Research Antibodies Market Worth $5.6 Billion By 2027

The global research antibodies market size is expected to reach USD 5.6 billion by 2027, exhibiting a CAGR of 6.2% over the forecast period, according to a new report by Grand View Research, Inc. Major market drivers include rise in R&D initiatives undertaken by biopharmaceutical and biotechnology companies and government bodies, growing interest in the study of neurobiology and stem cell, availability of technologically advanced products, and strategic collaborations among various market players and academic research organizations.

Designer antibodies are also anticipated to attract the attention of various academic organizations for their use in the R&D of novel products. For instance, in April 2019, scientists from ALS Canada Research Program developed a set of antibodies that can help in the detection of misfolded TDP-43 in various lab experiments that utilize post-mortem brain tissues. Rising usage of research antibodies for the development of novel diagnostic therapies is thus anticipated to fuel market growth in the near future.

Increase in the usage of research antibodies to develop treatment options for various diseases is also expected to boost market growth during the forecast period. For instance, in June 2019, the Institute of Life Sciences (ILS, India) developed antibodies against chikungunya viral infection. These antibody structures were developed to aid in the understanding of various aspects of virus pathogenesis, entailing further research on antiviral therapies. Growing government funds and initiatives for R&D is anticipated to fuel the Asia Pacific market during the forecast period. According to the 2018-2019 Australian Budget, approximately USD 94 million was estimated for four years for new industry collaborations, research as well as new biomedical and medical programs.

Additionally, rise in funds invested by pharmaceutical and biotechnology companies to enhance the study of proteomics and genomics is expected to drive the market. For instance, in 2017, Biognosys Inc. raised USD 5 million in funds to increase, advance, and develop next-generation proteomics products and workflow for high throughput and high content protein analysis. Rise in the number of major market players investing in advanced technologies and collaborating with other market players is also anticipated to positively impact market potential in the near future. For instance, Abcellera uses technologically advanced techniques to test antibodies from single B cells, map and screen natural immune responses, and to discover novel antibody therapies. The company has also partnered with Sanofi, Pfizer, Teva, Merck, and GSK to discover and develop new antibody-based therapies.

North America dominated the research antibodies market in owing to increasing focus on R&D in the fields of biomedicine, stem cell, and cancer. Rising prevalence of chronic diseases such as cardiovascular and blood diseases is also expected to fuel market growth.

Launch of novel antibody structures for diagnosis of various diseases is also a major factor expected to boost the market. For instance, in August 2018, BioGenex launched a range of new antibodies for its use in cancer immunohistochemistry. The company’s immunohistochemistry solution offers about 400 reagents, primary antibodies, consumables, and ancillaries. Key players in the market include Abcam Plc; Bio-Rad Laboratories Inc.; PerkinElmer, Inc.; Agilent Technologies; Roche; Cell Signalling Technology, Inc.; Thermo Fisher Scientific; Lonza Group; and BD.

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Further key findings from the study suggest:

By product, primary antibodies held the dominant share in 2019 in terms of revenue owing to greater specificity, therefore leading to increased adoption in R&D activities
Based on type, monoclonal antibodies captured a substantial market share in 2019 as they offer higher sensitivity for detection of antigens and also showcase efficient staining properties for various applications
The Western blotting technology segment has witnessed exponential growth owing to increasing prevalence of diseases with limited treatment options and rise in R&D activities conducted by pharmaceutical and biotechnology companies and academic institutes
Based on end use, pharmaceutical and biotechnology companies were dominant in terms of revenue in 2019 owing to increased adoption of research antibodies in drug development and discovery
North America accounted for a substantial share of the research antibodies market in 2019, which is attributable to high presence of many biotechnologies as well as biopharmaceutical manufacturers, research academies, and laboratories.

Active Pharmaceutical Ingredients Market Worth $286.6 Billion By 2027

The global active pharmaceutical ingredient market size is expected to reach a value of USD 286.6 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 6.7% over the forecast period. Factors, such as increasing preference for outsourcing APIs and growing prevalence of various target diseases such as cancer and Cardiovascular Diseases (CVDs) are expected to drive the market growth.

