Biological Imaging Reagents Market: Popularity of Multimodal Imaging to Propel Growth of Market
Biological Imaging Reagents Market: Introduction
Transparency Market Research has published a new report on the biological imaging reagents market for the forecast period of 2019–2027. According to the report, the global biological imaging reagents market was valued at ~US$ 13.5 Bn in 2018 and is projected to expand at a CAGR of 8.5% from 2019 to 2027.
Global Biological Imaging Reagents Market: Overview
- Biological imaging reagents are substances used in research and diagnosis purposes in imaging modalities, to enhance THE visualization of internal organs and in vivo live cell imaging.
- These reagents are used in different imaging modalities such as X-ray, MRI, and ultrasound for THE diagnosis of different diseases, as well as in drug discovery.
- Growth of the global biological imaging reagents market can be attributed to the rise in the demand for diagnostic imaging procedures across the globe.
- Asia Pacific is a highly lucrative market for biological imaging reagents, due to the improving healthcare infrastructure and increase in the geriatric population.
- North America dominated the global biological imaging reagents market in 2018, and the trend is projected to continue during the forecast period, due to the higher prevalence of diseases and high number of imaging procedures.
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High Prevalence and Increase in Incidence Rate of Chronic Diseases to Drive Market
- The prevalence of chronic diseases has increased in the past few years across the globe. These diseases include cardiovascular diseases, cancer, diabetes, and neurological disorders.
- These diseases need diagnostic imaging tests. Life science reagents such as biological imaging reagents are an integral part of a large number of diagnostic imaging tests. Hence, the high prevalence of these chronic diseases and increasing research activities to discover treatments for these diseases are propelling the global biological imaging reagents market. According to WHO, cardiovascular diseases account for around 17.9 million deaths globally every year, which constitutes an estimated 31% of all deaths.
- Rise in the number of diagnostic imaging procedures and increase in research activities for new drug development are the other factors driving the global market.
- Moreover, the launch of new imaging reagents and approval of products for specific indications in the past few years contributed to the growth of the global biological imaging reagents market.
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Nuclear Reagents to be Lucrative Option
- Based on class, the global biological imaging reagents market has been classified into contrast reagents, optical reagents, and nuclear reagents.
- The optical reagents segment dominated the global biological imaging reagents market in 2018. However, the contrast reagents segment is anticipated to dominate the global market from 2019 to 2027.
- Nuclear reagents are expected to be a highly lucrative segment during the forecast period, owing to the better visualization effects of imaging achieved by these reagents and rise in the demand for radiopharmaceutical agents in imaging modalities
Optical Imaging Dominated Global Market
- In terms of modality, the global biological imaging reagents market has been categorized into MRI, ultrasound, X-ray & CT, nuclear, optical imaging, and others. The nuclear segment has been bifurcated into PET and SPECT.
- The optical imaging segment dominated the global biological imaging reagents market in 2018, owing to advanced technologies in optical imaging and large number of research activities on this method.
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In-vivo to be Promising Application
- Based on application, the global biological imaging reagents market has been bifurcated into in vitro and in vivo.
- The in vitro segment has been classified into proteomics, genomics, and cell biology.
- In vivo is likely to be a highly promising segment in the next few years, owing to an increase in vivo research activities by CROs for drug discovery, and growth of the biopharmaceutical industry.
Life Science Companies to be Lucrative End Users
- In terms of end user, the global biological imaging reagents market has been divided into diagnostic laboratories, imaging centers, life sciences companies, academic & research institutes, and others.
- Life science companies are projected to be a highly lucrative segment during the forecast period. The segment is anticipated to expand at a high CAGR from 2019 to 2027.
- Increase in the research on new drugs & molecules and large number of collaborations between pharmaceutical companies and CROs are the major factors fueling the growth of the life science companies segment.
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North America a Prominent Market
- In terms of region, the global biological imaging reagents market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe dominated the global biological imaging reagents market in 2018.
- North America accounted for a major share of the global biological imaging reagents market in 2018. Higher number of imaging tests performed and rise in the prevalence of different diseases are factors accelerating the growth of the market in the region.
- Asia Pacific is likely to be a lucrative market for biological imaging reagents during the forecast period. The market in the region is projected to expand at a high CAGR from 2019 to 2027, due to increase in the geriatric population, rise in the patient pool affected by different diseases, and surge in investments by major players in different activities such as research.
- Bayer AG, Thermo Fisher Scientific, Inc., PerkinElmer, Inc., and Guerbet are the leading players in the global biological imaging reagents market.
- The global biological imaging reagents market is fragmented in terms of number of players. Key players in the global market include Bayer AG, Thermo Fisher Scientific, Inc., PerkinElmer, Inc., Guerbet, Lantheus Holdings, Inc., Bracco S.p.A., GE Healthcare, Becton, Dickinson and Company, Siemens Healthineers, and Luminex Corporation.
- New product approvals for specific indications, widespread distribution channels, and higher R&D investments are some of the key strategies adopted by major players operating in this market.
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