The global medical imaging reagents market is anticipated to grow significantly over the forecast period. Medical imaging reagents are compounds designed to improve the image created through imaging devices. Reagents allow doctors to analyze whether a tumor is benign or malignant and facilitates to trace any cancerous spot in the body. The improvement of medical imaging reagent includes synthesizing it to target that is a biological process, thereafter imaging systems are attuned to counteract the particular target. Imaging reagents are first studied on animal research before engaging in human medical studies.
The development of the medical imaging reagents market can be attributed to the growing demand for functional imaging diagnostic and technologies. Moreover, players in this sector are trying to stay up to date with technological modernization such as hybrid imaging modalities (PET + CT and SPECT + MR), which would on the other hand enhance the market growth of imaging reagents such as nanoparticles and nuclear reagents. Rising number of cancer patients requires superior diagnostic imaging technologies such as photoacoustic imaging and imaging reagents for improved diagnosis, avoidance, and treatment of the disease, as a result of rise in the demand for medical imaging reagents. Additionally, development in medical imaging reagents sciences is expected to drive the growth of imaging reagents market. On the basis of class, the medical imaging reagents market is segmented as, optical, contrast, and nuclear reagents. The contrast reagents market accounted for the largest market share. Though, amongst these categories, the nuclear reagents market is expected to register the highest growth rate. Furthermore, on the basis of technology the market is segmented in five categories; fluorescent proteins, nanoparticles, quantum dots, radiopharmaceuticals, fluorescent dyes, and probes. The radiopharmaceuticals accounted for the highest market share due to increasing awareness of high patient preferences and radioisotopes. However, nanoparticles technology is expected to grow at the fastest growth rate for the estimated period. Geographically the market is segmented into four major regions North America, Europe, Asia-Pacific, and RoW. North America accounted for the highest market share followed by Europe, though Asia-Pacific is expected to register the highest growth rate for the estimated period. Amongst the application area drug discovery and development are expected to register the highest growth rate for the estimated period, however in terms of revenue diagnostics market accounted for the highest market share.
Key players of this market include Bracco Imaging SpA, Bayer Healthcare AG, Lantheus Medical Imaging, Inc., GE Healthcare, Siemens Healthcare, Mallinckrodt Pharmaceuticals, and Thermo Fisher Scientific, Inc.
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Multiple therapeutic regimens are being followed across the globe in attempts to come up with a reliable treatment for Covid-19. One line of treatment includes the use of hydroxychloroquine, while a second treatment line focuses to use antiviral drugs used in the disease management of HIV. Both these approaches have surged demand from advanced antivirals and antimalarial drugs. This impacts the drug manufacturers as an off label indication for these drug classes has to be worked upon. At the moment, the WHO has not prescribed any of these approaches, neither they have commented if one is better than the other. The report will account for Covid19 as a key market contributor.