A steady rise in consumer demand for APIs, especially in developing and under-developed countries, increases the adoption of these products. In addition, strategic collaborations play a key role in the adoption of these ingredients in various regions. For instance, in February 2019, Cipla Inc. partnered with Wellthy Therapeutics Private Limited to combine digital therapeutics and pharmacotherapy for better patient outcomes in cardiovascular diseases and diabetes.

Private and public initiatives to manufacture active pharmaceutical ingredients within their countries, especially in developing countries such as India, is expected to drive the growth of the market. For instance, API production in India is promoted under the “Make in India” initiative.

Presence of prominent players and increasing government initiatives for the development of pharmaceuticals in various regions are also expected to boost the market growth. Increasing consumer awareness and demand for economical and effective treatment strategies, especially in Asia Pacific and Middle East and Africa, are driving the sales channels. In addition, high adoption and growing usage of online pharmacies are likely to drive the e-commerce sales of APIs.

The API market is competitive in nature and is becoming increasingly competitive. Consequently, manufacturers are required to enhance products in order to gain advantage over previously marketed products. For instance, in March 2019, Dr. Reddy’s Laboratories Ltd. launched XCEED-a B2B customer service portal. The platform was designed to manage the growing demand for generic active pharmaceutical ingredients by significantly increasing operational efficiency.

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Further key findings from the report suggest:

On the basis of type of synthesis, the synthetic segment dominated the active pharmaceutical ingredients market in 2019 owing to easy availability of raw materials and easier protocols in place for the synthesis of these molecules
The biotech segment is estimated to register the highest CAGR owing to higher efficiency of these molecules and increasing demand for biopharmaceuticals
Captive manufacturers held the largest share in 2019 due to easy availability of raw materials
The merchant manufacturers segment is estimated to witness a lucrative CAGR over the forecast period
The generic segment is estimated to register the highest CAGR over the forecast period. The segment is driven by factors such as lower cost and expiration of patents of branded drugs
Asia Pacific is estimated to register a significant CAGR of 8.0% owing to the increasing number of pharmaceutical manufacturing plants in the region
Some of the key players in the API market are Mylan N.V.; Teva Pharmaceutical Industries Ltd.; Boehringer Ingelheim International GmbH; AbbVie Inc.; Merck & Co., Inc.; Cipla Inc.; Albemarle Corporation; Dr. Reddy’s Laboratories Ltd.; Bristol-Myers Squibb Company; Aurobindo Pharma; and Sun Pharmaceutical Industries Ltd.

Hybrid Imaging Market Size Worth $9.8 Billion By 2026

The global hybrid imaging market size is expected to reach USD 9.8 billion by 2026, according to a new report by Grand View Research, Inc., registering a 4.5% CAGR over the forecast period. Increasing demand for accurate diagnostic techniques for cancer and cardiac disorders is expected to drive the market. Rising government initiatives for creating awareness regarding multimodal imaging devices are also expected to contribute toward market growth.

Increasing installation of such devices in research centers and institutions to enhance diagnostics in the field of oncology, cardiology, neurology, and others is expected to boost market growth. Leading players in the market are showcasing various multimodal imaging devices at medical conferences to increase their product reach. However, high cost and complications associated with these devices is expected to impede market growth during the forecast period.

Hybrid imaging devices require skilled professionals to understand the data collected by these combined devices. Therefore, various training programmes are conducted by several non-profit and government funded organizations to increase the adoption of hybrid imaging devices for the diagnosis of a disease.

North America dominated the hybrid/multimodal imaging market in 2018 and is expected to grow at a significant rate during the forecast period. The growth observed in this region is largely due to presence of global players and increasing adoption of advanced equipment such as hybrid imaging devices. Moreover, increasing awareness regarding nuclear medicine and molecular diagnostics in the region is expected to contribute toward the growth in this region.

Asia Pacific is expected register the strongest growth over the forecast period. This can be primarily attributed to growing usage of advanced devices such as PET/CT systems in radiology departments across emerging economies. Thriving medical tourism in numerous countries has piqued the interest of global market players, who are looking to invest in the development and launch of advanced software in the region. The Europe market is fueled by ongoing efforts by various non-profit organizations in conducting educational and training programs for scientists, physicians, technologists, physicists, radiographers, and others in the field.

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Further key findings from the report suggest:

PET/CT systems held the largest share in 2018 based on type, and the segment is expected to grow at a significant pace due to increasing development and installation of these devices in various end users such as hospitals and diagnostic centers
SPET/CT systems segment in hybrid imaging market will exhibit the fastest growth rate during the forecast period. Data captured by SPET/CT helps in understanding the detailed morphology and pathogenesis of a disease, thereby enhancing the quality of diagnostic output
In 2018, the oncology segment held the dominant share of hybrid imaging systems market by application, largely due to increasing number of cancer cases and growing awareness for cancer diagnosis
The cardiology segment is expected to grow at the fastest pace during the forecast period. Cardiac hybrid imaging helps in accurately capturing morphological and functional information in a single setting, thereby easing the diagnosis of cardiac disorders
Hospitals held the largest market share in 2018 on the basis of end use, mainly due to higher installation of technologically advanced devices for early diagnosis and treatment of a disease
Geographically, Asia Pacific is expected to register the fastest growth rate during the forecast period due to increasing number of radiology departments in the region and launch of advanced software by leading players.

Molecular Cytogenetics Market Size Worth $3.8 Billion By 2025

The global molecular cytogenetics market size is expected to reach USD 3. 8 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a 10.4% CAGR during the forecast period. Mapping of human genome, coupled with continuous technological advancements in cytogenetic techniques, has enabled researchers to gain insight into the disease-causing mechanism at a genomic as well as the cellular level. Development in molecular technologies has helped in bridging the gap between molecular biology and cytogenetics, which was not possible using conventional cytogenetic techniques.

There is a continuous growth in awareness, and consequent adoption, of genetic tests for disease prognosis. These tests also help in designing further treatment regimes for widespread chromosomal abnormalities. This is sure to boost the market growth.

Incorporation of high throughput sequencers in the cytogenetic analysis is expected to significantly enhance the market growth in the coming years. A number of researchers and scientists have begun converging cytogenetics laboratories with NGS as they complement each other. Hence, with an exponential decline in sequencing prices, this market is expected to grow at a lucrative pace.

However, ambiguous regulatory and reimbursement scenario in certain regions pertaining to the implementation of genetic tests is expected to hamper the adoption of molecular cytogenetic techniques to a certain extent.

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https://www.grandviewresearch.com/industry-analysis/molecular-cytogenetics-market

Further key findings from the report suggest:

Oncology held the largest share in the market in 2016 owing to the ability of CGH technology to facilitate in-depth studies for cancer etiology
The use of molecular cytogenetics in personalized medicine development is expected to grow lucratively during the forecast period. This is majorly due to a continuous shift toward targeted therapies for effective disease management
The requirement of consumables in the entire cytogenetics process is attributive for the largest share of this product category
Ongoing research projects for developing a treatment regimen of different genetic conditions have allowed clinical and research laboratories to gain a significant share in the market
Pharmaceutical and biotech companies are expected to be a key source of revenue in the coming years. This is mainly because a number of pharmaceutical companies have expanded their business in the field of personalized medicine
Illumina, Inc.; Agilent Technologies, Inc.; Abbott; Bio-Rad Laboratories, Inc.; and Oxford Gene Technology are some prominent companies in the market. They are involved in the development and commercialization of cytogenetics techniques
Some major service providers are Weill Cornell Medicine; WiCell Research Institute, Inc.; ARUP Laboratories; and Integrated Systems Engineering S.r.l.

