Contrast Media Market to Reach a Capital Expenditure of USD 6.9 Bn in 2032 | CAGR of 3.5%
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According to Market.us, North America held the largest share of the contrast media market in 2022, with around 44.44%. Significant companies in the industry, such as Bayer and GE Healthcare, are taking strategic measures to target specific patient groups, which could alter the market landscape in a positive direction.
New York, May 01, 2023 (GLOBE NEWSWIRE) -- The global contrast media market size is expected to be worth around USD 6.9 Billion by 2032 from USD 4.9 Billion in 2022, growing at a CAGR of 3.5% during the forecast period from 2022 to 2032. Diagnostic imaging procedures including ultrasound, X-rays, and advanced imaging technology like MRI and CT scans are becoming more prevalent due to the rising frequency of complex comorbidities and long-term diseases.
The "global contrast media market" refers to the offer of medical imaging products used to enhance the visibility of interior body structures during imaging procedures such as X-rays, computed tomography scans, and magnetic resonance imaging (MRI). Contrast media are also known as contrast agents. Increased demand for minimally invasive diagnostic procedures, a rising number of chronic diseases such as cancer and cardiovascular disorders, and advancements in medical imaging.
By Type, in 2022, the Iodinated contrast media segment dominated the global revenue share.
By Modality, in 2022, X-ray/ CT scan segment dominated the global revenue share. Due to its wide range of applications in diagnostic imaging.
By Application, Neurological Disorders the medical segment dominated the largest market share.
By Route of Administration analysis, the Intravascular Route segment dominated the largest share in 2022.
By End-User, the Hospitals segment dominated the global revenue share.
In 2022, North America dominated the market with the highest revenue share of 44.44%.
Asia Pacific is anticipated to have the highest CAGR among all the regions.
Factors affecting the growth of the Contrast Media Market
There are several factors that can have an impact on the growth of the contrast media market. Some of these factors include:
Prevalence of chronic diseases increasing: Chronic diseases including cancer, cardiovascular diseases, and gastrointestinal disorders are becoming more prevalent on a global level. Due to the growing popularity of contrast media in various disorders' diagnostic processes, the demand for contrast media is anticipated to increase over the next several years.
Technological developments: The contrast media sector is monitoring developments that increase the efficacy and safety of contrast agents. For instance, the creation of macrocyclic contrast substances has resulted in decreased side effects and enhanced safety features. In the upcoming years, it is anticipated that these technological advances will propel the expansion of the contrast media sector.
Growing demand for diagnostic imaging procedures: CT scans, MRI scans, and X-rays are some examples of diagnostic imaging procedures that are in growing demand globally. Contrast media is frequently needed for these procedures, which is expected to drive the industry's expansion over the next few years.
Non-ionic contrast agents are becoming increasingly popular due to their lower risk of adverse reactions. Particularly in high-risk patient populations. Iodinated contrast agents are the most widely used contrast agents, particularly in CT imaging, which is driving up demand for them. There is a growing demand for iodinated contrast agents owing to their affordable and wide availability.
Market Growth
Contrast media, frequently referred to as contrast agents, are substances used in medical imaging to enhance the visibility of internal body structures. They are often utilized in treatments including X-rays, CT scans, and MRI scans. A number of factors, including the rising incidence of chronic illnesses, the aging population, and the advancement of cutting-edge imaging technology, have contributed to the considerable expansion of the worldwide contrast media market in recent years.
Regional Analysis
North America held the majority of the contrast media market in 2022, with a share of around 44.44%. This is expected to change as a consequence of the various strategic initiatives taken by major companies to target certain patient demographics in this area. Significant players in the sector include Bayer and GE Healthcare. Inpatient assessments are anticipated to increase as a result of the presence of renowned medical institutions, simple access to modern technology, and rising demand for diagnostic procedures driven by disorder management and disease screening programs in this region. However, healthcare reforms that enforce standards for proper utilization and prevent unnecessary procedures might lower the number of operations. The global contrast media market in APAC and Europe region is likely to expand at a significant CAGR.
Increasing prevalence of chronic diseases: Chronic diseases are becoming more prevalent, which has increased the need for medical imaging procedures for diseases including cancer, neurological disorders, and cardiovascular diseases. To increase the accuracy of diagnoses and monitor the progression of diseases, contrast media is frequently utilized in these procedures.
Imaging technology advancements: The introduction of new imaging technologies like CT, MRI, and ultrasound has increased the demand for contrast media. Through the development of these technologies, imaging has become more precise and detailed, which requires the use of improved contrast agents.
Increased healthcare expenditure: The demand for contrast media is being driven by increased expenditure on healthcare, especially in developing countries. This is a result of the increased use of diagnostic imaging procedures driven by easier access to healthcare services.
