Pune, Aug. 12, 2024 (GLOBE NEWSWIRE) -- Contrast Media/Contrast Agent Market Analysis:
“According to SNS Insider Research, The Contrast Media/Contrast Agent Market Size was valued at US$ 6.50 Billion in 2023 and is expected to reach US$ 12.28 Billion by 2032 and grow at a CAGR of 7.66% over the forecast period 2024-2032.”
Complex comorbidities like long-term diseases have tremendously upsurged diagnostic imaging tests like ultrasound, x-rays, and advanced MRI & CT scans. In September 2022, the U.S. FDA approved an MRI contrast agent called GADPICLENOL for adults. Gadopiclenol is used in both adults and pediatric patients of age two years and above, with high relativity and lower gadolinium dosage. Gadopiclenol is a macrocyclic GBCA used to identify the lesions in the Brain, Spine, Abdomen, and other body areas with mischievous vascularity. As per the National Association of Chronic Disease Directors, almost 45% of the U.S. people were affected by multiple chronic conditions until 2022. Therefore, the adult population is at higher risk of chronic conditions with multiple comorbidities.
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Key Players Listed in this Report are:
- Bayer AG
- Bracco Diagnostic Inc.
- GE Healthcare
- Guerbet Group
- Lantheus Medical Imaging Inc.
- Spago Nanomedical AB
- FUJIFILM Corporation
- Beijing Beilu Pharmaceutical Co. Ltd.
- Taejoon Pharm Co. Ltd.
- Other Players
Recent reports published by the National Council on Aging mentioned that approximately, 80% of people aged 65 or older had suffered at least one chronic condition. Additionally, the report mentions that almost 70% of Medicare beneficiaries, or around 77.0 million people in the U.S. would be aged 65 or older by 2034 and suffer from two or more chronic conditions. Another report released by the American Heart Association stated that the U.S.’s heart failure cases are increasing, which is the leading cause of death in the country. Specifically, in 2020, approximately, 659,000 people died in the country due to cardiovascular diseases and it is projected that there will be a 46% hike in heart diseases in 2030.
Contrast Media/Contrast Agent Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 6.50 Billion |
| Market Size by 2032 | US$ 12.28 Billion |
| CAGR | CAGR of 7.66% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers | •The Rising Incidence of Chronic Diseases Such as Cancer, Cardiovascular Disorders, And Neurological Conditions Is Driving the Demand for Advanced Diagnostic Imaging Procedures. •Continuous Advancements in Imaging Technologies, such as the Development of More Precise and Efficient X-ray, CT, MRI, And Ultrasound Machines, Are Boosting the Use of Contrast Agents. |
Segmentation Dynamics
By indication, cardiovascular disease led the Contrast Media/Contrast Agent Market holds a share of 32% in 2023. This is due to the high prevalence and enormous burden of cardiovascular diseases (CVDs) worldwide. Merely, Heart disorders are the most common cause of death at a global level accounting for an estimated 17.9 million deaths per year nearly one-third (31%) of all worldwide end. With the increasing prevalence of diseases including coronary artery disease, heart failure, and stroke the need for high-end diagnostic and imaging methods has augmented to effectively plan line of treatment.
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Governments and healthcare organizations are focusing more on the prevention as well as management of cardiovascular diseases, resulting in hefty investments in building healthcare infrastructure and diagnostic technologies. over $351 billion, including health expenditures and productivity losses according to the American Heart Association. This financial burden further emphasizes the need for rapid and efficient diagnostic tools, such as contrast-enhanced imaging to enable earlier diagnosis which could improve patient outcomes while also reducing long-term healthcare costs.
Contrast Media/Contrast Agent Market Key Segmentation:
By Type
- Iodinated Contrast Media
- Gadolinium-based Contrast Media
- Microbubble Contrast Media
- Barium-based Contrast Media
By Procedure
- X-ray/Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Ultrasound
By Indication
- Cardiovascular Disease
- Oncology
- Gastrointestinal Disorders
- Neurological Disorders
- Others
Regional Insights
North America contributed 40% in 2023. The rising burden of chronic diseases and multimorbidity, and growing private as well as public healthcare expenditure are expected to drive the market in North America. In the United States in 2023, for example, there were an estimated 41,630 new cases of liver cancer diagnosed by January 2024, according to the latest data from the American Cancer Society. Similarly, it is to these statistics that liver cancer occurs within the area among said demographic. Liver cancer Incidence rates have more than tripled for the last few decades in this context as per American Cancer Society Data March 2022. Localized liver cancer has a 5-year relative survival of around 35% and regional liver cancer is about 12%, suggesting an important disease burden in North America. Such a factor is expected to drive the demand for contrast media in the diagnosis and treatment of disease.
Regional Coverage
• North America (US, Canada, Mexico)
• Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe])
• Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific)
• Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East])
• Africa [Nigeria, South Africa, Rest of Africa]
• Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Recent Developments
- In March 2024, The US Food and Drug Administration (FDA) approved a supplemental new drug application for DEFINITY (Perflutren Lipid Microsphere), an ultrasound-enhancing agent, indicated to improve the delineation of pediatric patients with suboptimal echocardiograms.
- In June 2023, Iopromide-300 and -370 were approved by the US Food and Drug Administration (FDA); Ultravist; iodine-based contrast agents. The product is indicated for visualization of known or suspected breast pathology in adult patients when used with mammography and/or ultrasound.
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Key Takeaways
- U.S. Contrast Media/Contrast Agent Market revenue, North America contributed to 40% share in the market due to the presence of a large patient population with chronic diseases and high healthcare spending & diagnostic advancements as well.
- Out of Cardiovascular disease (CVD) covers the maximum market compared to others, and constitutes revenue 32% in the Contrast Media/Contrast Agent Market; as of 2023.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Contrast Media/ Contrast Agent Market Segmentation, by Type
8. Contrast Media/ Contrast Agent Market Segmentation, by Procedure
9. Contrast Media/ Contrast Agent Market Segmentation, by Indication
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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