Latin America In Vitro Diagnostics Market Size To Reach $5.1 Billion By 2024

The latin america IVD market is expected to reach over USD 5.1 billion by 2024, according to a new report by Grand View Research, Inc. The Latin America IVD market is expected to grow at a significant CAGR till 2024 owing to the rising prevalence of target disorders, aging population, and the presence of favorable government initiatives for early disease diagnosis. Other factors that are anticipated to boost the growth include the introduction of technologically advanced instruments and the increasing R&D initiatives for the development of disease-specific kits.

Regular testing for diabetes, cardiovascular, cancer, and sexually transmitted diseases are necessary for the timely treatments, further avoiding the risk of fatal health complications. The availability of tests for home and near patient testing is estimated to further enhance the usage rates of these devices. From November 2015, the Anvisa, which is a regulatory body for medical devices in Brazil, has started allowing the registration for HIV self-testing kits.

The increasing adoption point of care devices coupled with the increasing awareness among the healthcare professionals regarding the early diagnosis of various diseases has provided a boost to the Latin IVD market. The rising epidemic of communicable diseases in the southernpart of Latin America, the growing need for rapid and accurate diagnostics, and the changing healthcare infrastructure scenario are some of the key drivers of the Latin IVD market.

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http://www.grandviewresearch.com/industry-analysis/latin-america-in-vitro-diagnostics-ivd-market

Further key findings from the study suggest:

The instrument segment is one of the most important segments of in vitro diagnostics. The presence of highly automated analyzers and the availability of over the counter products are some of the factors responsible for its significant share.
The Molecular diagnostics segment is anticipated to be the fastest growing technology over the decade. Molecular diagnostics is a transformative area of diagnostics. The continuous innovation in technology helps the physicians for critical decision making
The infectious disease segment held the largest share in 2015 over 24% owing to the presence of favorable government initiatives in association with the WHO to curb communicable diseases.
The home care segment is estimated to witness a significant growth over the forecast period. The high number of R&D initiatives undertaken by key competitors for the development of portable IVD devices with improved sensitivity and user-friendliness is a key factor attributing towards its growth.
In 2015, Brazil was the largest regional segment with a revenue generation of over USD 1.2 billion owing to the established healthcare infrastructure, growing awareness for cancer screening, and the increasing demand for genetic testing.
Peru is expected to be one of the fastest growing regions on account of the growing economic stability, high unmet clinical needs, and the rising disposable incomes
Key players operating in the Latin America IVD market are Roche Diagnostics, Abbott Laboratories, Inc., Hologic (Gen-Probe), Becton Dickinson (BD) Company, Alere, Inc., Bio-Rad Laboratories, Qiagen N.V., Inc., bioMerieux, BioQuidel Corporation, and Siemens Healthcare.

Specialty Generics Market Size Worth $174.9 Billion By 2025

The global specialty generics market is expected to reach USD 174.9 billion by 2025, according to a new report by Grand View Research, Inc. Rise in demand for low-cost generic specialty drugs is a major factor estimated to accelerate the market growth during the forecast period. Introduction of cost-effective drugs for the treatment of multiple sclerosis, cancer, and other infectious diseases is expected to showcase huge opportunities for the specialty generic drug manufacturers. According to U.S. FDA, generic drugs cost 80% to 85% lower as compared to branded drugs. One of the factors contributing to their affordable price is that they do not need to repeat expensive clinical trials, advertising, and promotional activities. Thus, low cost of generic specialty drugs is expected to accelerate the demand for these medicines.

Rise in number of off-patent specialty drugs is another major factor expected to support growth of the specialty generic drugs market. For instance, the patent for Gilenya, a blockbuster drug by Novartis, will expire in 2019. This drug led to USD 3.1 billion in sales in 2016 for Novartis, with 14% sales growth. In April 2017, Novartis failed to acquire patent extension for Gilenya till 2026 in the U.S. Federal Circuit. Such early patent expirations are expected to boost the entry of new generics.

