory Surgical Centers, Diagnostic & Imaging Centers), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030
The global imaging agents market is expected to register substantial growth through 2030 owing to rising prevalence of chronic ailments like cardiovascular diseases (CVDs) and cancer worldwide. Additionally, booming demand for efficient imaging technologies is likely to further bolster industry progress over the forecast timespan.
Imaging agents refer to substances that are used to observe the function of internal organs, perform medical procedures and conduct clinical analyses. When injected into the body, these diagnostic imaging agents bind to the diseased tissues and release energy, which is then emitted in the form of gamma rays, X-rays, sound waves, radioactive particles, and radio waves, allowing physicians to identify and diagnose abnormalities.
The global imaging agents market has been bifurcated in terms of product type, application, modality, end-use, and region. Based on product type, the industry has been further segregated into gadolinium-based contrast media, iodinated contrast media, microbubble contrast media, and barium-based contrast media.
The barium-based contrast media segment was valued at nearly $2.6 billion in 2021. This was attributed largely to the increasing adoption of this contrast agent for the enhancement of standard fluoroscopy, X-ray, and CT images of the lower GI (gastrointestinal) tract. Lack of toxicity in the gut, lack of absorption from the gut into the body, and high attenuation of X-rays are the main driving forces behind the extensive usage of this contrast agent as the preferred solution for GI fluoroscopic examinations.
From the application perspective, the imaging agents market has been segmented further into cardiology, oncology, neurology, gastrointestinal, and others. In 2021, the neurology segment held roughly 10.4% market share.
Efforts from industry participants towards introducing new neurology-based advanced imaging procedures, coupled with the growing burden of disorders like Alzheimer’s disease and dementia, are speculated to propel segmental growth. To quote an instance, in March 2022, GE Healthcare, a major MedTech company, announced the dosing of the first patient in Phase III clinical trial for a PET radiopharmaceutical imaging agent, which could potentially help in the evaluation of adult patients who exhibit Parkinson-like syndromes.
In terms of modality, the imaging agents market has been classified into computed tomography (CT), X-ray, ultrasound, magnetic resonance imaging (MRI), and others. The ultrasound segment accounted for a market share of about 12.2% in 2021.
Ultrasound contrast agents are primarily recommended for use by ultrasound experts to give patients better access to accurate, safe, and economical diagnostic imaging. Rapid technological advancements in ultrasound imaging systems, along with the mounting availability of imaging agents for ultrasound scans, are slated to stimulate segmental expansion.
With respect to end-use, the imaging agents industry has been bifurcated into diagnostic & imaging centers, ambulatory surgical centers, hospitals, and others. Of these, the hospitals segment was valued at around $3.8 billion in 2021. This growth is credited mainly to the strong presence of experienced professionals as well as the growing number of hospitals worldwide.
On the regional front, the Latin America imaging agents market is set to depict a CAGR of approximately 4.4% through 2030 on account of favorable government and private efforts across the LATAM region.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook