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Contrast Media/Contrast Agents Market - Forecast(2024 - 2030)
Contrast Media/Contrast Agents Market Overview
The Contrast Media/Contrast Agents Market size is estimated
to reach $5,871.2 million by 2027. Furthermore, it is poised to grow at a CAGR
of 4.2% over the forecast period of 2022-2027. Internal body images obtained
during an ultrasound, X-ray, MRI, and CT scans benefit from contrast
media/contrast agents. It aids radiologists in determining the difference
between aberrant and normal tissues. The opacity of the X-ray region of the
electromagnetic spectrum is known as radiodensity. Contrast media/agent
momentarily alters the way medical imaging equipment interact with the body and
aid in distinguishing certain parts of the body from surrounding tissue. It
helps to make blood arteries, specific tissues, and organs more visible. The
rising prevalence of chronic diseases & gastrointestinal tract in the U.S.
and Canada, as well as rising market advancements, are driving the expansion of
Contrast Media Agents in the healthcare market. Furthermore, due to an increase
in medical tourism, which increases demand for radiopharmaceuticals across the
country, the market for contrast media agents in Mexico is expected to grow
significantly. After the pandemic, the market for Contrast Media/Contrast Agent in
healthcare is likely to rise significantly. Due to lockdowns, travel bans, and
business shutdowns, COVID-19 has impacted economies and businesses in a
number of countries. Many countries' public health systems have been
overburdened as a result of the COVID-19 crisis, highlighting the critical need
for long-term investment in health systems. As the COVID-19 epidemic spreads,
the healthcare industry's growth is projected to slow. The life sciences
industry is booming, thanks to the rising demand for in vitro diagnostic products
and increased research and development efforts around the world. However, sales
in the medical technology and imaging industry are declining as a result of
fewer procedures being performed and equipment procurement being delayed or
postponed.
Contrast Media/Contrast Agents Market Report Coverage
The report: “Contrast
Media/Contrast Agents Market Forecast
(2022-2027)", by Industry
ARC covers an in-depth analysis of the following segments of the Contrast
Media/Contrast Agents Industry.
By Media/Agent Type - Iodinated Contrast Media, Gadolinium-based Contrast Media, Micro bubble
Contrast Media, Barium-based Contrast
Media and Others.
By
Medical Procedure - X-ray, Computed Tomography, Magnetic Resonance
Imaging, Ultrasound, Catheterization Laboratory and Others.
By
Indication - Cardiovascular Disorders, Cancer, Gastrointestinal
Disorders, Musculoskeletal Disorders, Neurological Disorders, Nephrological
Disorders and Others.
By Route
of Administration - Oral Contrast Media, Injectable Contrast Media, Intravenous,
Intra-arterial (Ia), Rectal Contrast Media and Urethral Contrast Media.
By
Application – Radiology, Interventional Radiology and Interventional
Cardiology.
By End
Users – Hospital, Clinics, Ambulatory Surgery Centers, Diagnostic and Imaging
Centers and Others.
By
Geography- North America (U.S., Canada, Mexico), Europe (Germany,
United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia
Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest
of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America),
and Rest of the World (the Middle East, and Africa).
Key Takeaways
- Geographically, the North America segment will dominate the market pertaining to the Increasing technological breakthroughs in diagnostic imaging systems, rising healthcare spending, and growing penetration of various chronic diseases globally are all driving global market revenue growth.
- During the forecast period 2022-2027, the market is also expanding as a result of rising demand for discovering geriatric disorders and rising prevalence of chronic diseases.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Contrast Media/Contrast Agents Market Report.
Contrast Media/Contrast Agents Market - Geography (%) for 2021
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Contrast Media/Contrast Agents Market Segmentation Analysis- By Media/Agent Type
The Contrast Media/Contrast Agents Market based on media/agent type can be further segmented into Iodinated Contrast Media, Gadolinium-based Contrast Media, and Micro bubble Contrast Media, Barium-based Contrast Media and Others. In 2021, the iodinated contrast media sector held the greatest market share. Iodinated contrast medium is a type of intravenous radio contrast (radiographic dye) that contains iodine and helps to make vascular systems and organs more visible during radiographic operations. The iodinated contrast has aided in the improvement of visibility in diseases such as cancer diagnosis. The chemical changes of the 2, 4, 6 tri-iodinated benzene ring is used in the current iodinated contrast media. The fact that iodine-based contrast media have high radio-opacity and are less toxic than other agents contributes to the expansion. Iodinated contrast media is used in almost all radiological exams that use injectable contrast media.
However, the micro bubble contrast media segment is projected to expand at the fastest rate of 4.3% from 2022 to 2027, owing to rising product demand. Micro bubble contrast media are very small (smaller than a red blood cell) and have the ability to reflect ultrasound waves for a high degree of echogenicity. Furthermore, contrast-enhanced ultrasonography is a low-cost method of improving blood flow imaging without the use of radiation. Patients with kidney problems or allergies to CT or MRI can benefit from it.
