Imaging reagent market to reach $18.5B by 2019

The global medical imaging reagents market will reach an estimated value of $18.5 billion by 2019 based on a projected compound annual growth rate of 8.8 percent, according to a report published by Transparency Market Research.

Increasing demand and technological innovations such as hybrid imaging will propel growth. Transparency Market Research cited estimates from the Union for International Cancer Control, which pegged the number of cancer cases to rise by 75 percent and reach approximately 25 million in the next 20 years. That would also mean higher demand for medical imaging reagents used to diagnose and monitor the disease.

The contrast market makes up the largest share of the overall medical imaging reagent market, however the nuclear reagent market is projected to see the fastest growth.

North America accounted for over 40 percent of the reagent market in 2012, making it the largest geographical market, according to the report. Europe was the second largest market, though Asia Pacific will see the fastest growth, thanks to rising incomes and growing awareness of chronic disease.