New York, USA, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Contrast Media Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Contrast Media Market Information By Type, Form, Procedures, Application, Route of Administration, And Region - Forecast till 2030", the market is expected to reach USD 4,050 Million by 2030 at 4.01% CAGR during the forecast period 2022-2030.
Market Synopsis
A chemical called a contrast agent referred to as a contrast medium, is used in medical imaging to improve the contrast of the body's structures and fluids. Targeted structures, tissues, or blood vessels are made more visible using contrast chemicals. Contrast agents alter or absorb external electromagnetic radiation, ultrasound, or electromagnetism. Iodinated contrast media, gadolinium-based contrast media, and microbubble contrast media are the most frequently utilized contrast agents in MRI and ultrasound. To enhance the contrast of the body's structures or fluids, contrast media, a chemical substance, is utilized during magnetic resonance imaging (MRI), x-rays, computed tomography scans, and ultrasounds. The contrast media substance helps to improve contrast by absorbing the radiation that the ambient electromagnetic produces.
These tests are necessary before carrying out any operations or treatments since they give a visual representation of the issue and aid in determining the severity of the illness and the proper course of treatment. They are used to enhance the quality of body scans such as X-rays, MRIs, and CT scans, and these images then assist in identifying any disorders that may be present in the body, such as identifying chronic diseases. This makes it simpler for a medical expert to accurately diagnose the disease and determine what kind of therapy will be necessary to treat it. Contrast technology is widely used in the medical field and research and development. During the forecast period, a few elements projected to propel the worldwide contrast media market are rising cancer rates, neurological and cardiovascular illnesses, increased alliances and acquisitions among competitors to provide new products, and emerging breakthroughs in contrast media.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 4050 Million |
| CAGR | 4.01% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Form, Procedures, Application and Route of Administration |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing uses of contrast media in medical imaging to enhance the visibility of blood vessels & GI tract support |
| Advanced technologies and quality products with advanced features |
Market Competitive Landscape:
The important contenders in the contrast media market are:
- Jodas Expoim (India)
- GE Healthcare (US)
- Guerbet Group (France)
- Bayer AG (Germany)
- Bracco Diagnostic Inc. (US)
- DAIICHI (Japan)
- NANOSCAN IMAGING (US)
- Lantheus Medical Imaging Inc. (US)
- Taejoon Pharm (Korea)
- Magnus Health (US)
- Spago Nanomedical AB (Germany)
Contrast Media Market Dynamics:
Market Drivers:
The rise in the prevalence of chronic diseases, the rising need for image-guided treatments and diagnostics, and the significant number of applications for contrast agents are the main drivers of the expansion of the market. The malignancy or benignity of cancer can be determined using image-guided techniques. It is essential to offer techniques that can aid in patients receiving a diagnosis at an earlier stage due to the rising prevalence and the rise in the number of cancer cases throughout both emerging and established economies of the world. Image-guided procedures (IGS) are becoming more popular over time. Some of the key variables fueling the growth of the older population and the number of people receiving chronic disease diagnoses are driving the growth of the global contrast media market.
These methods can be used to diagnose and treat a variety of illnesses. A few key factors propelling the market growth of the contrast media during the forecast period include the rising need for image-guided diagnoses and procedures, the rising incidence and prevalence of heart illnesses and cancer, and technical improvements in medical imaging techniques. A thorough understanding of the imaging process, its therapeutic applications, and new data gathering, processing, and display methods are necessary to meet the growing need for improved imaging during surgeries. The fact that image-guided procedures do a great job of meeting this need has increased demand for these procedures for diagnostic and therapeutic purposes, which has contributed to expanding the market.
Market Restraints:
However, factors limiting the growth of the worldwide contrast media market during the projected period include the negative effects of using contrast media, such as vomiting, stomach pains, bluish skin color, and others, as well as the high cost of contrast media injectors.
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COVID 19 Analysis
The COVID-19 epidemic has caused several significant problems for the healthcare sector. Since most treatments for chronic pain were considered non-urgent, all outpatient treatments were delayed or curtailed during the COVID-19 pandemic to lower the chance of viral transmission. The COVID-19 epidemic negatively impacted the contrast media market, resulting in a drop in hospital patient visits. The pandemic has put tremendous strain on the healthcare systems. To conserve medical resources for COVID-19 victims and stem the spread of the disease, healthcare institutions and providers were directed to stop performing medical examinations and elective surgical procedures.
As a result of nations and patients concentrating on COVID-19 in the initial months of the pandemic, the diagnosis of cardiac diseases decreased by nearly two-thirds globally. Since the thorax CT for pulmonary embolism is now used more frequently to predict how the condition will progress because it is effective at making alternative diagnoses and spotting COVID-19 problems. As a result, it is anticipated that the market for contrast media will grow throughout the forecast period.
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Contrast Media Market Segmentation
By application, the market includes cardiovascular disease, oncology, and gastrointestinal disorders. The market includes rectal, oral, and injectable by route of administration. By type, the market includes iodinated contrast media and gadolinium-based contrast media. The market includes tablets, powder, liquid, and paste by form. By procedures, the market includes X-ray/computed tomography (CT) and magnetic resonance imaging (MRI).
Contrast Media Market Regional Insights
Because of its established healthcare infrastructure and significant investments made by many major players in research efforts to create efficient contrast media agents, North America is expected to lead the market throughout the forecast period. In addition, throughout the forecast period, the market of contrast media in North America is expected to expand due to significant developments in diagnostic imaging technology, an increase in cancer incidence, and cardiac problems.
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This region's high stakes and growth are also attributed to the presence of multiple international players, highly developed healthcare facilities, cutting-edge technology, and the rising prevalence of chronic conditions. Due to the rising use of MRI methods for treating cardiovascular diseases, the existence of cutting-edge cath labs, and the rising prevalence of cardiac ailments, the global market for contrast media in Europe and Asia-Pacific is predicted to rise substantially.
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