Chicago, May 03, 2023 (GLOBE NEWSWIRE) -- The contrast media industry is expected to experience growth in the near future due to the increasing demand for diagnostic imaging and the rising prevalence of chronic diseases. Contrast media are substances that enhance the visibility of internal organs, blood vessels, and tissues during imaging procedures, such as X-rays, CT scans, and MRI scans. The use of contrast media is particularly important in the diagnosis and monitoring of cancer, cardiovascular disease, and neurological disorders. As the global population ages and chronic diseases become more prevalent, the demand for diagnostic imaging is expected to increase, driving the growth of the contrast media industry. Additionally, ongoing advancements in imaging technology, such as the development of high-resolution imaging and molecular imaging, are expected to further drive demand for contrast media. However, the industry is also facing challenges such as the increasing cost of contrast media and the potential risk of adverse reactions to these substances, which will need to be addressed to ensure the industry's continued growth and success.
Contrast Media market in terms of revenue was estimated to be worth $5.1 billion in 2022 and is poised to reach $6.1 billion by 2027, growing at a CAGR of 3.7% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The growth in this market can be attributed to the rising prevalence of chronic diseases, growing approvals of contrast agents, rising volume of CT and MRI examinations performed, growing number of diagnostic centers and hospitals, and availability of reimbursement. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, high cost and inaccessibility of advanced therapeutics may restrict market growth to a certain extent.
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Contrast Media Market Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | $5.1 billion |
| Estimated Value by 2027 | $6.1 billion |
| Growth Rate | Poised to grow at a CAGR of 3.7% |
| Market Size Available for | 2019–2027 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Modality, Route of Administration, Indication, Application, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Generic Contrast Media |
| Key Market Drivers | Growing approval of contrast agents |
Based on type, the contrast media/ contrast agents market is segmented into iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barum-based contrast media. Iodinated contrast media account for the largest share of the contrast media/ contrast agents market. The large share of this segment can be attributed to the growing number of angioplasty procedures performed globally.
Based on modality, contrast media/ contrast agents can be segmented into X-ray/CT, MRI and Ultrasound. X-ray/CT account for the largest share of the contrast media/ contrast agents market. The large share of this segment can be attributed to the increasing number of CT examinations across the globe, coupled with advancements in CT imaging technologies that majorly use injectable contrast media.
Based on routes of administration, the contrast media/contrast agents market is segmented into oral, intravascular, rectal, and other routes of administration. The intravascular route segment is expected to hold majority of market share and have the highest growth rate. The widespread use of injectable contrast media in most modern imaging modalities, such as CT and MRI scanning, is one of the major factors driving the growth of the intravascular segment.
Based on indication, the contrast media/contrast agents market has been segmented into cardiovascular disorders, cancer, gastrointestinal disorders, musculoskeletal disorders, neurological disorders, and nephrological disorders. Cardiovascular disorders accounted for the largest market share and highest growth rate. The large share of this segment can be attributed to the rising geriatric population and the increasing prevalence of CVD across the globe.
Based on application, the contrast media/contrast agents’ market is segmented into radiology, interventional radiology, and interventional cardiology. The radiology applications segment commanded the largest share of the contrast media/contrast agent’s market. The large share of this segment can be attributed to the increasing use of medical imaging techniques, such as X-ray, CT, MRI, and ultrasound, in these applications.
Based on end user, the contrast media/contrast agents market is segmented into hospitals, clinics, and ASCs and diagnostic imaging centers. Hospitals, clinics, and ASCs for the largest share of the contrast media/ contrast agents market. The large share is attributed to rising number of hospitals across the globe.
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. The rising prevalence of chronic diseases, the growing demand for quality medical care, increasing healthcare spending and government initiatives, rising disposable income, growth in the medical device industries, and improvements in healthcare infrastructure in Southeast Asian countries are the major factors driving the growth of the contrast media/ contrast agents market in the Asia Pacific.
Germany dominates the European Contrast media market
Based on the Europe region, the Contrast media market is divided into Germany, UK, France, Italy, Spain, and Rest of the Europe. Germany is expected to dominate the Contrast media market. The well-developed healthcare infrastructure, high healthcare spending, and government initiatives to strengthen the healthcare system are the key factor driving market growth in the Germany.
Key Market Players:
The global contrast media/ contrast agents market is consolidated. The prominent players operating in this market include GE Healthcare (US), Bracco Imaging SPA (Italy), Bayer AG (Germany), Guerbet (France), J.B. Chemicals and Pharmaceuticals Ltd. (India), Lantheus Medical Imaging, Inc. (US), Unijules Life Sciences Ltd. (India), and SANOCHEMIA Pharmazeutika GmbH (Austria).
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Hypothetic Challenges of Contrast Media Market in Near Future:
Increasing Cost: The cost of contrast media is expected to rise due to the complexity of the manufacturing process, safety testing, and regulatory requirements. This could lead to reduced patient access to diagnostic imaging procedures and limit the growth of the contrast media market.
Adverse Reactions: The risk of adverse reactions to contrast media, such as allergic reactions, can limit the use of contrast media in certain patient populations. The development of alternative imaging technologies that do not require contrast media may become more appealing if the risk of adverse reactions continues to be a concern.
Technological Advancements: Advances in imaging technologies, such as high-resolution imaging and molecular imaging, could potentially reduce the need for contrast media in certain imaging procedures. This could result in decreased demand for contrast media and limit the growth of the contrast media market.
Regulatory Compliance: The regulatory landscape for contrast media is complex and evolving, with changes in regulations potentially impacting the production and use of these substances. Any new regulations could potentially add costs to the manufacturing and distribution of contrast media, potentially limiting their use and growth in the market.
Competition: The contrast media market is highly competitive, with many established players and new entrants vying for market share. Increasing competition could potentially drive down prices and limit profitability, making it challenging for companies to continue to invest in research and development of new contrast media products.
Top 3 Use Cases of Contrast Media Market:
Diagnostic Imaging: The primary use case for contrast media is in diagnostic imaging procedures such as X-rays, CT scans, and MRI scans. Contrast media are used to enhance the visibility of internal organs, blood vessels, and tissues, making it easier for healthcare providers to diagnose and monitor conditions such as cancer, cardiovascular disease, and neurological disorders.
Interventional Radiology: Contrast media is also used in interventional radiology procedures, which are minimally invasive procedures performed using image-guided techniques. In interventional radiology, contrast media is used to guide the placement of catheters and other medical devices, allowing for precise and targeted treatment of conditions such as blockages in blood vessels or tumors.
Research and Development: Contrast media is also used in research and development, particularly in the development of new imaging technologies and techniques. Researchers use contrast media to study the structure and function of organs and tissues, as well as to develop new imaging agents and contrast media products. This research is critical for advancing the field of medical imaging and improving patient care.
Recent Developments:
- In 2020, GE Healthcare Pharma Limited acquired the ownership of Daiichi Sankyo’s four diagnostic agents in Japan.
- In 2020, Bracco Imaging SpA received approval from the US FDA for its product ProHance, which is an MRI contrast agent for use in neonates and pediatric patients under two years of age.
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