New Delhi, July 15, 2024 (GLOBE NEWSWIRE) -- The global contrast media market generated revenue of US$ 5,492.7 million in 2023 and is projected to reach US$ 7,750.4 million by 2032 at a CAGR of 3.9% during the forecasted period, 2024-2032.
The contrast media market is poised for significant growth, driven by the increasing prevalence of chronic diseases and advancements in imaging technologies. Annually, around 4.2 billion medical imaging procedures are performed globally, including approximately 3.6 billion X-ray examinations, 1.5 billion ultrasound examinations, 450 million CT scans, and 150 million MRI scans. Specific imaging statistics reveal that 74 million CT procedures account for about 18% of the world’s total, 275 million conventional radiology procedures represent 11%, and 8.1 million interventional radiologic procedures make up 34%. Additionally, 320 million dental radiographic examinations account for 29%, and 13.5 million nuclear medicine procedures constitute 34% of the world’s total. These figures underscore the high volume of imaging processes that necessitate the use of contrast media.
Request Sample Report: https://www.astuteanalytica.com/request-sample/contrast-media-market
The prevalence of chronic diseases such as cancer, cardiovascular conditions, and neurological disorders is steadily rising, further driving the demand for imaging and contrast media market. By 2030, it is projected that 40.5% of the US population will have some form of cardiovascular disease (CVD). Globally, there were 20 million new cancer cases and 10 million cancer deaths, with new cancer cases expected to grow to 27.5 million by 2040. The rising prevalence of chronic conditions necessitates detailed imaging for accurate diagnosis and treatment planning, thereby significantly boosting the demand for contrast media. Technological innovations, influenced by the increasing geriatric population and the need for precise diagnosis, are also contributing to the market's expansion.
The demand for specific imaging modalities like CT and PET is forecasted to grow by 13% over the next decade. Contrast-enhanced ultrasound (CEUS) is gaining traction due to its non-invasive nature and effectiveness, contributing to market growth. The global MRI contrast media market, valued at US$ 1.45 billion in 2023, is expected to reach US$ 1.97 billion by 2029, growing at a CAGR of 5.20%. The preference for non-ionic contrast agents is increasing due to their lower incidence of adverse reactions. Additionally, the adoption of hybrid imaging techniques and the development of targeted contrast agents for specific applications, such as cancer imaging, are key trends driving the market. This robust demand and continual innovation indicate a positive outlook for the contrast media market in the coming years.
Key Findings in Global Contrast Media Market
| Market Forecast (2032) | US$ 7,750.4 million |
| CAGR | 3.9% |
| Largest Region (2023) | North America (34.6%) |
| By Type | Iodine (59.7%) |
| By Formulation | Liquid (47.2%) |
| By Route of Administration | Oral Route (27.1%) |
| By Modality | X-Ray (43.9%) |
| By Indication | Cardiovascular Disorders (31.4%) |
| By Application | Interventional Cardiology (42.6%) |
| By End Users | Hospitals (58.7%) |
| Top Trends |
|
| Top Drivers |
|
| Top Challenges |
|
Key Dynamics of Contrast Media Market: Omnipaque and Visipaque are Most Popular
Contrast media, also known as contrast agents, are substances used in medical imaging to enhance the visibility of structures or fluids within the body. The major contrast media in the world include iodine-based compounds, gadolinium-based agents, and microbubble contrast agents. Iodine-based compounds, such as Omnipaque and Visipaque, are widely used in computed tomography (CT) scans and angiography due to their high atomic number, which effectively blocks X-rays and improves image contrast. Gadolinium-based agents, like Gadavist and Dotarem, are primarily used in magnetic resonance imaging (MRI) because they alter the magnetic properties of nearby water molecules, enhancing the MRI signal. Microbubble agents, such as SonoVue, are used in ultrasound imaging to improve visualization of blood flow and tissue vascularity.
