Market Summery
Market Research Future (MRFR) predicts the Global Contrast Media Market size is projected to grow USD 4.2 billion at a CAGR 4.01% during the forecast period of 2023 – 2030. Contrast Media is a substance that enhances the visibility of internal organs during radiography. Medical imaging plays a crucial role in diagnosis of diseases, like GI disorders, cancer diagnosis, and cardiovascular complications.
The World Health Organization (WHO) reported that by 2020, three-quarters of global deaths will be caused due to chronic diseases of which 71-75% of deaths will be due to cardiac related problems. Early detection of such ailments can help provide patients with better treatment. The increase in prevalence of chronic disease and cancer patients necessitates better diagnostic techniques provoking elevated use of contrast media. This is expected to bolster the contrast media market in the forecast period.
Medical imaging techniques like, computed tomography (CT) and magnetic resonance imaging (MRI), extensively use contrast media for deriving images of internal organs of a body. The increase in the number of both public and private diagnostic centres availing such sophisticated medical imaging techniques is another factor identified to propel the market expansion. Owing to technical advancements, the burgeoning healthcare industry is expected to largely influence the contrast media market.
For example, in 2017, GE Healthcare received its FDA approval for Visipaque™ (iodixanol) Injection, a imaging agent that can be used in coronary CT angiography. Ascelia Pharma, in 2018 announced that it will develop manganese-based contrast media products, which would likely be a safer alternative to gadolinium-based contrast media agents. Designing syringeless contrast media injectors to improve the route of administration of contrast media, for better patient compliance. Such medical advancements are providing a platform for launching innovative products. MRFR forecast that launch of new products can have a positive impact on the global contrast media market growth in the near future.
Key players
Prominent companies in the contrast media market are
AMAG Pharmaceuticals (US)
Bracco Diagnostic Inc. (Italy)
Lantheus Medical Imaging (U.S.)
Covidien (Ireland)
Mallinckrodt Pharmaceuticals (UK)
Targeson (US)
nanoPET Pharma GmbH (Germany)
NanoScan Imaging (US)
Medrad Inc. (US)
Guerbet Group (France)
Subhra Pharma Private Limited (India)
GE Healthcare (US)
CMC Contrast AB (Sweden)
Daiichi (Japan)
Bayer Healthcare Pharmaceuticals (Germany)
Segmental Analysis
The segmental study of the Global Contrast Media Market gives a compendious market overview that highlights key points of the market that benefits our clients to identify growth opportunities of the market. The contrast media market study is segmented into type, procedure, application, and route of application.
Based on the type, the market is segmented into intravenous contrast materials, iodine-based contrast media agents, and others.
Based on the application, the market is segmented into nephrological disorders, oncology, cardiovascular disorders, and others.
Based on the route of administration, the market is segmented into injectable, rectal, and oral.
Regional Insights
MRFR’s regional analysis of the Contrast Media Market gives a holistic approach towards the demographic progress of the market in the forecast years. Based on the region, the contrast media market is segmented into Asia Pacific, North America, Europe, and the Rest-of-the-World (RoW).
North America is expected to dominate the market, holding a significant market share owing to its strong technological infrastructure. Increase in medical tourism, rise in the number of cancer patients and patients suffering from chronic disorders, and market players likely to deliver cost-competitive contrast media products are factors which are predicted to fuel the regional market growth.
Robust economic improvement, existence of influential market players, and technological advancements in the European region can augment the regional market proliferation.
The contrast media market in the Asia Pacific region, led by the rapidly proliferating healthcare sector and developing economy, has emerged as a promising market, globally. Increasing markets in countries, such as Japan, China, and India, are pushing up the growth in the regional market. Moreover, the APAC Contrast Media Market is driven by the rising population and the spreading awareness towards the functionalities of contrast media.
The rapidly growing healthcare industry and emerging economies like India, Japan, and China in the Asia Pacific region, a huge population, and increase in awareness towards benefits of contrast media are market dynamics expected to drive the regional market growth.
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