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http://www.grandviewresearch.com/industry-analysis/specialty-generics-market

Further Key Findings From the Report Suggest:

In 2016, injectables was the largest revenue-grossing segment in the market due to its high usage and efficacy in treatment of severe chronic diseases
The oncology segment accounted for the largest revenue share in 2016 and is expected to maintain its dominance during the forecast period due to worldwide rise in cancer prevalence
The specialty pharmacy was the largest revenue-generating segment in end use and is estimated to maintain its dominance during the forecast period. This is due to the fact that specialty pharmacies are dedicated to distribution of highlycomplex, costly, and high-touch medicine
North America dominated the total market in 2016 primarily due to the presence of highly developed healthcare infrastructure and local presence of large number of established pharmaceutical companies
The Asia Pacific market is estimated to grow at the highest growth rate during the forecast period. Rising prevalence of chronic diseases, developing healthcare infrastructure, and escalating disposable income in Asian countries, such as China and India, are major factors that can be attributed to the growth
Some of the major players are Teva Pharmaceuticals USA, Inc.; Mylan N.V.; Sandoz International GmbH; Akorn, Inc.; Mallinckrodt; Valeant Pharmaceuticals International, Inc.; Pfizer, Inc.; Endo Pharmaceuticals, Inc.; Apotex Corp.; Sun Pharmaceutical Industries Ltd.

Immunoassay Instruments/Analyzers Market Worth $23.3 Billion By 2024

The global immunoassay instruments/analyzers market was valued at USD 14.7 billion in 2015 and is expected to reach a value of USD 23.3 billion by 2024. The prime factors driving the immunoassay analyzers market growth include constant introduction of advanced products. In addition, growing clinical applications for investigation and diagnosis of various chronic and related infectious diseases is expected to drive the growth of the immunoassay instruments market.

The industry is rapidly growing due to the constant introduction and adoption of automated as well as advanced techniques for laboratory instruments and analyzers in developed countries. Rising prevalence of infectious diseases and chronic conditions, which require early diagnosis, prevention, and treatment, is one of the main factors boosting the demand for immunoassay analyzers and compact consumable products in the healthcare sector. In addition, industry is gaining speed with the launch of innovative products such as compact and portable ichroma II of Boditech Med, Inc., which is an FDA-approved fluorescence scanning instrument. Moreover, with the U.S. FDA approval of the iStat cardiac Troponin I test cartridge that uses enzyme-linked immunosorbant assay (ELISA) method, commercialization of such immunoassay products is also expected to increase significantly over the next few years.

In North America, the government authorities and private companies have significantly contributed toward development of technology, supported research funding, and helped in commercialization of immunoassay analyzers and associated instruments. For instance, in June 2016, Abbott diagnostic launched Architect i1000SR, an automated immunoassay instrument that works on the principle of chemiluminescence. Using this system, number of different assays can be performed in a very short time.

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https://www.grandviewresearch.com/industry-analysis/immunoassay-instruments-analyzers-market

Further key findings from the study suggest:

Rapid adoption of advanced technology and automation of laboratory work flow, laboratory instruments, and analyzers is expected to fuel the market growth with CAGR of around 5% over the forecast period.
Consumables segment was the largest revenue generating space with over 70% market share in 2015. Repeated purchase of consumables and portable point-of-care kits have contributed to its growth, thus capturing the largest revenue share.
In 2015, North America captured the largest revenue share of around 37% of the global market. The continuous research on treatment of infectious diseases and subsequent grants from government healthcare agencies are contributing toward the development of a potential market for the expansion of immunoassay analyzers in the region.
Asia Pacific is expected to rise as the fastest growing region during the forecast period. The growing geriatric population in India, China, and Japan has led to the increase in the prevalence of infectious diseases, such as tuberculosis, cholera, typhoid, and various chronic conditions, such as cancer and autoimmune diseases, thereby promoting the utilization of immunoassays in the region.
The immunoassay instruments sector is dominated by a few key participants, such as Abbott Laboratories, bioMerieux, Inc. and Roche Diagnostics. Some of the other prominent players operating in the market include, but are not limited to, Becton Dickinson & Company; Diasorin S.p.A; Bio Rad Laboratories; and Siemen Healthcare GmbH. Introduction and adoption of automated systems and innovative designs is expected to intensify the competition by changing the industrial framework over the forecast period.

