CAGR: 9.50%Current Market Size: USD 3.1 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global biologic imaging reagents market is expected to grow from USD 3.1 billion in 2022 to USD 6.40 billion by 2030, at a CAGR of 9.50% during the Projection period 2023-2030. The growth of the biologic imaging reagents market is mainly driven owing to the growing awareness about these reagents.
Biologic imaging reagents primarily assist doctors and researchers in carrying out diagnostic or research-based tasks. In general, they support the identification of biological processes at the molecular level as well as the acquisition of diagnostic data for the identification and management of diseases, particularly in oncology, cardiology, and neurology, by medical professionals and clinicians. Biologic imaging reagents are undergoing significant technological advancement. These technologies include nanotechnology, supramolecular chemistry, protein engineering, microfluidics, and biological targeting. The emergence of novel imaging reagents and the resulting prospects have already drastically changed the biological imaging sector. The adoption of tailored medicine, which necessitates a molecular approach regarding the early diagnosis & monitoring of medications, is a result of the biologic imaging reagents market's faster growth rate. Similarly to this, the influence of ongoing genomic and proteomic research is producing disease biomarkers. The main element driving this market is the rising frequency of cancer, neurological illnesses, and cardiovascular diseases. One of the main causes of death, according to the WHO, is cardiovascular disease. Additionally, there will be a rise in the demand for biological imaging reagents due to the growing need for diagnostic imaging devices like MRI and x-ray devices brought on by the introduction of digital and portable systems and the implementation of PACS (picture archiving and communication systems).
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Market Dynamics:
Drivers:
The most important factor influencing this market's growth is the prevalence of numerous cardiovascular diseases, as well as neurological disorders and cancer. Globally increasing patient awareness levels also has the effect of driving the market's total growth. Additionally, it is anticipated that rising healthcare spending and a rise in demand for secure medical treatments will boost market expansion.
Restraints:
High prices are anticipated to hinder market expansion. The biologic imaging reagents market is expected to face challenges due to the high funding requirements over the Projection period. Additionally, a lack of healthcare experts and restricted access to care are other factors that have a negative impact on the industry.
Opportunities:
The market players have lucrative chances during the Projection period due to the expanding R&D activities and rising nuclear medicine awareness levels. The market for radiopharmaceuticals also offers tremendous growth potential for the biologic imaging reagents market in the coming years.
Challenges:
The social segregation and movement restrictions imposed by the government through its numerous tight guidelines and laws created a barrier to the market's overall expansion. However, as various regulatory agencies start to relax these imposed lockdowns globally, the biological imaging reagents market is anticipated to rebound.
Segmentation Analysis:
The global biologic imaging reagents market has been segmented based on class, modality, application, end-user, and region.
By Class
The class segment is optical reagents, contrast reagents, and nuclear reagents. The contrast reagents segment led the largest share of the biologic imaging reagents market with a market share of around 37% in 2022. The market for contrast reagents is further divided into MRI, ultrasound, x-ray, and CT reagents. Throughout the Projection period, this market is anticipated to hold the highest share of the entire market. The high volume of diagnostic operations utilizing x-ray, ultrasound, and MRI equipment as well as the increasing popularity of these technologies is driving this segment.
By Modality
The modality segment is MRI, optical imaging, X-ray and CT, ultrasound, nuclear, and others. The MRI segment led the largest share of the biologic imaging reagents market with a market share of around 30% in 2022. MRI scanners are especially well adapted for imaging the body's soft tissues or non-bony portions. They are distinct from computed tomography (CT) in that they do not utilize x-rays' harmful ionizing radiation. Because MRI provides a far clearer view of the brain, spinal cord, and nerves than conventional x-rays and computed tomography (CT), it is frequently used to assess knee and shoulder injuries.
