Biological Imaging Reagents Industry - Regional Synopsis
North America Market Statistics
North America industry is set to hold largest revenue share of 33.7% by 2037. Furthermore, the instances of chronic diseases are proportionately increasing. For instance, in February 2024, it was published that 42% of the people in America are dealing with multiple chronic conditions having 2 or more such conditions. Further, 12% of the population has at least 5 chronic diseases. In addition, the adoption of cures at an early stage with efficient diagnostic options remains a dynamic area in the market.
The U.S. biological imaging reagents market is characterized by a robust ecosystem and advanced research capabilities in imaging reagents fostering a competitive environment. For instance, in May 2024, Merck KGaA, a German company, declared its intention to purchase the U.S.-based life science company Mirus Bio for a sum of USD 600 million. In this acquisition, Mirus Bio delivered its expertise in the creation and marketing of transfection reagents to enhance Merck KGaA's capabilities in the production of viral vectors.
With the well-established healthcare system in Canada clubbed with investments by private and public entities in the country, the landscape in biological imaging reagents is transforming. In June 2024, ISOLOGIC Innovative Radiopharmaceuticals announced an investment of USD 29.9 million. This significant approach was attributable to the enhancement of Canada's medical isotope supply chain, a component of Quebec's life sciences ecosystem. Furthermore, it aimed to bolster the industry's expansion and reaffirm its pivotal position in nuclear medicine.
Asia Pacific Market Analysis
During the forecast period 2025-2037, Asia Pacific is expected to grow significantly in the biological imaging reagents market. Due to large unmet medical needs and strong economic development, remarkable progress is being made to deliver effective medical solutions and enhance patient care. Moreover, there is a shift towards tailored imaging reagents for reaping specific and reliable insights into patients’ health profiles. In addition, to meet the growing need for diversified requisites by researchers and healthcare providers within the region, the biological imaging reagents market is witnessing substantial growth.
In China, the development and uptake of advanced imaging reagents are facilitated by strong funding and emphasis on biomedical research. Effective reagents and applications are evolved through partnerships with global establishments. For instance, in February 2024, a partnership between Bio-Gene Technology and IDEA Bio-Medical was announced to leverage more holistic research capacity in automated microscopy and image analysis systems. This assisted the researchers in China to empower their cell research and utilize 3D and Zebrafish models for biological studies.
India is striving to revamp its existing healthcare infrastructure and establish new facilities. This revolution in the country focuses on stimulating increased access to healthcare services and innovative diagnostics tools. For instance, in May 2021, Voxtur Bio built a 40,000-square-foot, state-of-the-art facility in Vasai to increase its manufacturing strength. Furthermore, it has a monthly production capacity of 12 million diagnostics tests. With its reasonably priced, top-notch IVD test kits and reagents, Voxtur Bio hopes to secure the largest share within India.
