New York, April 23, 2020 (GLOBE NEWSWIRE) -- According to Reports and Data, the Contrast Media market was valued at USD 4.93 billion in 2019 and is expected to reach USD 6.56 billion by the year 2027, at a CAGR of 3.6%. Contrast agent or contrast media allows to increase the contrast of structures or fluids within the body while conducting a medical imaging process through absorbing or altering external electromagnetism or ultrasound, which is different from radiopharmaceuticals, which emit radiation themselves. The rising prevalence of various chronic diseases, including cancer and cardiovascular diseases, is expected to drive the market widely. According to the estimates given by the World Health Organization (WHO), chronic diseases will account for three-quarters of global deaths and that 71% to 75% of deaths will be caused by heart diseases by 2020.
Such conditions require various diagnostic imaging tests that guide the physicians to decide about the requirements of surgical interventions. Different diagnostic imaging methods, including ultrasound, magnetic resonance imaging (MRI), computed tomography (CT), etc. can be used to determine and diagnose diseases. Additionally, rising research activities on contrast agents & their applications, and increasing volume of CT and MRI are the key areas of opportunity in this market. The market is expected to witness the surge in demand due to the increased product launches.
For instance, in November 2019, GE Healthcare received a USFDA approval for their contrast agent Clariscan, used for Macrocyclic MRI. The injection is used intravenously and is used for MRI in brain, spine and associated tissues. Also, in 2017, GE Healthcare (US) launched a new Macrocyclic MRI contrast agent, Clariscan, in Europe. The role of these products in tests such as MRI which further helps identifying the need for treatment/ surgeries in interventional procedures and perioperative scans before surgeries will contribute significantly to the market growth.
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The ongoing research in the field of contrast media is expected to drive the market extensively. Research and development have led to innovations that seek approvals from reputed institutions for use. Such rising approvals from government institutions are also expected to contribute to the market. North America segment is expected to hold the largest market share owing to the presence of major key players in the region. Improved healthcare infrastructure is further expected to support market growth during the forecast period. Asia Pacific region is expected to be the fastest-growing segment in the market.
Although there is a vast scope for the growth of the industry, factors including side effects and allergies associated with the contrast media could be some factors hindering the market growth. Moreover, the high cost of diagnostic imaging tests and lack of trained professionals are other factors hindering the market growth.
COVID 19 Impact: As the COVID-19 outbreak continues to spread all across the globe, the industry players and researchers are looking for new diagnostic ways to address the challenges of the virus. According to the study published in the Journal of Radiology, Chest CT outperformed lab testing in the diagnosis of novel coronavirus disease (COVID-19). The researchers concluded that CT should be used as the primary screening tool for COVID-19. Furthermore, specific contrast agents have been developed for x-ray examinations (mainly CT), sonography, and Magnetic Resonance Imaging, which would help in the diagnosis of COVID-19. Additionally, iodinated contrast media (ICM) is widely used in the laboratory. It is majorly used in vast number of CT exams to improve visualization of the part of the body being studied. Nearly half of the approximately 88 million CT scans conducted each year in the United States include the use of an ICM.
Moreover, intravenous contrast media is often administered through an IV and injected by a pump; intravenous contrast is a liquid that runs through the blood vessels of the body, illuminating tissues and organs and outlining blood vessels. With the areas now clearly distinguishable from one another, images can be taken at various times during scanning. As the market dynamics are changing and macroeconomic shifts take place, change in the product pipeline, and the overall supply chain is quite obvious during the forecast period. As a result of the outbreak, government authorities are increasingly concerned about the health and safety of citizens and healthcare workers.
Moreover, the regulatory bodies and governments across the globe have issued numerous safety regulations and guidelines. CT Protocol for COVID-19 states that COVID-19 patients who require CT should receive a non-contrast chest CT (unless iodinated contrast medium is indicated). This is expected to further impact the Contrast media market. The government initiatives are expected to provide traction to the market in the near future. However, the application of ICM is growing, so too is the occurrence of ICM-related hypersensitivity reactions (HSRs), which is expected to hamper the market.
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Further key findings from the report suggest
- The gadolium-based segment is expected to grow with a CAGR of 3.4% during the forecast period owing its effective results.
- Many innovative products are being approved by government institutions and clinical trials have been carried out. For instance, in February 2020, Lantheus Holdings Inc., a parent company of Lantheus Medical Imaging Inc., announced results of their product BENEFIT 1, which was used to check contrast-enhanced and unenhanced echocardiography compared to non-contrast cardiac magnetic resonance imaging (“CMRI”) of their product DEFINITY. Such trials is expected to contribute to the industry growth positively during the forecast period.
- Cardiovascular Disorders continues to be chief revenue generating segment of Contrast media industry, owing it to significant target population across the globe.
- The North America regional segment held the largest share in the Contrast Media industry of 34.4% in the year 2019. The industry is dominated in this region due to presence of major key players in the region, favorable reimbursement scenario and technological advancements in the region.
- There is a surge in the use of diagnostic imaging modalities, such as MRI, CT, and ultrasound in the developed regions such as Europe, which is expected to boost the demand for contrast media in the near future.
- Key participants in the market include Bayer AG, General Electric Company, Guerbet, Lantheus Medical Imaging, Inc., Bracco Diagnostic, Inc., Trivitron Healthcare, Nano Therapeutics Pvt. Ltd., and iMAX.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/contrast-media-market
For the purpose of this report, Reports and Data has segmented the Contrast Media market on the basis of product, modality, application and region:
By Product Outlook (Revenue in Million USD; 2017–2027)
- Iodinated
- Water-soluble
- High osmolality contrast media
- Low osmolality contrast media
- Water-insoluble
- Water-soluble
- Barium-based
- Gadolinium-based
- Others
By Modality Outlook (Revenue in Million USD; 2017–2027)
- X-ray/CT
- MRI
- Ultrasound
- Others
By Application Outlook (Revenue in Million USD; 2017–2027)
- Cardiovascular Disorders
- Neurological Disorders
- Gastrointestinal Disorders
- Cancer
- Nephrological Disorders
- Musculoskeletal Disorders
- Others
Regional Outlook (Revenue in Million USD; 2017–2027)
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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