By End-User
The end-user segment is imaging centers, diagnostic laboratories, research and academic institutes, life science companies, and others. The imaging centers segment led the largest share of the biologic imaging reagents market with a market share of around 32% in 2022. Computed tomography (CT) and magnetic resonance imaging (MRI) equipment are two examples of capital-intensive resources that have historically been concentrated in imaging centers; in state healthcare systems, it is typical for hospitals to have the equipment and expertise to manage both inpatient and outpatient imaging services.
Global Biologic Imaging Reagents Market- Sales Analysis.
The sale of biologic imaging reagents market expanded at a CAGR of 8.80% from 2016 to 2022.
Biologic imaging reagents are substances used by scientists or doctors to carry out research- or diagnostic-based tasks. Healthcare and other life science businesses heavily rely on biological imaging reagents. They are extremely helpful in the molecular-level detection of biological activities. Additionally, these imaging reagents help medical professionals and doctors gather diagnostic data for the identification and management of illnesses, particularly in the fields of cardiology, oncology, and neurology.
The biologic imaging reagents market is expected to experience growth over the Projection period due to the rising demand for high-quality technology for the diagnosis of a variety of illnesses, including those affecting the nervous system, cancer, the heart, and blood vessels, as well as the growing use of symptomatic imaging techniques and rising research expenditures for updating therapeutics. While it is predicted that the industry would be hindered by rising expenses and funding needs, ongoing improvement in the market's diagnosis sector is projected to present a sizable potential.
Thus, owing to the aforementioned factors, the global biologic imaging reagents market is expected to grow at a CAGR of 9.50% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the biologic imaging reagents market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the biologic imaging reagents market and held a 37% share of the market revenue in 2022.
Global Biologic Imaging Reagents Market- Country Analysis:
Germany's biologic imaging reagents market size was valued at USD 0.038 billion in 2022 and is expected to reach USD 0.056 billion by 2030, at a CAGR of 5% from 2023 to 2030. The development of the biologic imaging reagents market in the region is driven by the availability of advanced healthcare infrastructure, high per capita healthcare expenditure, and patient awareness levels.
China’s biologic imaging reagents market size was valued at USD 0.076 billion in 2022 and is expected to reach USD 0.140 billion by 2030, at a CAGR of 8% from 2023 to 2030. Due to the large unmet medical requirements and expanding economic growth supporting improvements in the region's healthcare infrastructure in nations like China.
India's Biologic imaging reagents market size was valued at USD 0.067 billion in 2022 and is expected to reach USD 0.133 billion by 2030, at a CAGR of 7% from 2023 to 2030. Because of the highly developed healthcare infrastructure, high per-person healthcare spending, and high patient awareness levels. However, this is due to the fact that there are significant unmet medical requirements and expanding economic growth supporting the upgrading of the healthcare infrastructure in nations like India.
Key Industry Players Analysis:
To increase their market position in the global biologic imaging reagents business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
9.50% |
Market Size |
3.1 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Class, By Modality, By Application, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Lantheus Holdings, Inc., General Electric Company, Siemens AG, Bayer AG, Thermo Fisher Scientific Inc., CMC Contrast AB, Koninklijke Philips N.V., Bracco Spa, Merck & Co., Inc., and Shimadzu Corporation. |
By Class |
|
By Modality |
|
By Application |
|
By End-User |
|
Regional scope |
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Scope of the Report
Global Biologic Imaging Reagents Market By Class:
Global Biologic Imaging Reagents Market By Modality:
Global Biologic Imaging Reagents Market By Application:
Global Biologic Imaging Reagents Market By End-User:
Global Biologic Imaging Reagents Market By Region:
Global biologic imaging reagents market is expected to reach USD 6.40 billion by 2030.
The biologic imaging reagents market is projected to have a CAGR of 9.50%.
The prevalence of various cardiovascular diseases along with neurological diseases and cancer is the most significant factor driving the growth of this market. Rising patient awareness levels across the globe also result in accelerating the overall growth of the market.
Based on the class, the global biologic imaging reagents market has been segmented into optical reagents, contrast reagents, and nuclear reagents.
Based on the modality, the global biologic imaging reagents market has been segmented into MRI, optical imaging, X-ray and CT, ultrasound, nuclear, and others
Leading market players active in the global biologic imaging reagents market are Thermo Fisher Scientific., PerkinElmer Inc, Guerbet, Beckman Coulter, Inc., BIOPRO Baden-Württemberg GmbH, Bracco Diagnostic Inc.., Bayer, FUJIFILM Visualsonics, Inc., GENERAL ELECTRIC, Cardinal Health, Koninklijke Philips N.V., Siemens, Advanced Proteome, Promega Corporation. among others.
Political Factors- Strong political institutions and frameworks encourage market expansion and growth for biologic imaging reagents. Government stability also enables the biologic imaging reagents market to grow both domestically and abroad. Manufacturers of the biologic imaging reagents market may quickly and smoothly maintain their business relationships with other nations because of political stability and strength. Government stability also draws investors for enterprises and corporations in the biologic imaging reagents market which promotes the expansion and development of the infrastructure and improves the country's reputation abroad. High levels of government stability can also draw resources for general industrial development, which will enhance player performance and competitive posture overall.
Economic Factors- In order for businesses like the biologic imaging reagents market to prosper, the economy needs a moderate rate of inflation. A modest rate of inflation will also aid in corporate expansion and positively influence consumer confidence and spending patterns. The economy will benefit as a result, and disposable income will rise overall. A greater inflation rate would result in less discretionary money, which could affect enterprises and companies as well as weaken consumer confidence. It would also likely lead to a decrease in overall expansion. A decreased inflation rate will result in a significant rise in disposable income, which could stimulate competition, particularly through pricing methods that could result in unethical price wars that unfairly benefit the customer.
Social Factors- Numerous factors will help the biologic imaging reagents market to make it desirable for the populace to have better levels of education. Higher education increases the number of intelligent, knowledgeable, and competent individuals available to the biologic imaging reagents market Higher levels of education also indicate that customers are more conscious of their spending and consumption habits. Because of its distinct competitive positioning and placement, the biologic imaging reagents market will benefit from its focus on healthy eating. Additionally, consumers who are more aware will value quality and be mindful of what the product claims and provides. The basis for repeat purchases will be this comparison.
Technological Factors- Technology is advancing and developing at a rapid pace. Businesses like the biologic imaging reagents market are increasingly utilizing technological advancements and innovation to boost corporate effectiveness and efficiency. All industries have a high pace of innovation, which boosts the competitiveness and success of businesses like the biologic imaging reagents market. Additionally, the upgraded technological infrastructure aids in luring foreign direct investment, which encourages additional growth and advancement. The biologic imaging reagents market benefits from a particular competitive advantage in terms of technological improvements as a result, and the biologic imaging reagents market continues to employ and take part in innovation processes to improve business cycles.
Environmental Factors- Recycling and environmental sustainability are receiving more attention. More and more consumers are demanding ways to recycle things before disposing of them. Consumption of recycled goods is likewise becoming more and more popular with consumers. Specific ways have been developed by the manufacturers of biologic imaging reagents market for the disposal of products for recycling. Like many other businesses, manufacturers of biologic imaging reagents market is launching a brand-new product line of recycled goods for consumers. The biologic imaging reagents market should affiliate with and register with the waste management authorities and institutions in order to obey regulations, maintain checks, and prevent any future difficulties because the country has strict regulations for waste management and control.
Legal Factors- Regarding the health and safety of employees at work, there are stringent rules. Respected associations and institutions conduct routine audits of businesses to determine whether safety nets, drills, and other preventative measures are being implemented. The safety and health of employees include not only their physical health but also their emotional and mental health. Businesses must create legally binding employment contracts in accordance with national rules. These agreements, which cover every aspect of employment, are approved by respected governmental bodies. Employability agreements guarantee good communication and prevent miscommunication or collusion between all parties.
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