USD 2.98 billion
Report ID:
SQMIG35B2070 |
Region:
Global |
Published Date: September, 2024
Pages:
260
|Tables:
91
|Figures:
75
Global Contrast Media Market size was valued at USD 6.10 billion in 2022 and is poised to grow from USD 6.55 billion in 2023 to USD 11.60 billion by 2031, growing at a CAGR of 7.4% during the forecast period (2024-2031).
Diagnostic imaging procedures, such as ultrasound, X-rays, and cutting-edge imaging equipment like MRI & CT scans, are becoming more common due to the rising frequency of complicated comorbidities and chronic illnesses. For instance, GE Healthcare's Clariscan, a contrast agent used for macrocyclic MRI, was approved by the U.S. FDA in November 2019. These goods aid in determining the necessity of perioperative scans before operations and therapy in interventional procedures, which is projected to promote market expansion. According to the National Health Council, 81 million Americans had several chronic ailments in 2019, which indicates a high frequency of chronic conditions. Nearly 157 million Americans were expected to be impacted by chronic diseases in the U.S.
Older persons are more likely to have chronic diseases with many comorbidities. According to the National Council on Aging, about 80% of adults 65 and older have at least one chronic illness, and nearly 70% of Medicare recipients have more than two. By 2034, it is predicted that approximately 77.0 million Americans will be 65 and older.
Furthermore, heart failure is one of the major causes of mortality in the United States and is becoming increasingly common there, according to a report from the American Heart Association. About 659,000 Americans will pass away in 2019 as a result of cardiovascular disorders. According to estimates, 46% more people will have heart disease by 2031. These factors will drive the demand for contrast media in the global market during the forecast period.
US Contrast Media Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.98 billion
Largest Segment
X-ray/CT
Fastest Growth
ultrasound
Growth Rate
4.01% CAGR
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Global Contrast Media Market is segmented by Type, Form, Modality, Route of Administration, Indication, Application, End User, and region. Based on Type, the market is segmented into Iodinated Contrast Media, Gadolinium-based Contrast Media, Microbubble Contrast Media, and Barium-based Contrast Media. Based on Form, the market is segmented into Liquid Contrast Media, Powder Contrast Media, and Other Forms. Based on Modality, the market is segmented into X-RAY, CT, MRI, and Ultrasound. Based on Route of Administration, the market is segmented into Intravascular Route [Intravenous (IV) route, Intra-arterial (IA) route], Oral Route, Rectal Route, and Other Routes. Based on Indication, the market is segmented into Cardiovascular Disease, Cancer, Gastrointestinal Disorders, Musculoskeletal Disorders, Neurological Disorders, and Nephrological Disorders. Based on Application, the market is segmented into Radiology, Interventional Radiology, and Interventional Cardiology. Based on End User, the market is segmented into Hospitals, Clinics, And Ambulatory Surgery Centers, and Diagnostic Imaging Centers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Contrast Media Market Analysis by Modality
The X-ray/CT sector, which accounted for around 69.53% of the market in 2021, was the biggest by modality. High-resolution 3D pictures of structures are produced with the use of X-ray/CT contrast agents. In X-ray and CT procedures, barium-based and iodinated contrast fluids are employed. When supplied or injected into the body, barium and iodine contrast agents block X-rays and prevent the rays from passing through. Images of the body's organs, blood vessels, and other tissues that momentarily contain barium- or iodinated-based contrast agents alter as a result. The widespread usage of X-ray and CT for a variety of disorders is anticipated to propel market expansion.
Over the projected period, the ultrasound market is expected to grow at the fastest rate. To see tissue microcirculation, contrast agents for ultrasound imaging have been created. Microbubbles are typically used as the modality's agents because they improve the blood's echogenicity, allowing for better imaging and evaluation of tissue vascularity, major veins, and heart cavities. The significant advantages that ultrasound contrast agents have over other imaging modalities are expected to drive the market's expansion.
Contrast Media Market Analysis by Application
In 2021, the neurological condition category accounted for around 29.45% of the market. The use of MRI contrast agents is encouraged by the diagnostic assessment of the CNS for neurological illnesses because they offer superior pictures of neural structures than CT. Gadolinium-based contrast agents are used to see demyelinated, inflammatory, and neoplastic lesions.
