Imaging Chemicals and Materials Market Forecast to Reach $13.8 Billion by 2026

(EMAILWIRE.COM, January 31, 2022 ) Imaging Chemicals and Materials Market is forecast to reach $13.8 billion by 2026, after growing at a CAGR of 6.7% during 2021-2026. Globally, the market for imaging chemicals and materials for diagnostic imaging applications is growing across the healthcare industry. The inks are incredibly adaptable, and may be utilized on almost any surface, regardless of texture, size, or shape. Unlike paints and varnish coats, printing inks are applied to the surface as a very thin layer, with a thickness ranging from 2 to 30 m depending on the printing technique. Toners are a necessary component of every printer or copying machine. Toners adhere to the OPC (organic photoconductor) drum of a laser printer or copier, forming an image. Growing investment in specialty chemicals and advanced diagnostic imaging equipment production is leading to the growth of the global market for imaging chemicals and materials. Imaging agents dependent on nucleosides and amino acids were created to defeat the impediments of FDG and its high physiological take-up in the mind that blocked the limitation of cerebrum growths just as to confine malignancy types that are non-FDG-energetic. The key driving factors during the forecast period are expected to be rising demand for advanced healthcare products, the growth of the printing & packaging industry, and increased investment in the production of advanced imaging chemicals and materials.

COVID-19 Impact:

Many other economic sectors rely on the printing industry for supplies. The printing industry has been influenced by COVID-19’s implications on all involved sectors. The pandemic has impacted the supply to the market which further disrupted the market. The sector is dealing with rising raw material costs as a result of increased demand, supply shortages as a result of lockdowns in several nations, and unexpected logistical challenges. Most of the raw materials used in the formulation and production of inks in semi-finished and finished goods is produced in Europe, Asia and the US. The impact of the pandemic on the economies across APAC and Europe further deteriorated the condition of the market.

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Imaging Chemicals and Materials Market Segment Analysis – By Type

Chemicals held the largest share of 54% in the Imaging Chemicals and Materials market in 2020. In Chemicals, Imaging developers segment contributed the largest share to the global imaging chemicals and materials market in 2020 owing to high consumption in medical industry for digital radiography. The market for imaging chemicals has also been driven by mobile digital X-ray devices, leading to the growing use of radiography for dental, chest, and orthopedic applications. In the Asia-Pacific region, rising investments have been made in the growth of healthcare facilities in order to meet demand from the growing population. In countries such as India and China, governments are primarily focused on the growth of the medical industry in those countries. Chronic disease in APAC is on rise where China and India accounts for around 114 million and 69 million of chronic patients respectively. Further growing ageing population in Australia, Japan and South Korea has augmented the need for medical care thus driving the medical industry in upward trend.

Imaging Chemicals and Materials Market Segment Analysis – By Application

Medical and Industrial X-Ray Imaging has been the primary market for Imaging Chemicals and Materials in 2020 consisting share of 36%. Medical imaging has resulted in many advancements in diagnosis and care. Due to high R&D investments, new product developments and expanding applications in the medical industry, their overall demand is expected to grow over the coming years. Their high-performance reliability helps to achieve clarity in the quality of imagery. These will then experience substantial demand over the 2021 to 2026 forecast period. Developers are primarily used to attain image optimization. In order to achieve output reliability, there are important components of the industry and producers are continuously innovating. These are expected to see the highest growth rate over the forecast period due to the production of eco-friendly organic-based color developers.

Imaging Chemicals and Materials Market Segment Analysis – By End Use Industry

Medical and Healthcare Industry has been the primary market for Imaging Chemicals and Materials in 2020 growing at a CAGR of 8.3%. Over the outlook period, population growth is expected to remain the dominant driver of overall demand for medical need globally. Due to the growing geriatric population and increasing incidences of cancer & other cardiac diseases, demand from the medical sector is experiencing favorable growth. Moreover, the other factor fueling the growth of medical and healthcare industry are rising elderly population. The rate of those over the age of 65 is expected to triple between 2016 and 2050 in Southeast Asia alone. This has spurred the demand for medical and healthcare need thus driving the demand for imagining chemicals and materials for diagnosis.

Imaging Chemicals and Materials Market Segment Analysis – By Geography

North America dominated the Imaging Chemicals and Materials market with a share of more than 38% in 2020, followed by Europe and APAC. In the region, the medical and printing sectors account for the largest market share. The demand for imaging chemicals and materials in the United States is driven by the presence of highly advanced healthcare technologies in the region, along with growing consumer spending on healthcare. The US medical device industry is one of the country’s most innovative industries by far. The growth of the sector has been supported by the rising geriatric population and the growing demand for medical facilities for the treatment of chronic diseases. The largest use of imaging chemicals in APAC is the printing & packaging application segment. The application for textile processing is expected to be the fastest-growing application in APAC for imaging chemicals. The market demand for textile printing in the region is expected to be driven by rising exports and a rise in domestic textile consumption.

Imaging Chemicals and Materials Market Drivers

Usage across various end-use industries will augment the market growth

The growth of imaging chemicals in the healthcare industry is likely to be accelerated by the production of innovative systems such as portable CT, optical X-ray with wireless DR detectors, and fusion imaging CT/PET. Furthermore, the increasing adoption of digital printing in textiles has affected the design and creation of textiles, which is expected to further drive market growth during the forecast period. The use of hyperspectral imaging for in-line inspection of raw materials and materials in process advantages to increase the quality and quantity of the finished product is also expected to boost the market.

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Imaging Chemicals and Materials Market Challenges

Higher cost of image printing and developing process compared to digital media

The higher cost of printing or producing photographs is one of the major challenges facing imaging chemicals. The making of photographic films involves developers, stop bath solutions, and fixers, along with other chemicals, to create an expensive image. A darkroom for processing these films is needed to create the image. The phase of production is also time-consuming and repetitive, which adds to the price. Digital printing often requires costly printing inks, such as inks used to print X-rays, MRI scans, and CT scans. The cost incurred is much higher as compared to digital media storage. The rising cost of raw materials and energy is the other factor limiting business development.

Imaging Chemicals and Materials Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Imaging Chemicals and Materials market. Major players in the Imaging Chemicals and Materials market are Kao Corporation, Fujifilm Corporation, Harman Technology, Vivimedlabs, Dow Chemical Company, Flint Group, DIC Group, Siegwerk Druckfarben, Agfa-Gevaert Group, and Others.

Acquisitions/Technology Launches/ Product Launches

In July 2020, Sun Chemical Corp acquired 100 percent shares of Sensient Imaging Technologies, a leading supplier of digital inks, and certain other assets related to the production of inks. The strategic investment in Sensitive Imaging Technologies will allow Sun Chemical and DIC to extend their capabilities and expertise in inkjet ink using complementary technologies that will further enrich their customers and distributor partners with the highest quality of services and solutions.

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