Dublin, June 05, 2024 (GLOBE NEWSWIRE) -- The "Global Contrast Media Market: Analysis By Type, By Indication, By Route of Administration, By Procedure, By End User, By Region Size, Trends and Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global Contrast Media market value stood at US$6.19 billion in 2023 and is expected to reach US$9.5 billion by 2029. The market is expected to grow at a CAGR of 7.56 % over the projected period of 2024-2029.
The global contrast media market is experiencing robust growth due to several key drivers. A major factor is the increasing geriatric population, who are more susceptible to chronic diseases requiring diagnostic imaging. Rising healthcare expenditure worldwide supports the adoption of advanced imaging technologies. The growing prevalence of chronic diseases like cancer, cardiovascular conditions, and neurological disorders further fuels the demand for contrast media, as these conditions often necessitate detailed imaging for accurate diagnosis and treatment planning. Additionally, the expansion of contrast-enhanced MRI applications broadens the market scope, with MRI being pivotal in detecting and monitoring various conditions.
Growing awareness about preventive healthcare is driving more routine imaging procedures, increasing the use of contrast agents. Contrast-enhanced ultrasound (CEUS) imaging is also gaining traction due to its non-invasive nature and effectiveness, contributing to market growth. Furthermore, regulatory approvals and favorable reimbursement policies enhance market access and affordability, encouraging the adoption of contrast media in diverse healthcare settings.
Market Segmentation Analysis:
By Indication: The Iodinated Contrast Media held the highest share in the market driven by its extensive use in various imaging modalities such as X-rays and CT scans. Iodinated agents are well-established and widely adopted due to their effectiveness in enhancing contrast and providing detailed anatomical information in these imaging techniques. On the other hand, the Microbubble Contrast Media segment is projected to witness the fastest growth in the forecasted period. This growth can be attributed to the increasing adoption of contrast-enhanced ultrasound (CEUS) imaging techniques. Microbubble agents offer several advantages, including their ability to provide real-time imaging, non-invasiveness, and lack of ionizing radiation, making them particularly suitable for certain applications such as cardiovascular imaging and liver imaging. Moreover, ongoing advancements in microbubble technology, coupled with expanding clinical applications, are driving the growth of this segment in the contrast media market.
By Type: The Neurological Disorders held the highest share in the market. The dominance of Neurological Disorders in the contrast media market is primarily due to the widespread use of imaging techniques such as MRI and CT scans in diagnosing and monitoring neurological conditions like brain tumors, strokes, and multiple sclerosis. These conditions necessitate frequent and detailed imaging examinations, driving the demand for contrast media. On the other hand, the Cardiovascular Diseases segment is projected to experience the fastest growth in the forecasted period. This growth is driven by the increasing prevalence of cardiovascular diseases globally, coupled with advancements in medical imaging technologies that enable more accurate and comprehensive assessment of cardiac conditions. With cardiovascular diseases being a leading cause of morbidity and mortality worldwide, the demand for contrast media in cardiovascular imaging is expected to surge, contributing to the rapid growth of this segment.
By Route of Administration: The intravenous route of administration holds the highest share in the contrast media market due to its widespread adoption in various imaging procedures such as CT scans, MRI scans, and angiography. Intravenous administration ensures rapid and uniform distribution of contrast agents throughout the bloodstream, resulting in enhanced visualization of internal structures and improved diagnostic accuracy. Moreover, advancements in imaging technologies and the increasing prevalence of medical conditions requiring contrast-enhanced imaging further drive the demand for intravenous contrast media. Additionally, the intravenous route offers convenience and flexibility, contributing to its projected growth as the fastest-growing segment in the forecasted period.
By Procedure: The X-ray/Computed Tomography (CT) segment holds the highest market share due to its extensive use in diagnostic imaging for a wide range of medical conditions. However, the Ultrasound segment is expected to be the fastest-growing due to several factors. Ultrasound imaging offers advantages such as non-invasiveness, real-time visualization, and absence of ionizing radiation, making it increasingly preferred in various medical specialties. Moreover, technological advancements in ultrasound systems, along with expanding applications such as contrast-enhanced ultrasound (CEUS), drive the growth of this segment.
By End User: The Hospitals segment dominate the contrast media market and is expected to be the fastest-growing segment during the forecasted period, due to their central role as providers of comprehensive healthcare services and diagnostic imaging facilities. With hospitals conducting numerous imaging studies daily, including X-rays, CT scans, MRI scans, and ultrasound examinations, the demand for contrast media remains consistently high. Additionally, as hospitals invest in advanced imaging technologies and expand their service offerings, the need for contrast media further escalates.
