The number of chronic non-communicable disease are rising across the globe, the prevalence is significantly rising among the developing nations across the globe. The incidences are rising due to the shift in the lifestyle and the other health conditions sue to the change in the adoption of the modernized facilities. The modernized facilities reduced the physical activities, the stress level among the people are also rising. This is expected to be a leading factor to support rising demand for the contrast media agents, with generating patient awareness regarding taking preventive measures as well as benefits of early diagnosis.
Growth Opportunities in The Developing Nations:
The developing nations are significantly developing their healthcare facilities and services and are heading towards the technological advancements. With increasing costs of manufacturing against their practices, the medical device manufacturers are struggling to generate enough revenue to please their investors.
Medical imaging has become essential to medical care and treatment across the globe. Rising awareness regarding early diagnosis of diseases have led to increase in the total number of diagnostic tests procedures performed across the globe. In 2012, Canadians underwent 1.7 million magnetic resonance imaging (MRI) exams and 4.4 million computed tomography (CT) exams.
This represents nearly double the number of such exams performed in 2003. In 2014-15, the national rate for CT scans was 126 per 1,000 people. Rates ranged from highs of 209 (New Brunswick) and 170 (Newfoundland and Labrador) to lows of 88 (Alberta) and 93 (Prince Edward Island). Moreover, according to the National Health Services (NHS) UK, there were 4.1 million imaging tests reported in England in the 12 months from February 2016 to January 2017. Of these, 3.49 million imaging tests were reported to have taken place in January 2017.
Organic and inorganic growth strategies were observed in global contrast media agents industry. For instance, in April, 2019, Lantheus Medical Imaging, Inc. entered into a strategic collaboration with Cerevast Medical, Inc. identify new applications for its microbubble franchise and expand into new disease areas, such as ocular diseases. Thus, the inorganic strategy has enabled the company to grow its business in the global industry.
Source: The Insight Partners