The market imaging chemicals and materials is expected to grow at a CAGR of less than 6% during the forecast period. Major factors driving the market studied is advances in diagnostic/medical imaging
- Expanding the packaging industry in Asia-Pacific is expected to act as an opportunity
- North America dominated the market across the globe with the largest consumption in a country such as the United States, Canada, etc.
Key Market Trends
Rapid Demand From Medical Industry
- Imaging chemicals are widely used in the medical industry for diagnostic imaging purposes. The consumption of imaging chemicals and materials in the medical industry is increasing at a strong rate, owing to the increasing demand for digital radiography.
- Mobile digital X-ray systems have also driven the demand for imaging chemicals, owing to the increasing usage of radiography for dental, chest, and orthopedic applications.
- There have been increasing investments in the Asia-Pacific region to develop the healthcare facilities, in order to meet the demand from the growing population. Governments in countries, such as India and China, are focusing largely on the development of the medical industry in the countries, by introducing programs, such as the Ayushman Bharat program, and China’s New Healthcare Reform 2020.
- All the above factors are expected to increase the demand for the market
North America to Witness Positive Growth
- North America has been a major market in terms of consumption of imaging chemicals and materials.
- Medical and Printing sectors account for the largest share of the market in the region. The presence of highly advanced healthcare technologies in the country, along with the increasing consumer spending on healthcare, are driving the market for imaging chemicals and materials in the United States.
- The US medical device sector is by far one of the most advanced sectors in the country. The increasing geriatric population and growing requirement for medical facilities for the treatment of chronic diseases have been supporting the growth of the sector.
- According to Health Affairs, the average annual growth rate of the healthcare industry is estimated to reach around 5.5% in the United States, from 2018 to 2027. This, in turn, expected to increase the demand for medical device
- The demand id expected to increase for imaging chemicals, over the forecast period.
The imaging chemicals and materials market is fragmented in nature. Some of the major players include Harman Technology, Vivimedlabs, Kao Corporation, Agfa-Gevaert Group, and FUJIFILM Corporation, among others
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