United States, Rockville MD, Aug. 17, 2022 (GLOBE NEWSWIRE) -- As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global contrast media market is anticipated to rise at a CAGR of 3.4% from 2022 to 2026.
Worldwide demand for Iodinated contrast media is projected to increase at a steady CAGR over the coming years owing to increasing iodinated agent approvals; extensive use of these agents in angiography, venography, and fluoroscopy; and rising investments to create superior iodinated contrast media.
Key drivers for market growth are the rise in the frequency of trauma cases, increasing number of radiology operations utilizing contrast media, ageing population, and expansion of diagnostic imaging centers across regions.
To increase the diagnostic value and obtain image clearing, contrast media is employed. It aids in separating certain body parts from the surrounding tissue. By making the disease more visible, it becomes simpler for doctors to diagnose it. As a result, medical professionals require that anyone making a final pronouncement about a specific condition prescribe a radiological examination using contrast material.
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For patients with chronic conditions, accidents, or autoimmune diseases, a majority of hospitals and ambulatory surgical centers perform radiological treatments with contrast media. Most individuals prefer to visit hospitals for testing to have an accurate disease diagnosis. Therefore, the industry is boosted by the high number of radiological procedures using contrast media.
The availability of nonionic stable iodinated chemicals and the strong penetration of X-ray and CT techniques for enhanced diagnosis are driving the demand for iodinated contrast media. They are utilized to improve the vision of the brain, GI tract, internal organs, arteries, and veins.
Increase in the usage of contrast media in radiology to improve picture quality for tumor diagnosis due to the rising incidence of cancer globally is the main factor anticipated to fuel market expansion over the coming years. The market for contrast media is anticipated to increase rapidly as a result of both, rising number of nuclear imaging operations and growing utilization of contrast media injection sets for various types of diagnosis.
Key Takeaways from Market Study
- The global contrast media market currently stands at US$ 4.9 billion.
- The market in China is forecasted to expand at a CAGR of 4.5% through 2026.
- The global market for contrast media is set to reach a valuation of US$ 5.6 billion by 2026.
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Winning Strategy
Manufacturers of contrast media are concentrating on creating more inventive sets to improve usability and create goods that can assist in limiting the waste of contrast agents. Due to increased demand for imaging procedures, key players have been investing heavily in R&D to bring new products into the market and get by getting them authorized for new indications.
For instance,
- Guerbet and InterSystems teamed together to improve the integration of contrast media injection service offerings in hospital and imaging center IT systems.
Competitive Landscape
Contrast media manufacturers are concentrating on developing new products and using a variety of tactics, including partnerships, license agreements, and alliances to make a mark in the industry.
For instance :
- In 2021, the initially disclosed purchase of BK Medical by GE Healthcare was completed. With this acquisition, GE Healthcare expanded the real-time surgical viewing capability of its pre- and post-operative ultrasound capabilities to include this rapidly developing and comparatively young field.
Key Segments in Contrast Media Industry Research
- By Type :
- Barium-based Contrast Media
- Iodinated Contrast Media
- Gadolinium-based Contrast Media
- Microbubble Contrast Media
- By Imaging Modality :
- X-ray/Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Ultrasound
- By Application :
- Radiology
- Interventional Radiology
- Interventional Cardiology
- By End User :
- Hospitals
- Ambulatory Surgical Centers
- Diagnostic Imaging Centers
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global contrast media market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2026.
The study divulges essential insights on the market on the basis of type (barium-based contrast media, iodinated contrast media, gadolinium-based contrast media, and microbubble contrast media), imaging modality (X-ray/computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound), application (radiology, interventional radiology, interventional cardiology), and end user (hospitals, ambulatory surgical centers, diagnostic imaging centers), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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