The popularity of these contrast media is driven by their efficacy, safety profiles, and versatility across various imaging modalities. Innovations in formulation and delivery methods have enhanced their safety, reducing the risk of adverse reactions and nephrotoxicity. Additionally, the rising prevalence of chronic diseases, such as cardiovascular disorders and cancer, has increased the demand for diagnostic imaging, further propelling the use of contrast agents. Top brands like GE Healthcare, Bayer, Bracco, and Guerbet dominate the market by continuously investing in research and development, ensuring their products meet the latest regulatory standards and clinical needs. As of 2024, the integration of artificial intelligence in imaging techniques is also boosting the precision and utility of contrast-enhanced diagnostics, making these agents indispensable in modern medicine.
The Pivotal Role of Contrast Media in Cardiovascular Imaging: A 2024 Analysis
Contrast media has become indispensable in cardiovascular disorder imaging due to its ability to enhance the visibility of blood vessels, cardiac chambers, and surrounding tissues, thus facilitating accurate diagnosis and treatment planning. The high prevalence of cardiovascular diseases (CVDs), driven by factors such as aging populations, lifestyle changes, and rising incidences of obesity and diabetes, underscores the need for advanced imaging techniques. In 2024, approximately 25 million cardiovascular imaging procedures are performed annually worldwide, with contrast media used in about 70% of these cases. The primary end users include hospitals, diagnostic centers, and specialized cardiac clinics, which rely on these imaging techniques to provide critical insights into patient health.
The dominance of contrast media in cardiovascular imaging is further highlighted by strong prevalence rate of CVDs. As of 2024, CVDs remain the leading cause of death globally, accounting for 32% of all deaths. The global market for contrast media is projected to reach $7.4 billion, with cardiovascular applications representing 45% of this market. The United States alone performs around 10 million cardiovascular imaging procedures annually, with an estimated 7 million utilizing contrast media. Europe follows closely, with 8 million procedures, 5.6 million of which involve contrast media. The Asia-Pacific region shows significant growth, with 6.5 million procedures, 4.55 million utilizing contrast media. The rising prevalence of CVDs is evident, with 523 million people living with cardiovascular diseases globally, a 14% increase since 2019.
Critical Role of X-ray Imaging in Global Diagnostic Procedures Makes It Leader in Contrast Media Market
X-ray imaging is heavily reliant on contrast media due to its ability to enhance the visibility of internal structures, making it crucial for accurate diagnosis and treatment planning. The contrast in X-ray images is determined by the differential attenuation of X-rays as they pass through various body tissues. Without contrast media, the contrast depends on the Compton effect for soft tissue and a combination of the Compton and photoelectric effects for bone. The use of iodinated contrast media, with its K-edge at 33 KeV, significantly improves the visibility of soft tissues and vascular structures, making it indispensable for detailed imaging. This enhancement is particularly vital in procedures like fluoroscopy, where real-time imaging of movement within the body or diagnostic processes, such as tracking the path of an injected or swallowed contrast agent, is required.
Globally, approximately 3.6 billion X-ray examinations are conducted annually, highlighting the extensive use of this imaging modality. The demand for X-ray imaging is driven by its wide availability, low cost, non-invasive nature, and fast imaging times, making it a preferred choice for initial diagnosis in various clinical situations. Key end users of X-ray imaging include hospitals, diagnostic imaging centers, and outpatient facilities. The high volume of X-ray procedures, such as 74 million CT procedures (18% of the world’s total) and 320 million dental radiographic examinations (29% of the world total), underscores its dominance in the medical imaging field.
The prevalence of major diseases significantly encourages the demand for X-ray imaging. For instance, cardiovascular diseases (CVD) are projected to affect 40.5% of the US population by 2030, necessitating frequent imaging for diagnosis and monitoring. Additionally, the global incidence of cancer, with 20 million new cases and 10 million deaths annually, further drives the need for detailed imaging to guide treatment. The increasing prevalence of chronic conditions, coupled with technological advancements in imaging modalities, continues to propel the demand for contrast media in X-ray imaging. This robust demand is reflected in the growing market for contrast-enhanced imaging techniques, such as CT and fluoroscopy, which are essential for accurate diagnosis and effective treatment planning.
