Contrast Medium Market Overview, Business Profiles and Forecast to 2023
Market Overview:
As procedures like magnetic resonance imaging (MRI) and computerized tomography (CT) scans become integral part of disease diagnosis, the Contrast Media Market has gained considerable traction. Contrast media or contrast agent is essentially a compound that is injected into patients to enhance the visibility of organs during MRI. Millions of MRI scans are conducted each year in the U.S. alone. The use of MRI in diagnosis is so popular in the U.S. that a major portion of the nation’s healthcare cost is attributed to MRI scans.
Most commonly used contrast medium is metal gadolinium. Research has however pointed out that the prolonged use of metal based contrast medium in patient who have to undergo scans often or in children and patients with kidney problems can lead to serious adverse effects. Therefore, the contrast medium industry is veering towards the adoption of metal free compounds. For instance, researchers at MIT and the University of Nebraska reportedly developed an organic molecules based contrast medium that can prove beneficial for use in high-risk groups. Increasing incidence of scans for better disease diagnosis and innovation the field of contrast agents are expected to add impetus to the growth of contrast medium market.
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Key Players:
Daiichi, NanoScan Imaging, Bayer AG, Bracco Diagnostic Inc., GE Healthcare, Guerbet Group, Jodas Expoim, Lantheus Medical Imaging Inc., Magnus Health, Spago Nanomedical AB, and Taejoon Pharm
Segmentation:
- Contrast media market is segmented as type, procedures, form, application, and route of administration.
- Based on type, contrast media market is classified as gadolinium-based contrast media, iodinated contrast media, barium-based contrast media and microbubble contrast media.
- Procedure based contrast media market classification includes X-ray/computed tomography, ultrasound, magnetic resonance imaging and others.
- Form based segmentation includes powder, tablet, paste and liquid.
- Based on application contrast media market is subdivided as oncology, neurological disorders, gastrointestinal disorders, cardiovascular disease, and other indications.
- According to route of administration, contrast media market classification includes rectal, oral, and injectable.
Regional Analysis:
Geographically the contrast media market has been classified, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Increasing expenditure on healthcare and better healthcare infrastructure has led the contrast media market in the Americas to register a dominant position. Medical imaging is being increasingly used in the diagnosis of spinal injury, intestinal disease and brain injuries leading to growth of contrast media industry in the region. Research shows that a major portion of the healthcare expenditure in the U.S. can be attributed to imaging technology usage. For instance, in the U.S. 118 MRIs were performed for every 1000 patients whereas in other countries the rate was 82 MRIs for every 1000 patients. The U.S. also performed a greater number of CTs amounting to 245 CTs per 1000 patients whereas in other countries the mean average was only 151 CTs for 1000 patients.
Europe is expected to hold the second-largest position in the global contrast media market. The number of MRIs and CT scans conducted in countries like the UK, France and Germany are higher than anywhere else in Europe and these countries are also expected to demonstrate faster revenue growth in the contrast media market. The importance of MRI scans is such that the density of MRI units in a country is considered to be a reflection of the quality of its healthcare infrastructure. Germany has around 34 MRI units for every million of its population. As the adoption of MRI technology is encouraged, consequently, contrast media sales will also rise.
Asia Pacific contrast media market is expected to register the highest CAGR as adoption of MRI and CT technology garners traction. The expanding geriatric population and betterment of health infrastructure in most Asian countries has created better growth scope for contrast media market. For instance, South Korea has 29 MRI units per million people.
The Middle East & Africa will be increasing their share of the contrast media market due to the expanding number of diagnostic centers, hospitals, and clinics.
Industry News:
The U.S. Food and Drug Administration recently granted approval to Clariscan, MRI contrast agent based on macrocyclic, ionic and gadolinium developed by GE Healthcare. Clariscan is a gadolinium-based contrast agent used for in adult and pediatric patients for intravenous use with MRI for spine, brain and associated tissues to imaging of areas with disruption of the blood brain barrier and/or abnormal vascularity. Incidentally, Clariscan is an approved contrast media agent that is used in more than 55 countries across the globe. It is one of the various imaging agents available in the U.S. developed by GE Healthcare.
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