Optical Imaging Agent Market Expected to Expand at 8.1% CAGR, Reaching US$ 3,533.2 Million by 2034 | Fact.MR Report
Rockville, MD, Nov. 21, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global optical imaging agent market is estimated to reach a valuation of US$ 1,621.5 million in 2024 and is expected to grow at a CAGR of 8.1% during the forecast period of (2024 to 2034).
Optical imaging has various applications and is anticipated to have experience of growth in the forthcoming years owing to several factors. There is an increasing demand for diagnostic imaging that is non-invasive due to the chronic diseases, aging population, and the overall need for safer methods of diagnosis. This is useful in efficient disease prevention and treatment. Hence, increasing prevalence of these disorders are driving the market growth for optical imaging agents. Biotechnology and pharmaceutical companies use optical preclinical imaging technologies for drug candidate development and to minimize the chances of failure during clinical trials. Moreover, optical imaging helps improve surgical outcomes while tailoring therapeutic regimes. At the same time, it measures and sees many properties of tissues or organs using different colures of light.
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Key Takeaways from the Market Study
- The global optical imaging agent market is projected to grow at 1% CAGR and reach US$ 3,533.2 million by 2034
- The market created an opportunity of US$ 1,911.7 million growing at a CAGR of 1% between 2024 to 2034
- North America is a prominent region that is estimated to hold a market share of 9% in 2034
- Predominating market players include NX Development Corp, GE Healthcare, Revvity, and Astellas Pharma Inc. among others
- Contrast Agent under product type is estimated to grow at a CAGR of 8% between 2024 and 2034
“As Cardiovascular, Neurological, and Cancer Conditions Rise the Demand for Visualization of Diseases Field becomes a Priority thus, boosting the Optical Imaging Agents Market,” says a Fact.MR analyst.
Market Development:
In neurology, imaging plays an essential role in predicting prognosis, definite diagnosis, and management of treatment response for CNS (central nervous system) tumours. On the other hand, imaging evaluation may serve as key surrogate endpoints in clinical trials. Continuous evaluation and discovery of new therapeutic agents like immunotherapy are critical objectives of neuro-oncologic imaging, which is the accurate assessment of disease progression and targeting treatment-related alterations. Dramatic improvements in survival brought about by advances in cancer therapeutics have raised the number to almost 20 million living patients today. However, specific cancer therapy-related cardiovascular toxicity has negative outcome implications for patients diagnosed with cancer. Thereby advancing techniques for cardiovascular imaging have established strong methods to detect monitor and prognosticate cardiac risks among cancer patients as well.
Healthcare facilities have been adopting optical imaging agents to overcome the challenges. For instance, – Henry Ford West Bloomfield Hospital has begun using Gleolan®, a one-of-a-kind optical imaging agent that illuminates a common and devastating type of brain tumour called glioma. Gleolan is Food and Drug Administration (FDA) approved for use in patients with high-grade gliomas, which means the tumour is suspected to be World Health Organization Grades III or IV on preoperative imaging. The first brain tumour resection at Henry Ford West Bloomfield Hospital with Gleloan was performed by Dr. Adam Robin, the neurosurgeon at Henry Ford’s Hermelin Brain Tumour Center (HBTC).
Leading Players Driving Innovation in the Optical Imaging Agent Market:
Key industry participants like NX Development Corp; GE Healthcare; Revvity; Astellas Pharma Inc.; Molecular Targeting Technologies, Inc.; LI-COR, Inc.; FUJIFILM VisualSonics; Bayer AG; Novartis Pharmaceuticals; Diagnostic Green; Bracco Group; Other Prominent Players are driving the optical imaging agent industry.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global optical imaging agent market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on the global optical imaging agent market analysis, by product (fluorescent imaging agents, contrast agents, and radiopharmaceuticals) by modality (optical coherence tomography (OCT), near-infrared fluorescence imaging (NIRF), and photoacoustic imaging) by application (oncology, cardiovascular diseases, neurology, and ophthalmology) by end user (hospitals & clinics, diagnostic imaging centers, and academic & research institutes), across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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