Transparency Market Research (TMR) has published a new report titled, “Contrast Media Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, theglobal contrast media marketwas valued at US$ 4,600 Mn in 2016 and is projected to expand at a CAGR of 4% from 2018 to 2026. The report suggests that rise in awareness among people about pre-diagnosis of diseases such as cancer and cardiovascular is expected to drive the global market during the forecast period.
North America and Europe are anticipated to dominate the global contrast media market in the next few years owing to increase in installed base of imaging equipment and high health care spending. Asia Pacific is expected to be the fastest growing market by 2026. This is attributed to increase in geriatric population and rise in awareness about benefits of pre-diagnosis in developed countries such as Japan and Australia. Development of novel contrast media and advanced contrast media injectors is likely to fuel the growth of the global market. The market in Asia Pacific is projected to expand at a CAGR of 3% to 4% from 2018 to 2026.
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- High Prevalence of Cancer and Cardiovascular Diseases to Drive Global Market
High prevalence of cancers such as breast cancer is a major factor fueling the growth of the global contrast media market. Increase in popularity of pre-diagnosis of breast cancer and colorectal cancer using imaging equipment is another factor anticipated to drive the global market during the forecast period. Rise in cardiovascular diseases that require identification of high risk patients and implementation of disease management made possible through medical imaging are the other factors expected to boost the growth of the global market from 2018 to 2026. Furthermore, strong R&D, upcoming pipeline imaging drugs, and increase in health care spending are the factors likely to augment the global market during the forecast period. Stringent regulatory scenarios and adverse effects of contrast media in large number of patients are projected to restrain the global contrast media market from 2018 to 2026.
- Key Players
Key players in the global contrast media market include GE Healthcare, Bayer AG, Bracco Diagnostic, Inc., Guerbet Group, Lantheus Medical Imaging, Inc., Nanopet Pharma GmbH, Subhra Pharma Private Limited, and Spago Nanomedical AB.