Market Restraints
Contrast agents' side effects and allergic reactions: Contrast agents can be used safely in a variety of diagnostic procedures, including CT scans and MRIs. However, some adverse effects and allergic reactions linked to their usage may significantly restrain market expansion. Their side effects might range from moderate to severe; yet, major allergic reactions to contrast materials are quite rare.
Market Opportunities
Development of more secure, superior contrast agents: There is a great chance to develop more secure more effective contrast agents that are more efficiently targeted to specific organs and tissues and have fewer side effects. The demand for contrast media may rise as a result, particularly in emerging nations.
Growing demand in emerging economies: Due to the increased need for healthcare services in emerging regions, there is a major opportunity for the contrast media industry. Companies that can provide efficient and affordable contrast agents that satisfy these markets' needs are likely to see significant demand.
Due to the global use of CT and X-ray procedures as well as the accessibility of non-ionic stable iodinated substances for enhanced diagnosis, the iodinated contrast media segment had the largest revenues in 2022 with a share of around 72%. While barium-based contrast agents are occasionally used as an alternative to iodinated ones for oral and rectal administration, contrast media including iodine usually arrive intravenously. CT and X-ray images are improved with contrast media based on iodine. The market for microbubble contrast media is predicted to develop at the fastest rate over the forecast period. Ultrasound waves can be reflected by microbubble contrast media, Structures seem brighter on ultrasound because of the microbubble contrast medium's capacity to reflect ultrasonic frequency ranges.
Modality Insight
X-ray/Computed Tomography (CT) is the largest segment in terms of revenue with around 70% in the contrast media market. Due to the wide range of uses, it has in diagnostic imaging. By using contrast agents for X-ray/CT imaging, high-resolution 3D images of structures can be generated. Iodinated contrast media and barium-based are both employed in CT scans and X-rays. Barium and iodine contrast agents, when administered or injected into the body, block X-rays and prevent them from passing through. As a result, blood vessels, organs, and other body tissues that temporarily contain iodinated contrast agents or barium-based appear differently in images. Market growth is anticipated to be driven by the growing popularity of CT and X-rays for a number of diseases. Over the forecast period, it is predicted that the ultrasound segment will grow at the fastest rate.
Application Insight
The neurological disorder segment accounted for around 29.45% of the market in 2022. The use of MRI contrast agents is encouraged for CNS diagnosis as well as treatment because they offer more accurate images of neural structures than CT. For the purpose of monitoring inflammatory, neoplastic, and demyelinated lesions, contrast agents based on gadolinium are used. Contrast-enhanced ultrasound imaging of the cardiovascular system, also known as echocardiography, is the most frequently used technique for obtaining images of the cardiovascular system in both adult and pediatric patients and is expected to grow at the fastest rate of growth over the forecasted period.
Route of Administration Insight
The intravascular route segment is expected to have the largest market share throughout the forecast duration and to grow at the fastest CAGR. Market segments for contrast media and contrast agents include those for intravascular, rectal, oral, and other routes of administration. The intravascular routes market segment is expected to continue to dominate while expanding at the highest rate. One of the key drivers driving the expansion of the intravascular segment is the pervasive use of injectable contrast media in the majority of modern imaging modalities, such as CT and MRI scanning.
End-User Insight
In contrast media market, hospitals are the largest segment in terms of revenue. Due to the high volume of imaging procedures carried out in these places. Diagnostic imaging centers are expected to fastest growth rate in the coming years because of the increasing demand for diagnostic imaging services and the rising trend of outsourcing imaging services to specialized centers.
The contrast media market is a highly competitive industry with a few key players leading the market. Contrast media are substances used to enhance the visibility of internal body structures in medical imaging. The market is primarily driven by the rising prevalence of chronic diseases and the increasing demand for minimally invasive diagnostic procedures. One of the top companies in the contrast media industry is GE Healthcare, which is part of General Electric. Iodinated contrast media and gadolinium-based contrast agents are only two of the many contrast media products that this company provides. Some of the key players in the market include:
Bayer AG
Medtronic plc.
GE Healthcare LLC
Guerbet
Lantheus Medical Imaging, Inc.
Bracco Diagnostic, Inc.
Nano Therapeutics Pvt. Ltd.
Trivitron Healthcare
CMC Contrast AB
IMAX Diagnostic Imaging
Other Key Players
Recent Development of the Contrast Media Market
GE Healthcare Pharma Ltd take ownership of Daiichi Sankyo’s four diagnostic agents, in 2020.
In 2020, Bracco Imaging SpA will receive FDA clearance for their ProHance MRI contrast agent, which is an MRI contrast agent for use in neonates and pediatric patients under two years of age.
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