Medical Imaging Agents Global Market – Forecast To 2028

Medical Imaging agents are chemical substances that are used in conjunction with imaging devices (e.g., MRI, CT, ultrasound, SPECT and PET) to improve visualization of various parts of the body in radiographic diagnostics. In radiopharmaceutical-based imaging, “the device alone cannot produce a usable image, and it is necessary to administer an imaging agent to the patient before using the imaging device. 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 a mid single digit CAGR from 2021 to 2028 to reach $12,881.0 million by 2028. Factors, such as, the increase in demand for imaging agent-assisted diagnostic procedures for better visualization due to increase in cardiovascular diseases and cancer, production of radiopharmaceuticals from cyclotrons, increasing access to diagnostic imaging in the emerging markets, increase in the aging population suffering from chronic disease, and usage of hybrid imaging technologies are driving the market growth. However, side effects associated with medical imaging agents (such as allergic reactions, itching, and nausea) and shorter half-life of radiopharmaceuticals, shortage of qualified radiologists and technicians, high cost and supply shortage of isotopes, stringent regulation for manufacturing and marketing of medical imaging agents, and uncertainty due to fall out of Genus case which could lead to the reclassification of imaging agents as medical devices resulting in additional expenses for the companies are hampering the market growth.
Medical imaging agents global market is segmented based on molecule/isotope, modality, application, route of administration, imaging and end-users. Further, the market based on molecule/isotope is segmented into contrast agents and nuclear imaging agents among which, the contrast agents global market commanded the largest revenue in 2021 and expected to grow at mid-single digit CAGR from 2021 to 2028 due to increasing availability of CT and MRI facilities across the regions. The nuclear imaging agents global market is expected to grow at a single digit CAGR from 2021 to 2028 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 equipment is driving the market.
Based on the nature of molecule, the contrast agents market is segmented into Iodine based [Ionic (Monomer), Non-Ionic (Monomer and Dimer)], Gadolinium-based contrast agents [Macrocyclic (Ionic and Non-Ionic), Linear (Ionic and Non-Ionic)], Microbubble based contrast agents, and others which include Barium, and iron. Among these, iodine-based contrast agents commanded the largest revenue in 2021 and is expected to grow at low single digit CAGR from 2021 to 2028 and the microbubble segment is expected to grow at a high teen CAGR from 2021 to 2028 due to expansion in indications. Among the sub-segments of iodine agents based on ionicity, the non-ionic segment commanded the largest market share in 2021 and the market is expected to grow at single digit CAGR from 2021 to 2028 due to the advantages of non-ionic iodine contrast agents such as lower osmolality, better tolerated and appear to have less toxicity over ionic based contrast agents. Further, among the segments of non-ionic contrast agents, monomers commanded the largest market share in 2021 as they have expanded disease indications, tolerable, low osmolar agents do not dissociate into a particle in solution and help in reducing the neurotoxicity and also cheaper than dimer compounds. Among the sub-segments of gadolinium contrast agents, the macrocyclic segment commanded the largest share in 2021 and the market is expected to grow at a high single digit CAGR from 2021 to 2028 due to the ban on the use of linear gadolinium-based agents and restrictions on indications. Among the market segments of macrocyclic agents, the non-ionic segment commanded the largest share in 2021, whereas, the ionic segment is expected to grow at a high single digit CAGR from 2021 to 2028.
Among the segments of the nuclear imaging agents market based on isotopes, the Technetium (Tc-99m) isotope commanded the largest revenue in 2021 and is expected to grow at a mid-single digit CAGR from 2021 to 2028, trends like growing diseased population, increasing prevalence of various medical conditions, availability of low-cost SPECT cameras and new radiopharmaceuticals driving the market growth of Technetium Tc-99m and Gallium (Ga-68) isotope market is expected to grow at a high double digit CAGR from 2021 to 2028 due to its increasing usage in the diagnosis of neuroendocrine tumors and expansion of indication to prostate cancer diagnosis.
Among the modalities of medical imaging agents global market, the X-Ray/CT segment commanded the largest revenue in 2021 and the market is expected grow at low single digit CAGR from 2021 to 2028 due to increasing utilization of X-ray/CT modalities in diagnostic and interventional procedures like CT coronary and cerebral angiography, hysterosalpingography and others. The ultrasound segment is expected to grow rapidly at a high teens CAGR from 2021 to 2028 due to increasing advantages such as the absence of ionizing radiation & relatively low cost over the other modalities and also increasing number of clinical trials of contrast agents to expand the indications for ultrasound modality.