Photomedicine Devices And Technologies Market Worth $470.8 Million By 2024

The global photomedicine devices and technologies market was valued at USD 314.9 million in 2015 and is expected to reach a value of USD 470.8 million by 2024. Growing demand for minimally invasive aesthetic procedures is a key contributing factor toward the flourishing market growth. Rising concern amongst the youth regarding their physical and aesthetic appearance is a crucial factor responsible for this growth.

Moreover, benefits associated with the use of laser surgery, such as less recovery time, painless procedure, cost efficiency, and shorter length of hospital stay, are the factors expected to fuel the demand for minimally invasive aesthetic surgeries over the forecast period.

According to the report published by the American society of plastic surgeons, the total number of minimally invasive cosmetic procedures was 13,945,388 in 2014 and is expected to grow by 4% every year. Whereas, the number of procedures in the UK was 50,122 in 2013, which represents a growth of 17% as compared to the previous year. This represents the emergence of the laser-based cosmetic procedures, which in turn is expected to continue boosting the demand for photomedicine devices in the coming years.

In addition, higher adoption of laser surgery in vision correction, body contouring, and in cancer treatment are anticipated to drive the sector growth over the forecast period.

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http://www.grandviewresearch.com/industry-analysis/photomedicine-devices-technologies-market

Further Key Findings from the Study Suggest:

Oncology segment is expected to show lucrative growth in the near future due to the increasing global cancer incidence and government funding related to cancer research. In addition, the introduction of various photomedicine technologies in cancer treatment such as photodynamic therapy (PDT), immuno PDT, and fluorescence-guided surgery are anticipated to boost the usage rates in the coming years
Dichroic lamps are expected to gain popularity in the next 7 years due to their increasing medical application, such as their use in illuminating the organs during endoscopy. On the other hand, laser surgery is anticipated to show substantial growth during the forecast period due to its increasing adoption by healthcare professionals and the growing awareness levels amongst the end users regarding the merits of laser use in surgeries
For instance, miniature lasers and light emitting diodes, made up of biocompatible materials are used in optical sensing & therapy. Furthermore, the evolution of optogenetics has led to the development of highly efficient photonic devices with better level of integration achieved through neurological circuits thus enabling enhanced optical communication, which offer health monitoring and light activated in vivo therapies for disease treatment
Asia Pacific photomedicine devices market is anticipated to show lucrative growth during the forecast period. Increasing demand for minimally invasive aesthetic procedures, soaring geriatric population, ongoing cancer research, and the increasing healthcare spending are contributing toward the highest regional growth
The photomedicine devices market is oligopolistic in nature and is dominated by players such as Colorado Skin & Vein, THOR Photomedicine Ltd., Lumenis, QBMI Photomedicine, Alma Lasers Ltd., AngioDynamics, and PhotoMedex, Inc. Market players are focusing on strategies such as updating current products, product launches, acquisitions, and distribution agreements
For example, in May 2014, Spectranetics announced the acquisition of AngioScore, Inc., for USD 230 million. This acquisition led to the expansion of the sales & distribution network of the company and the expansion of the company’s addressable market

Pediatric Imaging Market Worth $12.2 Billion By 2027

The global pediatric imaging market size is expected to reach USD 12.2 billion by 2027, registering a CAGR of 7.6% over the forecast period, according to a new report by Grand View Research, Inc. Increasing incidences of pediatric trauma cases are expected to accelerate the demand for innovative patient screening, which is expected to augment the market growth.