One in three MRIs include gadolinium-based contrast agents to improve picture quality, which increases diagnostic precision by making blood arteries, inflammation, and tumors more visible.
Over the projected period, the sector for cardiovascular illnesses is expected to expand at the fastest rate. The most often utilized technique for imaging the cardiovascular system in both adult and pediatric patients is contrast-enhanced ultrasound imaging of the cardiovascular system, also known as echocardiography. The most often used ultrasound contrast medications in the United States are Optison, Definity, and Lumason.
Contrast Media Market Analysis by Product Type
With a market share of around 66.61% in 2021, the iodinated contrast media sector was the biggest. This trend may be ascribed to the widespread use of CT and X-ray treatments as well as the availability of nonionic stable iodinated agents for enhanced diagnosis. Although iodinated contrast agents are often injected intravenously, barium-based agents may occasionally be used instead for rectal and oral delivery. CT and X-ray images are enhanced using contrast materials with an iodine basis.
They are utilized to improve vision of the brain, GI tract, internal organs, arteries, and veins. Iodinated contrast media are frequently used for a variety of reasons, including cancer, gastrointestinal, cardiovascular, musculoskeletal, neurological, and nephrological problems.
Over the projected period, the microbubble contrast media category is predicted to increase at the quickest rate. Microbubble contrast agents are tiny gas bubbles that may be injected. They are most frequently used for cardiac ultrasound imaging. For the purpose of observing tissue microcirculation, contrast agents for ultrasonic imaging have been created. They improve blood's echogenicity, which improves the ability to see and measure tissue vascularity, big veins, and heart cavities.
The capacity of microbubble contrast medium to reflect ultrasonic waves makes structures seem brighter on ultrasonography. Contrast agents for ultrasound imaging are the first-line imaging approach for a number of diseases and may be employed in a range of healthcare settings (CT suite, operating room, bedside, echo lab, and others).
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North America held the largest share of the global contrast media market in 2021. It was roughly 44.44%. This is expected to change as a result of numerous strategic initiatives done by important manufacturers to target certain patient subgroups in this area. GE Healthcare, Guerbet, Lantheus, and Bracco Diagnostics are some of the major market participants.
The existence of well-established healthcare facilities, easy access to cutting-edge technology, and a strong demand for diagnostic procedures due to illness screening programs and disease management in this region are all projected to lead to an increase in inpatient exams. The number of operations could be reduced, nevertheless, as a result of healthcare reforms that impose standards for proper usage and limit needless ones.
Additionally, Asia Pacific had a substantial market share in 2021. This can be due to the region's established local and international manufacturers. For instance, one of the major contrast media manufacturing facilities of GE Healthcare is General Electric Pharmaceuticals (Shanghai) Co., Ltd., a division of GE that manufactures diagnostic pharmaceuticals (CT/MR contrast media) in China. It is projected that this element would continue to fuel regional market expansion.
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Contrast Media Market Drivers
Rise in Chronic Illness to Bring Lucrative Opportunities during Forecast Period
Contrast Media Market Restraints
Allergic Reaction caused by Contrast Media to Hinder its Market Growth
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To increase their market share in the market, major firms are implementing tactics including collaborations, acquisitions, and mergers. They are also introducing new goods.
Major players are engaging in mergers and acquisitions to broaden their consumer bases and market shares globally. Acquisitions help businesses grow their footprint by giving them a broader geographic reach and a better portfolio. In this sector, disease indication extension is common since it helps businesses win over the trust of specific population segments. Companies can target specialized patient demographics and increase the acceptance of their goods through approvals for particular indications.
Contrast Media Market Top Player's Company Profiles
Contrast Media Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global contrast media market analysis, the market provides opportunity to players and the growth of market will be attributed to rising prevalence of chronic diseases, increasing approval of contrast agents and increasing demand for early disease, diagnosis and availability of reimbursement. It is predicted that during the forecast period, competition is expected to greatly intensify the market and will pave the way for entry of generic counterparts.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 6.10 billion |
Market size value in 2031 | USD 11.60 billion |
Growth Rate | 7.4% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Contrast Media Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Contrast Media Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Contrast Media Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG35B2070