In 2012, Bayer Healthcare AG, Bracco Imaging SpA, and GE Healthcare collectively held a share of 68.7% in the global medical imaging reagents market, thus creating a highly consolidated image of the market’s competitive landscape. A large number of players in the global medical imaging reagents market – whether they are globally prominent or regional ones – are subject to an intense level of competition as well as a constant wave of technological innovations, and mergers and acquisitions.
According to a research report released by Transparency Market Research, the competitive rivalry in the global medical imaging reagents market is expected to remain high throughout the report’s forecast period. This is attributed to a consolidated market where entry barriers are quite high for new players. This is also why the overall threat from new entrants is expected to remain low till 2019.
The global market for medical imaging reagents is expected to expand at a CAGR of 8.8% within a forecast period from 2013 to 2019, with respect to its revenue. This revenue is projected to reach US$14.54 bn by the end of 2016 and US$18.56 bn by the end of 2019. Contrast reagents are expected to retain their lead till 2019, reaching an expected US$6.72 bn in revenue by then. Meanwhile, nuclear reagents are expected to gain a lot of ground. This class segment is expected to advance at a CAGR of 14.8% from 2013 to 2019.
North America to Retain Lead in Medical Imaging Reagents Demand
Primary dominance in the global medical imaging reagents market has consistently been awarded to North America. By the end of 2019, North America’s share in the global medical imaging reagents market is expected to reach 44.8%. A lot of this heavy share hold is attributed to the higher percentage of patients suffering from chronic diseases, including coronary artery disease and cancer.
Comparatively, the demand for medical imaging reagents in Europe is expected to remain very sluggish, owing to the Euro crisis and a relatively lower awareness rate. The leading CAGR is currently shown by Asia Pacific due to a dynamic and fast evolving healthcare industry that is providing a massive opportunity for the proliferation of medical imaging reagents such as fluorescent proteins, radiopharmaceuticals, and nanoparticles. The nations Singapore, China, Japan, India, and South Korea are expected to be at the forefront of the medical imaging reagents demand in Asia Pacific.
Demand for Diagnostic Imaging Procedures to Increase, Boosting Imaging Reagent Sales
“The elderly population is the source of a large patient pool for the healthcare industry. As this demographic is currently increasing in percentage, so is the demand for diagnostic procedures, including imaging. At the same time, the number of patients suffering from cancer, CVD, and neurological diseases is also on the rise among all humans, further increasing the demand for advanced diagnostics. This is consequently creating a very positive growth curve for medical imaging reagents providers,” states a TMR analyst.
The growing use of diagnostic tools such as MRI and CT are thus pushing for a greater usage rate of medical imaging reagents. The number of patients applying for diagnostic imaging procedures is only expected to increase, as these procedures become increasingly available across the world and also get more affordable to everyone through cost cuts and favorable reimbursement policies.
Short Supplies Limit Global Medical Imaging Reagents Market
One of the greater restrictions on the global medical imaging reagents market is the shortage in supply of the reagents themselves. Imaging reagents such as molybdenum-99 and technetium-99m are limited in stockpile and are expected to create a major shortage situation in the near future. This is especially detrimental to the demand for medical imaging reagents in North America and Europe, the two leading regions in the market.
“Providers of medical imaging reagents can not only look to alternative reagents that may even be synthesized from common materials, but they can also focus more on the emerging economies for greater profits. Asia Pacific and Latin America are showing a phenomenal increase in their demand for medical imaging reagents and players would be wise to pay heed,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Medical Imaging Reagents Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019.”
Key segments of the Global Medical Imaging Reagents Market
Global Medical Imaging Reagents Market Segmentation, by Class
- Contrast reagents
- Optical reagents
- Nuclear reagents
Global Medical Imaging Reagents Market Segmentation, by Technology
- Fluorescent proteins
- Quantum dots
Global Medical Imaging Reagents Market Segmentation, by Application
- Drug discovery and development
- Research and development
Global Medical Imaging Reagents Market Segmentation, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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