Biological Imaging Reagents Market Upcoming Challenges and Future Forecast
Biological Imaging Reagents are substances used to conduct diagnosis or research. They assist in the detection of biological processes at the molecular level. Biological Imaging Reagents play an important role in pharmaceutical, biotechnology, and medical industries. Imaging and detection technologies are used extensively in medicine, pharmaceutical, and biotechnology research fields. Traditional imaging techniques, such as ultrasound (US), computed tomography (CT), x-ray, nuclear medicine (NM), and magnetic resonance imaging (MRI), primarily analyze anatomy and morphology, and cannot detect changes at the molecular level. However, new developments in biotechnology allow imaging at the cellular and molecular level, thus paving the way for earlier diagnosis and treatment of diseases.
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High prevalence of diseases such as cardiovascular diseases, neurological diseases, and cancer; rise in patient awareness about several diseases; growth in research and development initiatives; and increase in demand for diagnostic imaging devices such as MRI and x-ray devices are the primary factors driving the Biological Imaging Reagents market. According to the WHO, cardiovascular diseases is one of the leading causes of death across the globe. In 2016, out of the 16 million deaths under the age of 70 years were due to non-communicable diseases, 37% were caused by cardiovascular diseases. According to WHO report published in 2015, the number of new cases of cancer is expected to rise by about 70% over the next two decades. Advancement in technologies such as PCR (polymerase chain reaction), DNA sequencing and biochips, are expected to fuel the overall Biological Imaging Reagents market. High cost of reagents and challenges in storage conditions are expected to hamper the Biological Imaging Reagents market.
The Biological Imaging Reagents market can be segmented based on product type, technology type, application type, end-user, and geography. In terms of product type, the biologic imaging market can be classified into MRI reagents, ultrasound reagents, x-ray, and CT reagents. Based on technology type, the biologic imaging market can be divided into nanotechnology, biologic targeting, microfluidics, supramolecular chemistry, and protein engineering. In terms of application type, the biologic imaging market can be segregated into cardiovascular, oncology, and neurology. Cardiovascular is a rapidly growing segment of the Biological Imaging Reagents market owing to the increase in prevalence of cardiovascular diseases across the globe. According to the WHO, 17.5 million people died from cardiovascular diseases in 2012, representing 31% of all the global deaths. Of these, 7.4 million deaths were due to coronary heart diseases, while 6.7 million were due to stroke. In terms of end-user, the biologic imaging market can be split into diagnostic laboratories, life sciences, and research & development.
Based on geography, the biologic imaging reagent market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the global Biological Imaging Reagents market owing to the presence of sophisticated infrastructure, high patient awareness, and high per capita health care expenditure. Early-phase diagnosis and treatment of disease is driving the medical biotechnology market. This, in turn, is anticipated to drive the Biological Imaging Reagents market in North America. Europe is also a key region of the Biological Imaging Reagents market due to the presence of favorable government policies regarding health care infrastructure and high awareness among patients. The Biological Imaging Reagents market in Asia Pacific is estimated to expand at a fast pace during the forecast period, led by the increase in population, changing lifestyle. Additionally, economic growth is boosting health care infrastructure in developing countries such as India and China. These factors are propelling the Biological Imaging Reagents market in Asia Pacific.
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Key players operating in the global Biological Imaging Reagents market include Beckman Coulter Inc., Johnson and Johnson, Bayer Healthcare AG, Bracco Imaging, Siemens Healthcare, Cardinal Health, Thermo Fisher Scientific, Bioresearch Technologies, and Luminex Corporation.
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