Imaging Chemicals Market size is forecast to reach $29.5 billion by 2025, after growing at a CAGR of 5.5% during 2020-2025. Rising application in medical diagnostics imaging has been a major factor in driving the market growth. Furthermore, growing consciousness regarding the advantages of organic pigments has also led to increased demand globally. Globally the imaging chemicals market is benefitted with rapidly advancing technologies coupled with rising demand from the medical sector due to rising geriatric population, increasing prevalence of cancer & brain disorders and others. These high-performance specialty chemicals enhance the process of imaging by providing clarity to it. Furthermore, the adoption of advanced technologies in the mining and textile industries is expected to fuel market growth during the forecast period.
Product Type – Segment Analysis
Printing inks held the largest share in the imaging chemicals market in 2019. Printing inks are used for both analog and digital printing processes. Printing inks are used in conventional printing technologies such as offset, gravure, and screen printing, spectral signatures as well as in digital printing technologies in the form of inkjets and toner cartridges. Imaging chemicals are used in applications such as printing & packaging, textile processing, and medical diagnostics, and so on. The increase in demand for imaging chemicals in the printing ink segment is due to the increase in packaging printing and the shift in printing technology to digital printing.
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End Use Industry – Segment Analysis
Healthcare application held the largest share in the imaging chemicals market in 2019 and is growing at a CAGR of 4.9%, due to the increasing demand of imaging chemicals for improving the quality of images produced after Ultrasounds, X-rays, MRIs and so on. Demand from healthcare sector has also witnessed favorable growth owing to rising geriatric population and rising incidences of cancer & other cardiac diseases. In addition, increased awareness of health among individuals, increased government investment in the development of diagnostic centers and increased spending capability have complemented demand for imaging chemicals in the healthcare sector. Imaging chemicals are gaining popularity in the mining industry. Mineral exploration projects are characterized by aerial and satellite imaging. Imaging chemicals serve a number of advantages for the project. It enables the exact location of roads, railway tracks, fences and inhabited areas that help geologists and field crews to plan mining operations more efficiently. They also help to map potential access corridors for exploration areas. Mining imaging also helps in the mapping of regolith systematics, vegetation cover and exploration block outcrops. Applications areas in mining are currently being adopted by high capital projects because high-end equipment and applications such as satellite and geographic information systems are needed. However, their adoption is anticipated to increase over the forecast period due to efficiency in performance, resulting in increased imaging chemicals demand.
Geography – Segment Analysis
North America held the largest share in the imaging chemicals market in 2019 up to 35%. The existence of highly advanced healthcare technologies along with the growing consumer spending on healthcare, is driving the demand for imaging chemicals and materials in this region. The US medical device industry is one of the country’s most developed industries by far. According to Health Affairs, the healthcare industry’s average annual growth rate is projected at reach around 5.5 percent in the United States from 2018 to 2027. This, in turn, is supposed to raise demand for medical devices. Therefore, the demand is expected to increase for imaging chemicals, over the forecast period.
Drivers – Imaging Chemicals Market
Rinsing demand from various industries
The global market for imaging chemicals is driven primarily by rising demand from the medical sector for imagery chemicals. This growth is due to its enhanced medical diagnosis clarity. Owing to the growing prevalence of cancer and brain disorders and the rising research and development of imaging chemicals in the medical field the market is positively influenced. The increasing development of revolutionary systems such as portable CT, digital X-ray with wireless DR detectors, and fusion imaging CT/PET are likely to accelerate the growth of imaging chemicals in the healthcare industry. In 2017, scientists at the National University of Singapore developed a nanodiamond-based contrast agent, a chemical dye used in magnetic resonance imaging (MRI) to improve the visibility of internal body structures, especially for visualization of liver cancer tumors. In addition, the growing adoption of digital printing in textiles has influenced textile design and creation, which is expected to further drive the growth in the market during the forecast period. Additionally, the use of hyperspectral imaging for in-line inspection of raw materials and materials in process benefits to enhance finished product quality and quantity, is expected to boost the market growth. Furthermore, market trends for organic color production and environmentally friendly printing technique are expected to deliver significant market growth opportunities over the forecast period.
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Challenges – Imaging Chemicals Market
Higher cost of image printing and developing process compared to digital media
One of the major challenges of the imaging chemicals is the higher cost involved in printing or developing images. Photographic film development includes developers, stop bath solutions and fixer along with other chemicals to produce the image which is expensive. The development of the image requires a dark room for processing these films. The development process is often time-consuming and repetitive, which adds to the cost. In addition, digital printing requires expensive printing inks such as inks that are used to print X-rays, MRI-scans, and CT scans. Compared with digital media storage the cost incurred is much higher. The other factor restricting market growth is the rising raw material and energy costs.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Imaging Chemicals Market. Major players in the Imaging Chemicals market are Fujifilm, Vivimed Labs, The Eastman Kodak Company, Flint Group, DIC Corporation, Sakata Inx, Siegwerk Druckfarben, Toyo Ink Sc, T&K Toka, Sicpa Holding, Hubergroup Deutschland, Altana, Agfa-Gevaert Group, Dainichiseika Color & Chemicals and Wikoff Color Corporation, among others.
In February 2018, Sun Chemical and its parent organization, DIC CORPORATION acquired Luminescence Holdings Ltd., a U.K based manufacturing company of currency, tax stamp, passports, ID cards, and brand protection inks for the security market.
In May 2018, Vivimed Labs Spain S.L. signed definitive agreements to acquire SONEAS, a company focussed on the innovator and fine chemical sectors.
New and innovative medical imaging technologies such as portable CT scans, CT / PET fusion imaging, digital X-rays with wireless DR detectors and so on are expected to generate significant demand for imaging chemicals during the forecast period.
Increasing consumer spending on preventive health care and increasing dependence on medical imaging technologies are likely to create significant business opportunities for the imaging chemical industry.
Moreover, the widespread use of imaging chemicals in textile printing, commercial printing, packaging and labeling is also expected to have a positive impact on the imaging chemicals market.
The use of imaging technologies in metallurgical applications to study microscopic and crystallographic structures is expected to further boost the imaging chemicals market.
Currently, COVID-19 is having a massive impact on various industries such as construction, electronics and others, as most countries have issued “stay at home guidance” i.e., lockdown. And it is expected that the outbreak of COVID-19 will be seen in the whole year of 2020, and a few months in 2021. Therefore, this factor is limiting imaging chemicals market growth.
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