MEDICAL IMAGING REAGENTS MARKET ANALYSIS

Market Challenges And Opportunities

Global Medical Imaging Reagents Market Drivers:

Rise in burden of chronic diseases to drive market growth

One of the key factors expected to augment growth of the global medical imaging reagents market over the forecast period is the rise in prevalence of chronic diseases worldwide. Such a high burden of chronic diseases leads to an increase in demand for medical imaging reagents. According to the World Health Organization (WHO), cardiovascular diseases (CVDs) are the leading cause of death across the globe, taking an estimated 17.9 million lives each year. Rise in burden of these diseases lead to increase in demand for diagnostic or therapeutic imaging modalities, which, in turn, propel the growth of the global medical imaging reagents market.

Rise in focus on disease diagnosis to propel market growth

Another factor which is driving the growth of the global medical imaging reagents market is the rise in focus on disease diagnosis or increase in awareness for early disease diagnosis. For instance, early diagnosis of chronic diseases increases the chances of successful treatment. Thus, healthcare providers continue to emphasize early diagnosis of chronic disorders rather than overspending on expensive treatments. The World Health Organization (WHO) has also launched cancer prevention programs across different nations to improve the quality of life for cancer patients by implementing evidence-based strategies for prevention, early diagnosis, treatment, and palliation.

Global Medical Imaging Reagents Market Opportunities:

Rising number of diagnostic imaging centres is expected to offer significant growth opportunities for players in the global medical imaging reagents market. For instance, with the growing number of diagnostic imaging centres, the usage or demand for medical imaging reagents is also increasing with a rapid pace. For instance, RadNet Inc. has around 351 diagnostic imaging centre across the United States, and conducts more than nine million outpatient diagnostic imaging procedures every year. The primary objective of the company is to deliver high quality, conveniently accessible care in the most cost effective manner possible.

Growing geriatric population across the globe is expected to offer lucrative growth opportunities for players in the global medical imaging reagents market. For instance, aging can cause changes in heart and blood vessels that may increase the risk of developing cardiovascular disease. People age 65 and older are more likely than younger people to suffer from cardiovascular disease (CVD). According to the UN DESA’s Population Division, 1 in 6 people in the world will be over the age 65 by 2050, up from 1 in 11 in 2019. In many regions, the population aged 65 will double by 2050, while global life expectancy beyond 65 will increase by 19 years.

Global Medical Imaging Reagents Market Restraints:

Shortage or poor availability to hinder market growth

One of the key factors expected to hamper growth of the global medical imaging reagents market is the shortage or poor availability of imaging reagents. Imaging reagents are not always available for diagnostic purposes, owing to their limited availability globally. Shortage of imaging reagents, such as molybdenum-99 and technetium-99m, has also increased the cost of these reagents, making it difficult for end users to use imaging equipment for various purposes. Thus, scarcity of imaging reagents hamper the market growth, especially in developing countries. 

Lack of access to hamper the market growth

Another major factor that is hampering the growth of the global medical imaging reagents market is the lack of access in underdeveloped countries. Lack of financial resources, poor income, lesser number of diagnostic and pharmaceutical companies, and lack of advanced manufacturing systems hamper the growth of the medical imaging reagents market. Furthermore, inadequacy support by government agencies for adoption of medical imaging reagents and lack of trained professionals impede the market growth, especially in underdeveloped countries.