Sales of Imaging Agents is Projected to Reach At Valuation of US$ 13.6 Billion By the end of 2027: Fact.MR Study
FACT.MR
6 min read
FACT.MR
Growing demand for image-guided operations and an increase in the number of cancer & cardiovascular cases worldwide will drive market expansion of imaging agents
Rockville, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Worldwide sales of imaging agents are predicted to rise at a CAGR of 6% by 2027, says Fact.MR, a market research and competitive intelligence provider. The market is projected to reach US$ 13.6 billion by the end of 2027.
Medical imaging agents are chemicals that essentially allow specialists to see how certain inside organs, tissues, or vessels operate during examinations or medical operations. Doctors widely employ imaging to diagnose conditions such as osteoarthritis, bone fractures, bone loss, and calcification because they help uncover interior hidden parts.
Over the coming years, the rising prevalence of chronic ailments such as cancer and cardiovascular diseases is anticipated to increase the demand for medical imaging agents globally. The market's overall expansion is also being fuelled by favorable government initiatives, advancing healthcare facilities, and advanced illness screening programs. The market for medical imaging agents is also expected to experience healthy growth due to the introduction of new, inventive agents that help reveal more information.
North America dominates the market for medical imaging agents because of its technological advancements and easy accessibility to established healthcare facilities. Over the years ahead, the Asia Pacific market is anticipated to develop significantly due to an increase in the number of people suffering from serious illnesses. People who routinely smoke and are exposed to different pollutants are more likely to develop cardiovascular disorders.
For instance, according to the Centers for Disease Control and Prevention, over 1.5 million heart attacks and strokes occur in the United States each year. Furthermore, it has been noted that around 160,000 of the over 800,000 yearly deaths from cardiovascular disease occur in those under the age of 65.
Imaging procedures utilising imaging agents are followed to prevent and treat cardiovascular problems. Cardiologist additionally uses microbubble contrast agents to spot alterations or obstructions in the arteries. They improve the imaging quality of the heart and blood vessels, making it possible to see them more clearly. They can also help in the evaluation of a patient's heart status after surgery.
Key Takeaways from Market Study
The global market for imaging agents is currently valued at US$ 10.2 billion.
The market is projected to reach US$ 13.6 billion by the end of 2027.
China’s imaging agents market is predicted to surge ahead at a CAGR of 10% from 2022 to 2027.
Global sales of diagnostic radiopharmaceuticals are predicted to rise at a CAGR of 7.5% during the next 5 years.
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To raise public awareness of the presence of superior imaging agents, which should accelerate the sector's growth in the coming years, major industry participants are also putting forth promotional and marketing efforts.
To maintain market competition, key players in the imaging agents market are using a variety of growth strategies with ongoing technological advancements.
The U.S. FDA approved Lantheus' PYLARIFY, a PSMA PET imaging agent for cancer related to the prostate, in May 2021. PYLARIFY injection aids in the visualisation of soft tissue, bone, and lymph node metastases to identify the presence of advanced or recurring prostate cancer. The company's entire product portfolio has improved due to this innovative method.
The U.S. FDA approved TAUVID and AMYVID (Florbetapir F 18 Injection) in May 2020 for Avid Radiopharmaceuticals, Inc., a division of Eli Lilly and Company. This imaging agent for positron emission tomography (PET) gives doctors useful knowledge about Alzheimer's disease. This approval aided the business in expanding its selection of imaging agents and boosted its income generation.
Fact.MR, in its new offering, presents an unbiased analysis of the global imaging agents market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of modality (diagnostic radiopharmaceuticals, X-ray, computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, others), product (iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, barium-based contrast media), application (oncology, cardiology, gastrointestinal, neurology, others), and end user (hospitals, ambulatory surgical centers, diagnostic & imaging centers, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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