Wilmington, Delaware, United States, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The contrast media market is expected to reach US$ 7.8 billion by 2031 from US$ 4.9 billion in 2022. The market is expected to increase at a CAGR of 5.2% from 2023 to 2031. The rising demand for various research and development activities and increasing investments will drive the demand for contrast media.
For instance, an innovative contrast agent for MRI has been explored using liposomes loaded with paramagnetic lanthanide-based complexes. MR molecular imaging can be enhanced using these liposomes, enabling localized visualization of specific targets or tissues.
A new contrast medium from Bracco Diagnostics, the Isovue IBP, is being introduced as a solution for point-of-care use in computed tomography (CT) suites. Using multi-dose CT contrast media, the IBP improves workflow, safety, and compliance.
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The effect of quadrupole relaxation enhancement has been investigated as a new contrast mechanism that can function as a toggle for contrast. Medical imaging has evolved to use bismuth-based agents in place of gadolinium-based substances to enhance contrast.
A new class of MRI contrast agents has been developed that targets tumors specifically. These agents selectively target and enhance tumor visualization to aid in accurate diagnosis and treatment planning.
Contrast media have been reduced during imaging procedures through efforts to minimize their volume. Using new CT techniques and technologies enhances contrast enhancement while contrast agents are potentially reduced. Future investigations will be carried out using recent methodological advances in contrast media research. By contrast, advances in media usage provide insight into some aspects of contrast media use.
Key Findings of Market Report
- The oncology segment is anticipated to hold the largest market share in terms of application.
- The rise in demand for high-resolution CT/X-ray imaging is expected to drive the market for contrast media.
- With increasing drug administration innovations, oral administrations are expected to drive market demand.
- Gadolinium-based compounds are likely to drive demand for the contrast media market.
Global Contrast Media Market: Growth Drivers
Contrast-based diagnostic imaging procedures are often used to diagnose chronic illnesses, such as cancer, cardiovascular disorders, and neurological conditions. New and improved contrast agents are developed in response to advances in imaging technologies, such as CT, MRI, and ultrasound. With the ageing population, contrast-enhanced imaging is becoming more common for diagnostic imaging conditions. A greater awareness of early detection of disease and improved diagnostic capabilities have led to a greater use of medical imaging procedures, including the use of contrast media.
Governments and private entities are increasing healthcare spending on infrastructure, which is increasing diagnostic imaging facilities, thus driving contrast media sales. By offering more options for diagnostic procedures, regulatory authorities can help grow the market by approving new contrast agents and imaging technologies. Medical specialties like interventional radiology and other specialties increasingly utilize contrast media for minimally invasive procedures.
A growing healthcare infrastructure and expanding diagnostic capabilities can increase demand for contrast media in emerging markets. Continual research and development efforts focused on improving contrast agents' safety, effectiveness, and specificity provide a competitive advantage. Many non-ionizing imaging techniques, such as magnetic resonance imaging (MRI), which uses contrast media, are becoming popular due to radiation concerns.
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Global Contrast Media Market: Regional Landscape
According to forecasts, North America will lead the contrast media market in 2024. Chronic ailments and an aging population will increase the demand for contrast media. The use of contrast media for medical purposes and the adoption of minimally invasive procedures will increase the demand for contrast media in the future.
Contrast media demand is high in Asia-Pacific and is expected to increase significantly. The Asia-Pacific region has attractive potential for the contrast media market due to the improved public demand for diagnostic imaging services. Increasing chronic disease prevalence and increasing healthcare spending drive the Asia-Pacific contrast media market. Increasing disposable income and government initiatives have increased demand for contrast media in the market.
Global Contrast Media Market: Key Players
Several prominent companies hold the majority share of the global contrast media industry. As key players try to consolidate their presence in the global market, they follow the latest trends in contrast media and expand via collaborations, mergers & acquisitions, and partnerships.
- GE Healthcare
- Bayer AG
- Bracco Diagnostic, Inc.
- Guerbet Group
- Lantheus Medical Imaging, Inc.
- nanoPET Pharma GmbH
- Subhra Pharma Pvt. Ltd.
- Spago Nanomedical AB
Key Developments
- In April 2023, General Electric Healthcare introduced Pixxoscan (gadubutrol) – an agent derived from macrocyclic gadolinium that is designed to apply to non-ionic MRI images. The product will be available next year in the European market.
- In November 2023, Ulrich Medical and Bracco Imaging entered into a strategic cooperation agreement to provide Bracco with distribution rights for MRI contrast media injectors when they become available on the market.
Global Contrast Media Market: Segmentation
Type
- Iodine-based Compounds
- Barium Sulfate-based Compounds
- Gadolinium-based Compounds
- Microbubbles/Microspheres
Administration
- Oral
- Rectal
- Intravenous/Intrarterial
- Others
Imaging Modality
- CT/X-Ray
- Ultrasound
- MRI
- Others
Application
- Oncology
- Cardiology
- Neurology
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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