Market growth can be attributed mainly to the increasing number of contrast agent approvals, the rising amount of CT and MRI exams globally, and the rapidly growing population of cancer and CVDs worldwide. The key areas of opportunity in this market are that research activities on contrast agents & their applications. On the other hand, considerations such as side effects & allergic reactions, as well as the adverse effects associated with opposing agents are expected to some degree limit market growth.
The market is classified by type into barium-based, iodine contrast media, gadolinium-based, and microbubble-based contrast media. In 2019, the iodinated contrast media segment will command the largest share of the contrast media market. Due to its high use in CT tests, the high proportion of this section can be attributed coupled with the fact that it can be used in almost all body parts. The modality of ultrasound is expected to register the highest growth over the forecast period. The market is segmented into X-ray / CT, MRI, and ultrasonic procedures, based on modality. X-ray / CT procedures are expected to command the largest proportion of global contrast media mares in 2019Ultrasound segment growth can be largely attributed to several benefits offered by ultrasound contrast agents over other contrast agents and the increasing number of approvals for ultrasound contrast agents in the US, Europe and Japan.
North America was the region that produced the highest revenue in 2019, and is expected to remain dominant over the forecast period. Some of the factors responsible for this dominance are the prevalence of well-established healthcare facilities, the availability of advanced technologies together and the demand for diagnostic procedures. Europe held a market share of 25.1% in 2019. Over the last decade, the use of diagnostic imaging modalities, such as MRI, CT, and ultrasound has increased rapidly in Europe. In 2015, the highest number of MRI scans were performed in France and Germany, where the number of scans per 100,000 people was reported to be higher than 10,000. This factor is anticipated to continue driving the regional market growth
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Global Contrast Media/Contrast Agents Market Revenue & Forecast, (US$ Million), 2015 – 2027:
The report provides both, qualitative and quantitative research of contrast media/contrast agents market, as well as provides comprehensive insights and development methods adopted by the key contenders. The key players present in the market are making collaborations and product launch strategies in order to address the unmet aesthetic needs. Thereby, providing the physicians with new and better options, as well as augmenting the growth of the contrasts media/contrast agents market. The companies are also focusing on expanding their presence in the emerging markets and also trying to maintain strong distributor relationships. For each company, the report studies their global presence, competitors, service offerings and specification amongst others.
Some of the players operating in the contrast media/contrast agents market are: Bayer AG; General Electric Company, Guerbet, Lantheus Medical Imaging, Inc., Bracco Diagnostic, Inc., Trivitron Healthcare, Nano Therapeutics Pvt. Ltd., and iMAX.
The market players aim for higher share through indication extension strategies in major countries like U.S. They target niche patient cohorts, with approvals for specific indications and boost product adoption levels. For example, in 2017, GE healthcare’s Visipaque received U.S. FDA approval for use in coronary computed tomography angiography in adult and pediatric patients. This novel indication grants CVD-afflicted patients with a substitute for the non-invasive stress test and the invasive, coronary angiography for the diagnosis of coronary artery disease.
Contrasts Media/Contrast Agents in Healthcare Market:
By Type: Iodinated, Gadolinium, Barium, Microbubble
By Procedure: X-Ray/CT, MRI, Ultrasound
By Application: Radiology, Interventional Radiology
North America: (U.S, Canada, Mexico, Rest of North America)
Europe: (France, The UK, Spain, Germany, Italy)
Nordic Countries: (Denmark, Finland, Iceland, Sweden, Norway)
Benelux Union: (Belgium, The Netherlands, Luxembourg, Rest of Europe)
Asia Pacific:(China, Japan, India, New Zealand, Australia, South Korea)
Southeast Asia: (Indonesia, Thailand, Singapore)
Rest of Southeast Asia
Middle East and Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of Middle East and Africa)
Latin America: (Brazil, Argentina, Rest of Latina America)
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