LONDON–The latest market research report by Technavio on the global medical imaging reagents market predicts a CAGR of close to 9% during the period 2017-2021.
The report has further categorized the global medical imaging reagents market into different segments based on product type (contrast reagents and nuclear imaging reagents) and geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global medical imaging reagents market, according to Technavio healthcare and life sciences researchers:
- Rising incidence of cardiovascular disorders and cancer: a major market driver
- In 2016, contrast reagents held the majority share of the global medical imaging reagents market
- The Americas is the largest revenue contributor to the global medical imaging reagents market
- Bayer, Medtronic, Bracco Diagnostics, GE Healthcare, Guerbet Group, and Lantheus Medical Imaging are the key players in the market
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Market growth analysis
One of the key factors driving the global medical imaging reagents market is the rising incidence of cardiovascular disorders and cancer. Globally, there has been an increase in the incidence of cardiovascular diseases (CVDs) such as angina, myocardial infarction, stroke, heart failure, venous thromboembolism, heart arrhythmia, and their associated risk factors. CVDs are expected to cause around 19 million deaths worldwide by 2020. In the European Union (EU), nearly 1.9 million people died due to CVDs in 2013. According to the Centers for Disease Control and Prevention (CDC), around 610,000 people in the US die from heart disease every year.
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According to Technavio researchers, the global medical imaging reagents market in the Americas is predicted to witness high growth rate. The growth is attributed to the rising prevalence of CVDs and cancer, the availability of developed healthcare infrastructure, high healthcare expenditure, and the availability of favorable reimbursements. In the US, reimbursements to the clinicians for low osmolar contrast reagents (LOCAs) are provided by Medicare. The availability of favorable reimbursements has encouraged several patients in countries such as the US to undergo medical diagnostic imaging examinations.
According to Ramakrishna Edupulapati, a lead analyst at Technavio for research on medical imaging, “In the Americas, key vendors such as Lantheus Medical Imaging and GE Healthcare have a strong market presence and a significant proportion of their revenues comes from countries such as the US. These vendors also engage in strategic collaborations and supply agreements to strengthen their presence in the market. In January 2016, Lantheus Medical Imaging entered into a long-term supply and distribution agreement with Isologic Innovative Radiopharmaceuticals to supply its products to Isologic Innovative Radiopharmaceuticals in Canada under certain commercial terms.”
Competitive vendor landscape
A major share of the global medical imaging reagents market is held by key vendors and therefore, the market is highly concentrated. These vendors offer a broad range of products, and possess substantial financial, manufacturing, sales, marketing, and distribution resources. They also make significant investments in R&D and have a strong geographical coverage. Vendors are competing on factors such as price, R&D, quality parameters such as efficacy, product portfolio, regulatory approvals, and distribution networks.
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