Biological Imaging Reagents Market size was estimated over at USD 13.3 billion in 2024 and is projected to attain USD 31.7 billion in 2037 surging at a CAGR of 7.5% during the forecast period from 2025 to 2037. In 2025, the industry size is anticipated to reach USD 14.3 billion.
The biological imaging reagents market is expanding due to the rising prevalence of chronic conditions, for instance, as per WHO data in May 2023, there was an astounding increase of 90% in the absolute numbers of chronic diseases. Cancer, diabetes, respiratory disorders, and cardiovascular diseases will be responsible for 86% of the 90 million deaths that occur annually.
This necessitates sophisticated imaging methods for early diagnosis, efficient monitoring, and treatment assessment in real-time. This drives the need for AI-driven techniques and innovative solutions. For instance, in September 2023, Bracco Imaging S.p.A. and Subtle Medical, Inc. announced a global agreement to develop artificial intelligence (AI)-driven contrast media for magnetic resonance imaging (MRI). Through this partnership, the company aimed to expand its customer base and market reach. In addition, the demography needs to make changes in a sedentary lifestyle, inclining towards a rich diet and adopting measures to mitigate obesity rates.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
7.5% |
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Base Year Market Size (2024) |
USD 13.3 billion |
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Forecast Year Market Size (2037) |
USD 31.7 billion |
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Regional Scope |
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Application (Clinical diagnostics, Drug discovery and development, Research and innovation, Other applications)
Clinical diagnostics segment in the biological imaging reagents market is purported to be the largest segment with a lucrative share of 42.3% as advanced diagnostic tools for early and accurate detection of diseases increase the demand. Imaging reagents are contrast agents used in MRI and CT scans or radiopharmaceuticals in PET scans. For instance, The FDA published a report in March 2024 stating the fact as of July 2023, that 692 AI-enabled medical devices had been approved for sale out of which 75% are used in the radiology field.
Imaging Modality (MRI, Ultrasound, X-ray and CT, Optical imaging, Nuclear imaging)
Advanced optical imaging tools such as sensitivity and resolution improvement continue to enhance optical imaging's usefulness in both research and clinical applications. Ongoing technological development along with expanding applications into drug discovery, disease diagnosis, and therapeutic monitoring are expected to trend the optical imaging segment further. The researchers seek novel solutions to monitor biological activities in real time. For example, GE HealthCare announced in November 2023 the launch of MyBreastAI suite, a platform of AI apps that helps with imaging workflows and breast cancer detection.
Our in-depth analysis of the biological imaging reagents market includes the following segments:
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Product Type |
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Imaging Modality |
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End user |
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Application |
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North America Market Statistics
North America will have the largest revenue share of 33.7% for biological imaging reagents market owing to the integration of Artificial Intelligence (AI) in imaging technologies by healthcare facilities. Furthermore, the instances of chronic diseases are proportionately increasing. For instance, in February 2024, it was published that 42% of the people in America are dealing with multiple chronic conditions having 2 or more such conditions. Further, 12% of the population has at least 5 chronic diseases. In addition, the adoption of cures at an early stage with efficient diagnostic options remains a dynamic area in the market.
The U.S. biological imaging reagents market is characterized by a robust ecosystem and advanced research capabilities in imaging reagents fostering a competitive environment. For instance, in May 2024, Merck KGaA, a German company, declared its intention to purchase the U.S.-based life science company Mirus Bio for a sum of USD 600 million. In this acquisition, Mirus Bio delivered its expertise in the creation and marketing of transfection reagents to enhance Merck KGaA's capabilities in the production of viral vectors.
With the well-established healthcare system in Canada clubbed with investments by private and public entities in the country, the landscape in biological imaging reagents is transforming. In June 2024, ISOLOGIC Innovative Radiopharmaceuticals announced an investment of USD 29.9 million. This significant approach was attributable to the enhancement of Canada's medical isotope supply chain, a component of Quebec's life sciences ecosystem. Furthermore, it aimed to bolster the industry's expansion and reaffirm its pivotal position in nuclear medicine.
Asia Pacific Market Analysis
During the forecast period 2025-2037, Asia Pacific is expected to grow significantly in the biological imaging reagents market. Due to large unmet medical needs and strong economic development, remarkable progress is being made to deliver effective medical solutions and enhance patient care. Moreover, there is a shift towards tailored imaging reagents for reaping specific and reliable insights into patients’ health profiles. In addition, to meet the growing need for diversified requisites by researchers and healthcare providers within the region, the biological imaging reagents market is witnessing substantial growth.
In China, the development and uptake of advanced imaging reagents are facilitated by strong funding and emphasis on biomedical research. Effective reagents and applications are evolved through partnerships with global establishments. For instance, in February 2024, a partnership between Bio-Gene Technology and IDEA Bio-Medical was announced to leverage more holistic research capacity in automated microscopy and image analysis systems. This assisted the researchers in China to empower their cell research and utilize 3D and Zebrafish models for biological studies.
India is striving to revamp its existing healthcare infrastructure and establish new facilities. This revolution in the country focuses on stimulating increased access to healthcare services and innovative diagnostics tools. For instance, in May 2021, Voxtur Bio built a 40,000-square-foot, state-of-the-art facility in Vasai to increase its manufacturing strength. Furthermore, it has a monthly production capacity of 12 million diagnostics tests. With its reasonably priced, top-notch IVD test kits and reagents, Voxtur Bio hopes to secure the largest share within India.
Key players include major biotechnology firms and manufacturers focusing on reagents for fluorescence, microscopy, and other imaging modalities. The trend for specificity and sensitivity of products to cater to the differentiated needs in the biological imaging reagents market is propelling growth. For instance, in July 2024, the imaging segment of GE HealthCare reported revenues of USD 2.5 billion for the second quarter of last year and reflected flat revenue growth of USD 2.62 billion in organic imaging. The imaging EBIT grew by 3% to reach USD 286 million.
Major contributors are:
Author Credits: Radhika Pawar
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