Among the applications of medical imaging agents, the cardiovascular segment accounted for the largest share in 2021 and cancer is the fastest-growing segment with a mid single digit CAGR from 2021 to 2028 2027 due to the increasing incidence and prevalence of cardiovascular diseases such as coronary heart disease, heart attack, arteriosclerosis among all the regions, increase utilization of medical imaging agents in procedures like coronary CT angiography, echocardiography and cardiac perfusion imaging based on Rubidium (Rb-82) for cardiovascular indications. Medical imaging agents global market based on the route of administration is segmented into intravascular, oral, rectal and others. Among the segments based on the route of administration, the intravascular segment commanded the largest revenue in 2021, and the market is expected to grow at mid-single digit CAGR from 2021 to 2028.
Among the segments based on imaging, the diagnostic imaging segment commanded the largest revenue in 2021 and is expected to grow at mid-single digit CAGR from 2021 to 2028 and the interventional imaging segment is expected to grow at early teens CAGR from 2021 to 2028 due to increase in image guide procedures and increase in aging population who usually opt minimally invasive procedures.
Among the end-user segments, the hospitals accounted for the largest share in 2021 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 an increase in incidence and prevalence of diseases, ready availability of cyclotrons for the generation of isotopes and presence of trained technicians who can handle radioisotopes and Diagnostic & Ambulatory surgical centers is the fastest growing market with projected mid single digit CAGR from 2021 to 2028 due to increasing number of diagnostic procedures related to musculoskeletal, gastrointestinal and others.
Among the segments of the medical imaging global market based on geography, the North America region commanded the largest revenue in 2021 and is expected to grow at a mid single-digit CAGR from 2021 to 2028. Favorable reimbursement coverage, technological advancement in equipment, increased utilization of fusion imaging and increase in incidence and prevalence of disease conditions due to lifestyle change, obesity has led the market growth in this region. However, the Asia-Pacific region is the fastest-growing market for medical imaging agents and is expected to grow at a mid single-digit CAGR from 2021 to 2028, due to increased healthcare awareness, improved economic growth, a large patient pool, and a rising aged population.
Considering the attractiveness of the medical imaging agents global market, several venture capitalists are aggressively investing and according to IQ4I analysis, funding received by medical imaging agents companies during the period 2020-2021 was worth ~$XX million. The majority of funding was aimed at the advancement of the product pipeline for diagnostic applications, and to fund clinical development stages. According to IQ4I analysis, there were XX clinical trials related to medical imaging agents for various indications among them XX% of the clinical trials were in phase 3, while XX% of trials were in phase 2, followed by XX% in phase 1 and the remaining XX% of the trials in early phase I. There is an increasing number of clinical trials and studies that are focused on PET agents which close to XX% of the clinical trials.
Major players in the Medical imaging agents global market are GE Company (GE Healthcare) (U.S.), Bayer Group (Germany), Guerbet (France), Bracco Group (Italy), Curium Pharma (France), Cardinal Health (U.S), Lantheus Medical Imaging (U.S.), Sumitomo Chemicals (Japan), Novartis International AG (Switzerland), Fujifilm Holding Corporation (Japan), Fujipharma Co. Ltd (Japan), Jubilant Life science (India), and other companies.
Some of the emerging players in the medical imaging agents global market are Zhejiang Starry Pharma (China), Avid Radiopharmaceuticals, Inc (Eli Lilly & Company) (U.S.), Nano-Therapeutics (India), Harmony life sciences (India), Fluoro Pharma (U.S.), Solcom Limited (U.K.), Huayi Isotopes Co (China), Jodas Expoim Pvt. Ltd (India), Swan Isotopen AG (Switzerland) Magnus Health (India), ZAG Zyklotron AG (Germany) and other companies.

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IQ4I Research and Consultancy, a global strategy consulting and market research firm based out of Bangalore, India. We enable our clients to identify the market opportunities with Best-In-Class Market Intelligence Reports with a key focus on industry domains such as Biotechnology, Pharmaceuticals, Medical Devices, Healthcare –IT.

This release was published on openPR.