The global demand for magnetic resonance imaging (MRI) contrast agents is poised for a promising CAGR of more than 4% during 2019-2029. Disease diagnosis will remain the growth engine of MRI contrast agents market, owing to rapid evolution of imaging technology, reveals the new Future Market Insights (FMI) study.
"Magnetic resonance imaging has gained increasing significance as a diagnostic technology. The segment is underpinned by heightened demand in magnetic resonance spectroscopy, elastography, diffusion weighted imaging and dynamic contrast-enhanced imaging," concludes the FMI report.
Key Takeaways of Magnetic Resonance Imaging Contrast Agents Market Study
- Paramagnetic contrast agents constitute the leading category, with 99% of revenue share projected in 2029.
- Extracellular fluid (ECF) paramagnetic contrast agent contributes a substantial chunk of revenues to market.
- Hospitals continue to be the major end user in magnetic resonance imaging contrast agents market.
- Diagnostic centers will augment the growth of MRI contrast agents market during the forecast period.
- North America will continue to occupy the leading market share by 2029 end.
Top Growth Drivers
- Rising incidences of chronic diseases are accelerating the need for timely diagnosis, thereby boosting demand for MRI contrast agents.
- Innovative technologies in non-invasive disease diagnostic imaging is accentuating the need for effective MRI contrast agents.
- Increasing preference for cost-effective MRI contrast agents is fueling the market growth.
- Increasing number of brain aneurysm and traumatic brain injury cases is driving the demand for MRI contrast agents.
- Gadolinium-based contrast agents can be harmful to human beings in the long-term, which is restraining the market growth.
- A sizeable number of physicians continue to opt for faster and cost-effective alternatives like CT scan and X-ray, impeding market growth.
- Relatively high price point of MRI diagnosis remains a major roadblock to wider adoption in developing countries.
The MRI contrast agents market is highly consolidated, where Bayer AG occupies the top spot with over 65% market share in revenue. Some of the other prominent players that are profiled in this study include but are not limited to GE Healthcare LLC., Guerbet GmbH, and Bracco Imaging SpA. Key players in MRI contrast agents market are bolstering their credibility through product launch activities. For instance, Bracco Diagnostics Inc. launched a new MRI contrast agent called Gadoteridol to visualize neck and head lesions during MRI. Similarly, a macrocyclic MRI contrast agent called Clariscan was introduced by GE Healthcare in Europe. Other market leaders are diversifying their product portfolio by acquiring mid-size and small companies.
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More about the Report
This Future Market Insights study of 233 pages offers actionable insights on magnetic resonance imaging contrast agents market. The market analysis is based on product type (paramagnetic contrast agents, superparamagnetic contrast agents), end-user (hospitals, ambulatory surgical centers, diagnostic centers) across seven regions (Oceania, Latin America, North America, East Asia, South Asia, Europe, Middle East & Africa).
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's largest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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