Contrast Media Market Set to Witness Substantial Growth Over 2022-2027

[Healthcare News]

The contrast media industry is growing rapidly and is expected to continue growing in the foreseeable future. According to a recent study, the global contrast media market size is projected to reach USD 6.1 billion by 2027 from USD 5.1 billion in 2022, at a CAGR of 3.7% during the forecast period. Growth in the contrast media market is mainly driven by factors such as the rising prevalence of chronic diseases, growing approvals of contrast agents, rising volume of CT and MRI examinations performed, growing number of diagnostic centers and hospitals, and availability of reimbursement. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, the high cost and inaccessibility of advanced therapeutics may restrict market growth to a certain extent.

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Contrast Media Market Top Segments

• Magnetic Resonance Imaging (MRI) Contrast Agents: MRI contrast agents are used to enhance the contrast of tissues in MRI scans. They are used to diagnose abnormalities in organs and tissues, detect tumors, and examine blood vessels.
• X-ray and Computed Tomography (CT) Contrast Agents: X-ray and CT contrast agents are used to enhance the contrast of tissues in medical imaging scans. They are used to detect and diagnose malignant tumors, cardiovascular diseases, and other medical conditions.
• Ultrasound Contrast Agents: Ultrasound contrast agents are used to improve the visibility of organs and other structures on ultrasound images. They are used to detect and diagnose conditions such as cardiovascular diseases and tumors.
• Barium Sulfate: Barium sulfate is used to improve the clarity of X-ray and CT images. It is used to identify abnormalities in the gastrointestinal tract, diagnose cancer and other diseases, and detect blockages in the digestive tract.
• Gastrointestinal Contrast Agents: Gastrointestinal contrast agents are used to enhance the visibility of the gastrointestinal tract on medical imaging scans. They are used to diagnose gastrointestinal diseases, detect tumors, and evaluate digestive system function.

Innovation in Contrast Media Market

Innovations in contrast media are expected to lead to market growth in the near future. These innovations include the development of new contrast agents.

• Use of artificial intelligence to optimize contrast enhancement
• Development of new delivery systems
• Rapid advances in imaging technologies
• New contrast agent formulations with lower toxicity profiles
• Increasing focus on precision medicine and targeted therapies

Some of the prominent key players are:

• GE Healthcare (US)
• Bracco Imaging SPA (Italy)
• Bayer AG (Germany)
• Guerbet (France)
• J.B. Chemicals and Pharmaceuticals Ltd. (India)
• Lantheus Medical Imaging, Inc. (US) and many more.......

GE Healthcare (US) is the leading player in the contrast media/ contrast agents market in 2020. The company serves customers in more than 170 countries and has a strong distribution network globally across the Americas, Europe, the Pacific Basin, and the Middle East & Africa. GE Healthcare’s pharmaceutical segment has a strong foothold in the US, accounting for 42% of its total revenues.

Bracco Imaging SPA (Italy) accounted for the high share of the contrast media/ contrast agents market in 2020. The company has a broad product portfolio in the X-ray and CT contrast media segment. The company markets its contrast media products in over 100 countries directly or indirectly. It generates 89% of revenue through international sales.

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The contrast agents market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America and the Middle East & Africa (MEA). North America was the largest regional market for contrast media/ contrast agents market in 2020. The large share of the North American market can be attributed to presence of major players in the region, high prevalence of chronic disorders, growing geriatric population, and the increasing adoption of minimally invasive procedures.