By Region: North America dominates the contrast media market due to several factors. Firstly, the region boasts advanced healthcare infrastructure and high adoption rates of medical imaging technologies. Secondly, a robust regulatory framework ensures quality standards and safety compliance. Thirdly, a large patient population with a high prevalence of chronic diseases drives the demand for diagnostic imaging procedures. Moreover, the presence of key market players and continuous technological advancements contribute to North America's dominance in the contrast media market. The Asia-Pacific region is the fastest-growing market for contrast media due to several key factors. Firstly, there is a significant increase in healthcare infrastructure and investments, particularly in emerging economies like China and India. Secondly, the rising prevalence of chronic diseases such as cardiovascular conditions and cancer drives the demand for diagnostic imaging procedures. Additionally, the growing middle-class population, with increased access to healthcare services and insurance coverage, contributes to higher utilization of advanced medical imaging technologies. Technological advancements and the expansion of medical tourism further boost the contrast media market in this region.
Global Contrast Media Market Dynamics:
Growth Drivers
- Growing Geriatric Population
- Increasing Healthcare Expenditure
- Increasing Prevalence of Chronic Diseases
- Expansion Of Contrast-enhanced MRI Applications
- Growing Awareness about Preventive Healthcare
- Rise In Demand For Contrast-enhanced Ultrasound (CEUS) Imaging
- Regulatory Approvals and Reimbursement Policies
Challenges
- Occurrence of Side Effects and Allergic Reactions
- High Cost of Contrast Media
Market Trends
- Rising Popularity of Nano-sized Contrast Agents
- Technological Advancements in Imaging Modalities
- Shift Towards Sustainable Practices
- Shift towards Low-osmolar and Iso-osmolar Contrast Media
- Rise in Emerging Markets and Medical Tourism
- Growing Demand for Personalized Imaging
Competitive Landscape and Recent Developments:
The global contrast media market is fragmented, with an increasing number of large and medium-sized players accounting for the majority of the market revenue, and the presence of a substantial number of regional market players with limited business offerings and customer base.
The key players in the global Contrast Media market are:
- GE HealthCare Technologies
- Guerbet
- Bayer
- Bracco
- J. B. Chemicals & Pharmaceuticals
- SANOCHEMIA Pharmazeutika
- Trivitron Healthcare
- Beijing Beilu Pharmaceutical
- Jodas Expoim
- iMAX Diagnostic Imaging
- Unijules Life Sciences
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 184 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $6.6 Billion |
| Forecasted Market Value (USD) by 2029 | $9.5 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
2.1 Contrast Media Overview
2.2 Contrast Media Segmentation Overview
3. Global Market Analysis
3.1 Global Contrast Media Market: An Analysis
3.2 Global Contrast Media Market: Type Analysis
3.3 Global Contrast Media Market: Indication Analysis
3.4 Global Contrast Media Market: Route of Administration Analysis
3.5 Global Contrast Media Market: Procedure Analysis
3.6 Global Contrast Media Market: End User Analysis
4. Regional Market Analysis
4.1 North America Contrast Media Market: An Analysis
4.2 Europe Contrast Media Market: An Analysis
4.3 Asia Pacific Contrast Media Market: An Analysis
4.4 Latin America Contrast Media Market: An Analysis
4.5 Middle East and Africa Contrast Media Market: An Analysis
5. Impact of COVID-19
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Growing Geriatric Population
6.1.2 Increasing Healthcare Expenditure
6.1.3 Increasing Prevalence of Chronic Diseases
6.1.4 Expansion Of Contrast-enhanced MRI Applications
6.1.5 Growing Awareness about Preventive Healthcare
6.1.6 Rise In Demand For Contrast-enhanced Ultrasound (CEUS) Imaging
6.1.7 Regulatory Approvals and Reimbursement Policies
6.2 Challenges
6.2.1 Occurrence of Side Effects and Allergic Reactions
6.2.2 High Cost of Contrast Media
6.3 Market Trends
6.3.1 Rising Popularity Of Nano-sized Contrast Agents
6.3.2 Technological Advancements in Imaging Modalities
6.3.3 Shift Towards Sustainable Practices
6.3.4 Shift towards Low-osmolar and Iso-osmolar Contrast Media
6.3.5 Rise in Emerging Markets and Medical Tourism
6.3.6 Growing Demand for Personalized Imaging
7. Competitive Landscape
7.1 Global Contrast Media Market Players by Products
7.2 Global Contrast Media Market Players: Recent Industry Developments
8. Company Profiles
- GE HealthCare Technologies Inc.
- Guerbet Group
- Bayer AG
- Bracco Group (Bracco Imaging S.p.A.)
- J. B. Chemicals & Pharmaceuticals Limited
- SANOCHEMIA Pharmazeutika GmbH
- Trivitron Healthcare
- Beijing Beilu Pharmaceutical Co., Ltd.
- Jodas Expoim
- iMAX Diagnostic Imaging Limited
- Unijules Life Sciences Limited
For more information about this report visit https://www.researchandmarkets.com/r/36pvgz
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