Request For Customization: https://www.astuteanalytica.com/ask-for-customization/contrast-media-market
Chronic Diseases and Healthcare Spending Drive North America's Contrast Media Market Leadership, Contribute Over 34.6% Market Revenue
North America's dominance in the consumption of contrast media is attributable to several interrelated factors, notably the high prevalence of chronic diseases, robust healthcare infrastructure, and substantial healthcare spending. Chronic conditions such as cardiovascular diseases, diabetes, cancer, and chronic kidney disease are prevalent in the region. For instance, cardiovascular diseases account for a significant portion of the healthcare burden, with millions of Americans affected. Additionally, the diabetes prevalence rate stands at approximately 10.5% of the U.S. population, necessitating frequent imaging for various complications. Cancer, with its high incidence, requires extensive imaging for diagnosis and monitoring, further driving demand for contrast media. The obesity rate, exceeding 40% in the United States, also indirectly increases the need for diagnostic imaging due to its association with numerous chronic conditions.
Healthcare expenditure in North America, particularly in the United States, is among the highest globally, with around $4.3 trillion spent in 2022. This substantial investment includes significant allocations for diagnostic imaging technologies, which are essential for managing chronic diseases. The region's advanced healthcare infrastructure, characterized by the widespread availability of state-of-the-art imaging facilities, supports the extensive use of contrast media. Furthermore, North America is home to major players in the contrast media market, such as GE Healthcare and Bracco Imaging, which invest heavily in research and development. This leads to frequent product innovations and approvals, maintaining the region's leadership in the market. In 2022, North America held the largest share of the global contrast media market, underscoring its prominent position.
The economic impact of imaging in North America is substantial, with the United States alone spending over $100 billion annually on diagnostic imaging services. Contrast media costs significantly contribute to these expenses, with the North American market for contrast media valued at approximately $3.5 billion in 2022. The United States performs over 80 million CT scans annually, many of which utilize contrast agents. Non-communicable diseases account for the majority of the disease burden in high-income countries like the United States, with cardiovascular diseases and cancers being the leading contributors. The high rate of Disability-Adjusted Life Years (DALYs) due to chronic diseases further reflects the significant impact of these conditions on the population. Overall, the combination of high disease prevalence, advanced infrastructure, and substantial spending underscores North America's leadership in the consumption of contrast media.
Global Contrast Media Market Key Players
- Bayer AG
- Beijing Beilu Pharmaceutical Co., Ltd.
- Bracco Imaging SPA
- Congruent Pharmachem Private Limited
- GE Healthcare
- Guerbet
- iMAX
- Lantheus Medical Imaging, Inc.
- Nano Therapeutics Pvt. Ltd.
- Novalek Pharmaceuticals Pvt. Ltd
- Rege Imaging & Cine Films Private Limited
- Stanex Drugs & Chemical Pvt. Ltd.
- Taejoon Pharm
- Trivitron Healthcare Pvt. Ltd.
- YRP Group
- Other Prominent Players
Key Segmentation:
By Type
- Iodine
- Ionic
- Non-Ionic
- Barium-Sulfate
- Gadolinium
- Microbubbles
- Others
By Formulation
- Liquid
- Tablet
- Powder
- Paste
By Route of Administration
- Oral route
- Rectal Route
- Intravenous Route
- Intramuscular Route
- Intra-Arterial
- Intradermal
- Others
By Modality
- X-Ray
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Ultrasound
- Others
By Indication
- Cardiovascular Disorders
- Cancer
- Gastrointestinal Disorders
- Neurological Disorders
- Nephrological Disorders
- Musculoskeletal Disorders
- Others
By Application
- Radiology
- Interventional radiology
- Interventional Cardiology
- Others
By End-User
- Hospitals
- Clinic
- Diagnostics Centre
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Inquire Before Buying This Research Report: https://www.astuteanalytica.com/inquire-before-purchase/contrast-media-market
About Astute Analytica
Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.
Contact Us:
Astute Analytica
Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)
For Sales Enquiries: sales@astuteanalytica.com
Website: https://www.astuteanalytica.com/
LinkedIn | Twitter | YouTube
