Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Contrast Media market.
Trusted Business Insights presents an updated and Latest Study on Contrast Media Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Contrast Media market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ Contrast Media Market Size, Share, Growth, Market Research and Industry Forecast Report, 2027 (Includes Business Impact of COVID-19)
Industry Insights, Market Size, CAGR, High-Level Analysis: Contrast Media Market
The global contrast media market size was estimated at USD 5.23 billion in 2019 and is anticipated to expand at a CAGR of 3.6% over the forecast period. An increase in the prevalence of long-term diseases and complex comorbidities has led to a rise in the number of diagnostic imaging tests. These include ultrasound, X-rays, and advanced imaging technology such as Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scans. The role of these tests in identifying the need for treatment/ surgeries in interventional procedures and perioperative scans before surgeries is anticipated to boost the usage of contrast media in imaging procedures.
The oligopolistic nature of the contrast agent market can be attributed to the market growth. Key companies like Bayer, GE Healthcare, Guerbet, Lantheus Medical Imaging, and Bracco Diagnostics hold significant share of the market for clinical trials. These companies target for higher share through indication extension strategies in major countries like U.S. With approvals for specific indications, they target niche patient cohorts and boost product adoption levels.
The fundamental factor supporting market growth is diagnostic procedure volumes, stemming from the growing burden of chronic diseases. As per the World Health Organization (WHO), by 2020, chronic diseases will account for three-quarters of global deaths and that 71% to 75% of deaths will be caused by heart diseases. Chronic diseases are preventable and can save patients lives if they are diagnosed at an early stage.
Contrast media are used to improve the inside images of the body produced by ultrasound, MRI, x-ray, and CT scans. It allows radiologists to distinguish among normal and abnormal tissues. They are not the dyes that discolor the internal organs permanently. Instead, they are the substances that temporarily change the way imaging tools interact with the body. They help contrast the selected areas of the body from the surrounding tissue, thereby improving the visibility of specific tissues, blood vessels, and organs.
Type Insights of Contrast Media Market
Based on type, the contrast agent market is segmented into iodinated, barium-based, gadolinium-based, and microbubble. Iodinated contrast agents accounted for the largest market share of 67.2% in 2019.This can be attributed to the fact that iodine-based contrast media have excellent radio-opacity and low toxicity than other agentsGenerally, all radiological examinations performed using injected contrast media involve iodinated contrast media.
Microbubble contrast agents is anticipated to expand at the fastest CAGR of 4.3% over the forecast period, attributed to the rising product demand as they are very small (smaller than a red blood cell) and have ability to reflect the ultrasound waves or a high degree of echogenicity. Besides, contrast-enhanced ultrasound is inexpensive way to improve visualization of blood flow without involving the use of radiation. It is useful for patients with kidney failures or allergies to CT or MRI.
Based on modality, the contrast agents market is segmented into ultrasound, magnetic resonance imaging, and X-ray/computed tomography. X-ray/CT was identified as the largest segment in 2019. Wide acceptance and cost-efficiency of X-ray/CT modality boost the adoption of contrast agents used for this modality type. X-ray/CT-based contrast agents comprise iodinated agents and barium-based contrast agents that are used in diagnostic procedures for numerous diseases and are less expensive.
In MRIs, contrast agents reduce the relaxation times of nuclei within the body tissues to modify the contrast in the image. Gadolinium is used in MRI as a contrast agent. In the 3+ oxidation state, the metal has seven unpaired electrons, which causes water around the contrast agent to relax quickly, thereby enhancing the quality of the MRI scan. MRI contrast agents are extensively used to enhance the contrast difference among normal and abnormal tissues. MRI contrast agents may be administered intravenously or orally.
Application Insights of Contrast Media Market
Based on the application, the market is segmented into cardiovascular, neurological, gastrointestinal, cancer, nephrological, and musculoskeletal disorders. In 2019, neurological disorder was highest both in terms of revenue and market share. Diagnostic evaluation of CNS for neurological disorders boosts the adoption of MRI contrast agents as they provide better images of neural structures than CT.
Cancer segment is anticipated to grow gradually over the forecast period owing to the increasing need of diagnosis due to rising prevalence of the disease. Colorectal cancer is the second most common cause of cancer-related deaths in developed nations. Different imaging techniques, such as optical colonoscopy and Computed Tomography Colonography (CTC) are used for colorectal cancer diagnosis.
Regional Insights of Contrast Media Market
North America was the highest revenue generating region in 2019 and is anticipated to remain dominant over the forecast period. The presence of well-established healthcare facilities, availability of advanced technologies together, and demand for diagnostic procedures are some of the factors responsible for this dominance.
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.
Market Share Insights of Contrast Media Market
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 healthcares 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.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Contrast Media Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global contrast media market report on the basis of product type, modality, application, and region:
Product Type Outlook (Revenue, USD Million, 2019 – 2030)
Modality Outlook (Revenue, USD Million, 2019 – 2030)
Application Outlook (Revenue, USD Million, 2019 – 2030)
Quick Read Table of Contents of this Report @ Contrast Media Market Size, Share, Growth, Market Research and Industry Forecast Report, 2027 (Includes Business Impact of COVID-19)
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580