Contrast Media/Contrast Agents Market Segmentation Analysis- By Indication
The Contrast Media/Contrast Agents Market based on indication industry can be further segmented into Cardiovascular Disorders, Cancer, Gastrointestinal Disorders, Musculoskeletal Disorders, Neurological Disorders, Nephrological Disorders and Others. Cardiovascular disorders had the largest market share and the fastest rate of increase. The growing geriatric population and the rising prevalence of CVD around the world account for a substantial part of this market. Increasing need for image-guided treatments and diagnostics, rising prevalence and mortality of cardiac disorders, and technological improvements in the medical imaging industry are all contributing to the market's growth.
During the projection period 2022-2027, the cancer category is estimated to rise at the highest rate over the projection period at a CAGR of 4.7%, owing to the growing demand for diagnostics as the disease's prevalence rises. In developed countries, colorectal cancer is the second leading cause of cancer-related death. Colorectal cancer is diagnosed using a variety of imaging modalities, including optical colonoscopy and computed tomography colonography (CTC).
Contrast Media/Contrast Agents Market Segmentation Analysis- By Geography
The Contrast Media/Contrast Agents Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, North America generated the most revenue, accounting for more than 40.0 percent of total revenue, and is expected to continue to do so throughout the projection period. This supremacy is due to the presence of well-established healthcare facilities, the availability of advanced technology in combination, and the demand for diagnostic procedures. The first gadolinium-based contrast agent was approved in the U. S., and the industry has since been on a mission to create more efficient, accurate, and safe agents. In the future years, sales of contrast media are likely to rise in the U.S. As a result, sales of contrast media for ultrasound may see a significant increase. In North America, the U.S. is the largest consumer market for contrast media.
Contrast Media/Contrast Agents Market Drivers
The market value of contrast media/contrast agents is being driven by the rising pervasiveness of contrast agents.
As the global frequency of chronic diseases rises, so does the demand for diagnostic imaging procedures and, as a result, contrast media. Owing to the growing demand for imaging operations, contrast media manufacturers have invested much in R&D in order to bring new products to market and gain approval for new indications. Bracco, for example, got FDA approval for the 20-vial pack design of Lumason, an ultrasound contrast agent, in 2021. The market would be boosted by increasing technical developments in prenatal genetic screening.
In general, the demand for contrast test agents is becoming much more intense which is driving the market.
The growing number of ultrasound, MRI, and CT exams, as well
as strengthening healthcare infrastructure by hospitals and diagnostic centers,
are likely to fuel market expansion. Due to the patent expiration of branded
contrast media products, competition in the contrast media industry is
projected to heat up significantly. This will allow generic analogs, which
are less expensive than commercially available branded agents, to enter the
market. APIs are created locally in underdeveloped nations, which lowers the
overall cost of creating contrast agents. The increasing number of technicians in this field will drive market growth. According to the US Bureau of Labor Statistics, radiology technicians may witness employment growth of about 7% between 2019 and 2029. As a result, the patent expiration of
a number of branded pharmaceuticals, as well as lower production costs for
contrast agents, are likely to present profitable prospects for generic
players.
Contrast Media/Contrast Agents Market Challenges
High costs of the Contrast media devices are to limit the market growth.
For low-osmolar contrast media, moderate-to-severe immediate ADRs accounted for additional costs of €1524.2 and €5781.3, respectively hindering the market growth. During the forecast period of 2022 and 2027, the high cost of
contrast media injectors, the mild and negative side effects associated with
contrast media, and a shortage of experienced specialists to run the latest
imaging equipment are likely to stymie worldwide market growth. Furthermore,
the lack of advanced diagnostic methods in many developing nations is projected
to limit the demand for contrast media in the future. However, rising investments
by various public and private entities, as well as increased attention on
producing cost-effective contrast media, are projected to drive market expansion
in the future.
Contrast Media/Contrast Agents Industry Outlook
Product launches, mergers and acquisitions, joint ventures,
and geographical expansions are key strategies adopted by players in the Contrast
Media/Contrast Agents Market. The top 10 Contrast Media/Contrast Agents Market
companies’ are-
- Bayer AG
- General Electric Company
- Guerbet
- Bracco Diagnostic Inc.
- Nano Therapeutics Pvt Ltd.
- Lantheus Medical Imaging Inc.
- iMax
- Trivitron Healthcare
- JB Chemicals and Pharmaceuticals Ltd.
- Unijules Life Sciences Ltd.
Recent Developments
- In December 2020, Bracco Imaging SpA received approval from the US FDA for its product ProHance, which is an MRI contrast agent for use in neonates and pediatric patients under two years of age.
- In March 2020, GE Healthcare Pharma Limited acquired the ownership of Daiichi Sankyo’s four diagnostic agents in Japan. Under the terms of the agreement, Daiichi Sankyo, which has collaborated with GE Healthcare for over 30 years, is to continue the distribution of products to drug wholesalers until March 2022, ensuring supply and delivery to medical facilities is unchanged.
- In November 2019, Guerbet partnered with InterSystems to optimize the combination of contrast media injection management solutions into IT systems of hospitals and medical imaging centers.