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The global Medical Imaging Reagent Market size was USD 252.48 billion in 2022, and is expected to reach a value of USD 464.17 billion in 2032, with a CAGR of 7%

NEW YORK CITY, NY, UNITED STATES, July 7, 2023/EINPresswire.com/ -- The global Medical Imaging Reagent Market had a size of USD 252.48 billion in 2022. It is projected to reach USD 464.17 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7% during the forecast period. The growth of the market's revenue can be attributed to the increasing prevalence of chronic illnesses, the demand for non-invasive diagnostic treatments, and advancements in medical imaging techniques.

Medical imaging reagents are chemical substances employed in imaging procedures to enhance the visibility of internal body features. These reagents encompass contrast agents, radiopharmaceuticals, and optical imaging agents. With the rising incidence of chronic diseases like cancer, cardiovascular disorders, and neurological conditions, the demand for medical imaging reagents is on the rise. These conditions are frequently diagnosed and monitored using medical imaging techniques such as computed tomography (CT), Magnetic Resonance Imaging (MRI), Positron Emission Tomography (PET), and single-photon emission computed tomography (SPECT).

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The market for medical imaging reagents is expanding due to the growing preference for non-invasive diagnostic methods. Non-invasive techniques are favored due to their lower discomfort and reduced risks compared to invasive procedures. Medical imaging tools provide comprehensive information about internal body components without the need for surgery or other invasive treatments. Consequently, the utilization of medical imaging methods has increased, leading to a higher demand for the reagents employed in these procedures.

Segments Covered in the Report –

By Product Type Outlook-

• Contrast Reagents
o X-ray Contrast Reagents
o MRI Contrast Reagents
o CT Contrast Reagents
o Ultrasound Contrast Reagents
• Optical Reagents
• Nuclear Reagents

By Application Outlook-

• Oncology
• Cardiology
• Neurology
• Gastroenterology
• Others

By End-User Outlook-

• Hospitals
• Diagnostic Imaging Centers
• Research Institutes

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Strategic development:

• GE Healthcare and Osprey Medical joined forces in 2021 to distribute Osprey's DyeVert contrast minimization device. This device is designed to reduce the amount of contrast used in imaging procedures, thereby enhancing patient safety.

• In 2020, Bracco Imaging S.p.A. completed the acquisition of Blue Earth Diagnostics, a specialist in molecular imaging agents for cancer diagnosis. The acquisition, valued at $450 million, aimed to expand Bracco's product portfolio in the field of oncology.

• Bayer Healthcare LLC made headlines in 2020 with its acquisition of Asklepios BioPharmaceutical, Inc., a company renowned for its expertise in gene therapy research and development. The acquisition, valued at $4 billion, aimed to bolster Bayer's presence in the gene therapy market.

• In another strategic move in 2020, Guerbet SA announced a collaboration with IBM Watson Health. Their partnership aimed to develop an innovative artificial intelligence platform for medical imaging analysis. This platform harnesses the power of machine learning algorithms to enhance the accuracy and efficiency of medical imaging diagnoses.

Competitive Landscape:

• The global medical imaging reagent market features several key players, including Bracco Imaging S.p.A., GE Healthcare, Bayer Healthcare LLC, Mallinckrodt Pharmaceuticals, Lantheus Medical Imaging, Inc., Guerbet SA, Fujifilm Holdings Corporation, Siemens Healthineers, Koninklijke Philips N.V., PerkinElmer, Inc., and Thermo Fisher Scientific, Inc.

• Bracco Imaging S.p.A. is a prominent player in the market. They focus on developing and distributing medical imaging products, including contrast agents and medical devices. The company has made strategic acquisitions, such as the purchase of Blue Earth Diagnostics in 2020, to expand their offerings in the field of oncology.

• GE Healthcare is a renowned global provider of medical imaging and healthcare solutions. They offer a wide range of imaging products, including contrast agents and medical imaging devices. In 2021, GE Healthcare collaborated with Osprey Medical to distribute Osprey's DyeVert contrast minimization device, which improves patient safety by reducing the amount of contrast used during imaging procedures.

• Bayer Healthcare LLC is a significant player in the medical imaging reagent market, with a focus on pharmaceuticals and life sciences. In 2020, they acquired Asklepios BioPharmaceutical, Inc., a company specializing in gene therapy research and development. This acquisition aimed to strengthen Bayer's position in the gene therapy market.

• Mallinckrodt Pharmaceuticals, Lantheus Medical Imaging, Inc., Guerbet SA, Fujifilm Holdings Corporation, Siemens Healthineers, Koninklijke Philips N.V., PerkinElmer, Inc., and Thermo Fisher Scientific, Inc. are also notable players in the market, offering a variety of medical imaging reagents and related products.

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These companies play a crucial role in driving innovation, technological advancements, and research in the medical imaging reagent market, contributing to improved diagnostic capabilities and patient care.

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