New York , Nov. 07, 2023 (GLOBE NEWSWIRE) -- The global contrast media market size is predicted to expand at 6.70% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 13 billion by the end of 2035, up from a revenue of USD 6 billion in the year 2022. The major factor to drive the growth of the market is growing prevalence of heart attacks. According to a recent World Heart Federation (WHF) study, the number of deaths from cardiovascular disease (CVD) increased from about 11 million in 1990 to approximately 19 million in 2021 on a global scale. As the greatest cause of mortality globally in 2021, cardiovascular disease (CVD) accounted for about 3 out of every 5 fatalities in low- and middle-income nations (LMICs).
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Additionally, the growth in heart attack cases could be encouraged by growing rate of obesity. According to WHO predictions, the obesity and overweight conditions will cause nearly 167 million adults and children to suffer from poor health by 2025. As a result, the need for angiography is predicted to rise in order to investigate reduced blood supply, narrowing of arteries, and more which could lead to stroke. Hence, this is additionally estimated to boost the demand for contrast media. Contrast media is a chemical that plays a very essential role in this procedure.
Contrast Media Market: Key Takeaways
- Market in North America to propel the highest growth
- The Cardiology segment to garner the highest growth.
- Market in the Asia Pacific region to grow at the highest rate
Growing Geriatric Population to Boost the Growth of Global Contrast Media Market
Elder population with their growing age face number of issues in their health. Ageing is the biological outcome of a multitude of molecular and cellular damage that accumulates over time. This causes one's mental and physical capacities to gradually decline, their chance of illness to rise, and eventually their demise. Chronic obstructive pulmonary disease, diabetes, depression, dementia, back and neck discomfort, cataracts, refractive errors, hearing loss, and osteoarthritis are common diseases in older adults. People are more prone to have multiple ailments at once as they get older. As a result, with growing geriatric population the demand for various medical X-rays, CT scans, and more is set to increase further driving the demand for contrast media. According to the World Health Organization, one in six individuals on the planet will be 60 years of age or older by 2030.
Contrast Media Industry: Regional Overview
The global contrast media market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Development in Healthcare Facility to Drive the Market Growth in North America
The North America market for contrast media is poised to generate the largest market share of 35% over the projected period. The major factor driving the market growth in this region is the rising development of healthcare facilities. The number of dollars spent on health care in the United States increased by 2.7% in 2021 to USD 4.3 trillion, or USD 12,914 per person. Hence, more development has been carried out in healthcare facilities which is further projected to increase the use of contrast media.
Surge in Chronic Disease to Influence the Market Expansion in Asia Pacific Region
The contrast media market in Asia Pacific is set to capture a significant share of 24% over the coming years. This growth in this region’s market could be owing to rising chronic diseases. For instance, chronic diseases are one of the world's leading causes of death, claiming more than 39 million lives each year, about 7 million of which are in Asia. As a result, the demand for contrast media is poised to grow in this region.
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Contrast Media Segmentation by Application
- Oncology
- Neurology
- Cardiology
The cardiology segment is predicted to capture the largest share of 45% over the forecast period. The main factor to influence the segment growth in growing consumption of tobacco and alcohol. According to the World Health Organization, approximately 80% of the 1.3 billion tobacco users globally reside in low- and middle-income nations, which bear the brunt of the disease and mortality caused by tobacco use. Moreover, globally, it has killed around 8 million a year. Further, every year, secondhand smoke prematurely claims the lives of over 1.3 million people due to severe respiratory and cardiovascular illnesses. Hence, the demand for cardiology is rising.
Contrast Media Segmentation by Modality
- MRI
- X-Ray/CT
- Ultrasound
The X-rays/CT segment is estimated to have the significant growth in the market over the forecast period. The growth of this segment could be influenced by rising prevalence of kidney stones. Around 2–15% of people worldwide suffer with kidney stones, which are a significant cause of illness. As a result, the demand for this segment is expected to surge.
Contrast Media Segmentation by Product Type
- Iodinated
- Gadolinium
A few of the well-known market leaders in the global contrast media market that are profiled by Research Nester are Bayer AG, General Electric Company, Guerbet, Bracco Diagnostic, Inc., Trivitron Healthcare, Nano Therapeutics Pvt. Ltd., iMax, Lantheus Medical Imaging, Inc., Beijing Beilu Pharmaceuticals Company Limited, SANOCHEMIA Pharmazeutika GmbH, and others.
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Recent Development in the Contrast Media Market
- A distribution partnership was signed by Seno Medical and Genetik, Inc. to promote, provide, and offer services for Genetik, Inc.'s ground-breaking Imagio Opto-Acoustic/Ultrasound (OA/US) Breast Imaging System.
- GE Healthcare has invested USD 80 million to enhance the volume of contrast media production. Given that the components of the API are essential to the manufacturing process, the increase of the API is a significant step towards boosting the supply of ionizing contrast media.
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