New York, United States , June 20, 2024 (GLOBE NEWSWIRE) -- The Global MRI Contrast Media Market Size is to Grow from USD 1.50 Billion in 2023 to USD 2.35 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.59% during the projected period.
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MRI Contrast Media are imaging agents or substances injected to enhance the visibility of the tissues or organs during an MRI procedure. These agents assist in visualizing and characterizing abnormalities such as tumors, inflammation, and vascular conditions during MRI scans with enhanced diagnostic precision and offer more precise guidance in surgical interventions. The alternatives of gadolinium-containing contrast media like macromolecular agents or iron oxide nanoparticles are developed to reduce the possible hazards associated with gadolinium-based contrast media while maintaining diagnostic accuracy. Further, the targeted imaging agents and nano-particle-based contrast media provide improved tissue specificity and diagnostic potential. The continuous advancement of collaborative research for effective therapies and precise diagnostic results is expected to leverage market opportunities. The increasing prevalence of chronic diseases and the public awareness regarding the early diagnosis of cancer are using MRI are driving the market. The escalated R&D activities and technological advancements as well as increasing demand for diagnostic accuracy for making treatment planning easier are propelling the market demand. Further, the increasing healthcare spending, collaborations, acquisitions, and increased public awareness are driving the global MRI contrast media market. On the contrary, the potential side effects related to gadolinium-based contrast agents and the stringent regulatory requirements are restraining the global MRI contrast media market.
Browse key industry insights spread across 190 pages with 120 Market data tables and figures & charts from the report on the "Global MRI Contrast Media Market Size, Share, and COVID-19 Impact Analysis, By Product (Extracellular Contrast Agents, Ionic, Non-Ionic, Blood-Pool Agent, and Hepatobiliary Agents), By Type (Branded and Generics), By Application (Neurological Disorders, Musculoskeletal Disorders, Cardiovascular Disorders, Gastrointestinal Disorders, Cancer Detection, and Others), By End-Use (Hospitals, Diagnostic & Imaging Centers, Research Institutes, And Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The extracellular contrast agents segment is anticipated to hold the largest market share through the forecast period.
Based on the product, the global MRI contrast media market is segmented into extracellular contrast agents, ionic, non-ionic, blood-pool agent, and hepatobiliary agents. Among these, the extracellular contrast agents segment is anticipated to hold the largest market share through the forecast period. Extracellular contrast agents based on gadolinium help visualize abnormalities by drawing attention to vascular structures with improved diagnostic accuracy in conditions such as viral and inflammatory illnesses. The growing demand for more accurate and diagnostic results to plan treatment regimes is escalating the market.
The branded segment dominates the market with the largest revenue share in 2023.
Based on type, the global MRI contrast media market is segmented into branded and generics. Among these, the branded segment dominates the market with the largest revenue share in 2023. The leading pharmaceutical companies are creating their unique formulations of contrast agents. The well-established safety records, effectiveness, and widespread clinical acceptance are the factors responsible for propelling the market demand.
neurological disorders segment dominated the global MRI contrast media market with the largest revenue share in 2023.
Based on the application, the global MRI contrast media market is segmented into neurological disorders, musculoskeletal disorders, cardiovascular disorders, gastrointestinal disorders, cancer detection and others. Among these, the neurological disorders segment dominated the global MRI contrast media market with the largest revenue share in 2023. The enhanced visibility of complex cerebral structures made possible by MRI contrast agents facilitates the diagnosis and characterization of neurological conditions like brain tumors, multiple sclerosis, and vascular anomalies. The introduction of specific contrast agents designed for neurological imaging is contributing to market growth.
hospitals segment is expected to witness the fastest CAGR growth during the forecast period.
Based on end-use, the global MRI contrast media market is segmented into hospitals, diagnostic & imaging centers, research institutes, and others. Among these, the hospitals segment is expected to witness the fastest CAGR growth during the forecast period. The infrastructure and economy needed to acquire and store contrast agents are included in the hospital component. It is the primary facility center for providing diagnostic tests, which is responsible for driving the market in the hospitals segment.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The enhancement of diagnostic capabilities by the incorporation of cutting-edge imaging technologies is escalating the market growth. The development and introduction of advanced contrast agents by the leading pharmaceutical companies in the region are driving the market. Furthermore, the robust healthcare ecosystem and the adoption of novel diagnostic technologies are significantly contributing to market growth in the region.
Asia-Pacific region is expected to grow the fastest during the forecast period. The increasing cases of chronic diseases in the region with the growing healthcare spending are bolstering the regional market growth. The growing healthcare expenditure and the increasing awareness about preventive healthcare are responsible for driving the market. The advancements in technologies for effective diagnostic procedures have further fueled market growth in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global MRI contrast media market are Bayer Healthcare LLC, GE Healthcare, Guerbet LLC, Bracco, Vitalquan, LLC, Lantheus Medical Imaging, Inc., B. Chemicals and Pharmaceuticals Ltd., BioPAL, Inc., Fresenius Kabi, Polarean, BeiLu Pharma, Hengrui Medicine, YRPG, and Other Key Players.
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Recent Developments
- In December 2023, Guerbet, global leader in contrast products for medical imaging, announced that the European Commission has approved the marketing in the European Union (EU) of Elucirem (Gadopiclenol), a macrocyclic gadolinium-based contrast agent (GBCA), for use in contrast-enhanced magnetic resonance imaging (MRI).
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global MRI contrast media market based on the below-mentioned segments:
Global MRI Contrast Media Market, Product Analysis
- Extracellular Contrast Agents
- Ionic
- Non-Ionic
- Blood-Pool Agent
- Hepatobiliary Agents
Global MRI Contrast Media Market, Type Analysis
- Branded
- Generics
Global MRI Contrast Media Market, Application Analysis
- Neurological Disorders
- Musculoskeletal Disorders
- Cardiovascular Disorders
- Gastrointestinal Disorders
- Cancer Detection
- Others
Global MRI Contrast Media Market, End-Use Analysis
- Hospitals
- Diagnostic & Imaging Centers
- Research Institutes
- Others
Global MRI Contrast Media Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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