According to the Centers for Disease Control and Prevention (CDC), an estimated 812,000 children aged 17 or below were treated in the U.S. Emergency Department (ED) for concussion or Traumatic Brain Injury (TBI) in 2014. CDC further stated that injuries due to falling accounted for an approximate 49% of all TBI-related ED visits in children. In addition, increasing focus of market players on product development and innovation is expected to drive the market growth. For instance, in June 2019, Carestream Health, Inc. launched a portable Carestream DRX Plus 2530C X-ray detector with cesium iodide technology, which captures minute details of anatomical structures in pediatric patients.

North America accounted for the largest share in 2019 owing to favorable reimbursement policies, faster adoption of innovative imaging modalities, and growing consumer preference toward noninvasive diagnosis. Increasing investments in order to propel technological innovation is expected to augment the pediatric imaging market growth in the region. For instance, in 2018, Bracco Diagnostics Inc. provided a grant of USD 300,000 to Children’s Hospital of Philadelphia (CHOP), to fund research and train technicians to use a new technology of contrast ultrasound. Also, medical coverage is granted by the Children’s Health Insurance Program (CHIP) for pediatric patients in U.S., which covers imaging services, is a major factor propelling the market growth.

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https://www.grandviewresearch.com/industry-analysis/pediatric-imaging-market

Further key findings from the report suggest:

The magnetic resonance imaging modality segment dominated the market owing to high usage in hospital settings and higher recommendations by radiologists due to safety
By application, the orthopedic/ trauma segment is expected to register the highest CAGR due to rising incidence of bone defects in children combined with increasing cases of ED visits related to trauma
By end user, the hospital segment accounted for the largest market share owing to large number of installed systems in hospital settings and direct collaborations of hospitals with market vendors, thereby offering access to novel and advanced imaging systems
Leading players present in the pediatric imaging market include GE Healthcare; Siemens Healthineers AG; Koninklijke Philips N.V. (Royal Philips); Fujifilm Holdings Corporation; Toshiba Medical Systems Corporation; Samsung Electronics Co., Ltd.; Agfa Healthcare; and Carestream Health, Inc.

3D Medical Imaging Devices Market Size Worth $20.8 Billion By 2026

The global 3d medical imaging devices market size is expected to reach USD 20.8 billion by 2026, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 5.9% during the forecast period. High prevalence of cancer, cardiovascular diseases, and Alzheimer’s among other chronic diseases is projected to drive the growth. Rise in healthcare expenditure across developed economies and rapid technological advancements are other prime factors responsible for the market growth.

Few noteworthy technological advancements include development of imaging systems with low radiation levels and increasing approvals of contrast and media/agents. For instance, in April 2016, Bracco Diagnostics, a U.S. based subsidiary of Bracco Imaging S.p.A., an Italian giant in the 3D imaging; received approval from the U.S. Food and Drug Administration (FDA) for its new ultrasound contrast agent Lumason, for pediatric and adult patients. In another instance, Germany based healthcare company, Bayer Healthcare received FDA approval in May 2016 for Gadovist injection used in the angiography procedures in U.S. Such factors are expected to bode well for the global market growth over the forecast period.

However, the 3D medical imaging devices market is restrained due to the high cost of devices and the shortage of helium used in the cooling of MRI scanners.

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https://www.grandviewresearch.com/industry-analysis/3d-medical-imaging-devices-market

Further key findings from the study suggest:

By type, computed tomography emerged as the largest segment in 2017 owing to the rise in road traffic accidents
Orthopedic led the application segment owing to the global rise in old age population with musculoskeletal problems
Rise in healthcare expenditure in emerging markets, such as India and China coupled with awareness regarding early diagnosis are key factors propelling growth of the 3D medical imaging devices market
North America held the largest market share in 2017. Growing adoption of minimally invasive surgeries and demand for novel technologies are expected to support this dominance during the forecast period
Asia Pacific is projected to witness swift growth during the forecast period owing to the rapidly improving healthcare infrastructure and the presence of large patient population
Few of the key market players include Siemens Healthineers; Philips Koninklijke; GE Healthcare Ltd.; Hitachi Medical Systems; Del Medical Systems Inc.; and DigiRad Corporation.