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World Imaging Agents Market to Exceed US$14 Billion by 2015, According to New Report by Global Industry Analysts, Inc.

GIA announces the release of a comprehensive global report on Imaging Agents markets. The world imaging agents market is projected to cross US$14 billion by 2015. The market is primarily driven by growing volumes of diagnostic examinations and widening applications. Besides this, developing countries, specifically Asian countries such as India and China, are considered as the new beacons for growth in the imaging agents market, particularly in light of commendable economic growth.

Though the recession held a significant impact on the imaging equipment market, with marked slowdown on purchase of capital equipment, the impact on the imaging agents market has been less severe, as stated by the new market research report on Imaging Agents. This is mainly due to the wide availability of existing equipment in key markets including Europe and the US and increasing focus on diagnostic examinations that facilitate early identification of the disease and its treatment. Demand for imaging agents moves in sync with diagnosis and management of several age-related diseases including cancer, cardiovascular disease, and neurological disease. Prevalence of these diseases has augmented in recent years with increase in percentage of senior population worldwide. Moreover, spurred by expansion of imaging modalities in new clinical applications and technological advancements, the imaging agents segment is expected to recover quickly and achieve significant growth rates.

The US is the largest imaging agents market worldwide, accounting for an estimated 40% share of the global market. Japan and Europe are the two other significant markets for imaging agents globally. The recession has augmented the growing clout of developing nations such as India and China in the global arena. With the US embracing itself for the healthcare reforms and Europe recovering from the huge deficits due to the bailouts, firms are increasingly focusing on expansion in developing markets of Asia, Latin America and Eastern Europe that enjoy attractive budgets at their disposal.

Contrast agents have evolved significantly, starting initially from barium and iodine based agents that were used for over half a century to newer variants compatible with modern imaging techniques such as CT, MRI, ultrasound, and PET. Highly developed contrast agents used nowadays bring brighter and clearer images for greater accuracy in medical diagnosis. Increased market penetration of medical imaging equipment is expected to lead to significant opportunities for the use of contrast agents. X-ray contrast media, the dominant segment, is ceding market space to relatively emerging segments including MRI, ultrasound and diagnostic radiopharmaceuticals. The global ultrasound contrast media market is forecast to hold lucrative opportunities. Being based on the gas microbubble technology, ultrasound agents produce less adverse effects in comparison to that of gadolinium or iodine-based contrast agents. Reimbursement issues and procedural volumes are two key factors that exert a significant impact on market dynamics. Increasing concerns over radiation exposure is resulting in innovation of faster scanners for imaging, which in turn exacerbates the need for faster contrast media injectors. These new injectors are likely to curtail the amount of contrast agent used.

Radiopharmaceuticals are driving growth owing to an increasing number of PET procedures and nuclear medicine along with the rising amount of professional preferences for high value-added biotechnology-derived substances serving the purpose of enhancing image resolution and detail.

The global marketplace comprises several well-established players in different market segments. No single player has managed to emerge as the leader across the entire spectrum of contrast media and agents, with different companies occupying leadership position in different categories. Leading market participants profiled in the report include AMAG Pharmaceuticals Inc, GE Healthcare, Bayer Schering Pharma AG, Bayer HealthCare Pharmaceuticals, Bracco Group, Covidien, Cytogen Corp, Daiichi Sankyo Company Limited, Eisai Co Ltd., Guerbet Group, and Lantheus Medical Imaging .

The report titled "Imaging Agents: A Global Strategic Business Report" provides a comprehensive review of market trends, drivers, challenges, product profile, players, competition, technological developments, research and development activity, recent developments, mergers, acquisitions, and other strategic industry activities. Analysis is presented for major geographic markets such as United States, Japan, France, Germany, the UK, Italy, Asia, Latin America and the Middle East. Product segments analyzed include Contrast Media ( x-ray imaging agents, MRI imaging agents and Ultrasound imaging agents) and Diagnostic Radiopharmaceuticals.

Source: Global Industry Analysts, Inc.

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