PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388769
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1388769
Biologic imaging reagents, also referred to as biological imaging probes or contrast agents are substances or molecules employed in various imaging techniques to improve the visualization and examination of biological structures and processes. Fluorescent probes and dyes, nanoparticles, fluorescent proteins, magnetic resonance imaging, ultrasound along with X-ray contrast reagents, and imaging radiopharmaceuticals are all used in the biological and healthcare imaging reagents industry. These reagents play an important role in the diagnosis and monitoring of oncological, cardiovascular, neurological, and other illnesses. Gallium, Fluorine, and nitrogen are regularly used imaging reagents for PET, while indium, gallium, iodine, technetium, and xenon are commonly used imaging reagents for SPECT. Biologic imaging reagents are important in biomedical studies, diagnostics, and medical imaging because they help researchers and clinicians understand the structure and function of biological systems, diagnose disorders, and monitor therapy responses.
Cardiovascular diseases often progress silently over an extended period before symptoms manifest. The utilization of biological imaging reagents in techniques such as MRI, CT, or nuclear medicine scans can assist in the early identification of these diseases, enabling prompt intervention and treatment. As per the World Health Organization, Cardiovascular diseases (CVDs) stand as the primary cause of mortality worldwide. In 2019 alone, an estimated 17.9 million individuals succumbed to CVDs, accounting for 32% of all global deaths. Among these fatalities, 85% were attributed to heart attacks and strokes. Moreover, the continuous advancements in Imaging Technologies and the augmented investments in healthcare infrastructure embrace new prospective for market growth. Nevertheless, stringent regulatory oversight and substantial funding requirements may impede the expansion of the market.
The Global Biologic Imaging Reagents Market is segmented on the basis of Product Type, Application, End-User, and Region.
The market is divided into three categories based on product type: MRI Reagents, Ultrasound Reagents and X-ray & CT Reagents. The demand for MRI reagents in the biologic imaging reagents market is significant, fueling advancements in magnetic resonance imaging technology. These reagents enhance the contrast and visibility of tissues and organs in MRI scans, contributing to more accurate and detailed diagnostic imaging in various medical applications, including oncology and neurology.
The market is divided into two categories based on application: In Vitro and In Vivo. In Vitro, the segment holds a dominant position in the market, primarily driven by the surge in demand for research tools, diagnostics, and laboratory techniques in the life sciences and medical domains.
The market is divided into five categories based on End-User: Diagnostic Laboratories, Imaging Centers, Life Science Companies, Research and Academic Institutes, and Others. Imaging Centers dominate the market, due to the growing need for cutting-edge diagnostic imaging services and technologies.
Geographically, this market is widespread into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America's dominance in the market is attributed to its sophisticated healthcare infrastructure and advanced imaging technology. The region is home to cutting-edge healthcare facilities, research institutions, and medical centers that are equipped with state-of-the-art imaging technology. This robust infrastructure creates a strong demand for high-quality biologic imaging reagents. In 2018, the United States allocated 16.9 percent of its gross domestic product (GDP) to healthcare, which is nearly double the average expenditure of OECD countries. Switzerland, the second-highest-ranking country, spent 12.2 %. In contrast, New Zealand and Australia allocated only 9.3 percent, approximately half of what the United States spent, according to the Commonwealth Fund. Europe, on the other hand, holds the second largest share in the Biologic Imaging Reagents market, primarily due to the increased prevalence of chronic diseases.
The market for Biologic Imaging Reagents is fiercely competitive, with numerous companies and research institutions vying for a significant share. These reagents are essential in various fields, including medical diagnostics, life sciences research, and pharmaceutical development. To improve imaging capabilities, sensitivity, and specificity, companies invest heavily in research and development to introduce innovative reagents and technologies. As technology advances and the demand for precise and reliable imaging in scientific and medical domains grows, the Biologic Imaging Reagents market remains dynamic and constantly evolving. As an illustration, At the European Congress of Radiology (ECR), Royal Philips, a worldwide pioneer in health technological advances, recently announced its radiology range of smart linked imaging equipment and vendor-neutral integrated radiology workflow technologies.
On Dec. 31, 2020, Thermo Fisher Scientific, the global frontrunner in scientific services, has successfully finalized the acquisition of Phitonex, Inc., a company headquartered in Durham, North Carolina. Phitonex, Inc. is renowned for its groundbreaking spectral dye platform, which greatly enhances the precision of biological studies. This cutting-edge technology is specifically tailored to expedite advancements in cell therapy, immuno-oncology, and immunology research.
The scope of this report covers the market by its major segments, which include as follows: