The global contrast media market size was worth USD 4.9 Billion in 2020 and is estimated to grow at a CAGR of 4.65% to reach USD 6.2 billion by 2025. The global contrast media market is developing at a rapid pace.
Contrast media used as a part of therapeutic imaging are grouped on the premise of imaging modalities. The two most customarily utilized contrast media are iodine-containing contrast medium and gadolinium contrast medium. The shade of structures in the body changes when pictures are caught with contrast media in the body. The delicate tissues are viewed as dim, while the bones look light-dark. The contrast media enhances the contrast between various parts of the body and classifies between multiple parts of the body with comparative pieces.
MARKET DRIVERS:
Y-O-Y growth in the incidence of CVDs and growing approvals for the contrast agents are majorly promoting the development of the global contact media market.
Increasing demand for MRI equipment and CT scanners due to the rise in preference among the public for accurate and faster diagnosis methods is a significant factor driving the global contrast media market. The growing adoption rate of technologically advanced systems such as CT expresses 3D contrast media delivery system and syringeless power injectors owing to the high demand and benefits associated with these systems such as minimal waste generation, automated collection of patient data, and cost control are further accelerating the global contrast media market. Rising awareness levels of the public regarding the benefits associated with the early diagnosis is also favoring the market and estimated to contribute to the market growth.
MARKET RESTRAINTS:
Factors such as side effects such as allergic reactions or adverse reactions on the body and like vomiting, nausea, constipation are likely to hamper the contrast media market growth to a small extent. Lack of reimbursement policies, economic slowdown, strict rules and regulatory approvals for the product launch, and new inventions, and lack of reimbursement policies are further expected to restrict the growth rate of the market slightly during the forecast period.
Impact of COVID-19 on the global contrast media market:
The Coronavirus pandemic has prominently changed the market conditions over the past few months. COVID 19 had a major impact on the contrast injectors with a 20% reduction in sales. This has brought a destructive global effect on healthcare and the economy. Many healthcare facilities were instructed to avoid implementing the elective surgical processes and medical examinations to reduce contamination of the disease and conserve healthcare resources for COVID 19 patients. The COVID 19 has featured the significance of media in public life. Radiology departments took it to a hard and saw a steep decline in the imaging volume. During the lockdown period, no scans and examinations are done to stop the contamination of the virus. Also, there was a slow decline in diagnostic imaging. But after the lockdown time, there is an increasing demand for the contrast media market.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2019 to 2025 |
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Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Medical Procedure, Route of Administration, Type, Indications, Application, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
The global contrast media market report has been segmented based on procedure, application, route of administration, indication, type, and region.
Contrast Media Market – By Medical Procedure:
Based on medical procedure, the ultrasound segment is likely to have the highest CAGR during the given forecast period. The development of microbubble contrast media for an ultrasound, a large number of approvals for ultrasound contrast media in the U.S., Europe, and Japan are some of the major factors driving the growth of this segment.
Contrast Media Market – By Route of Administration:
Contrast Media Market – By Type:
Based on type, the iodinated contrast media segment is contributing the largest share of revenues. It is likely to continue the trend over the forecast period due to the rise in account of CT scanning.
Contrast Media Market – By Indications:
Based on indications, the cardiovascular disorders segment is likely to hold the lion's share and witness the highest growth rate during the outlook period. Growing enhancements in cardiac MRI procedures, favorable government reimbursement policies for contrast media in cardiovascular diagnosis, and robust infrastructure in the healthcare of developed countries are some of the factors driving this segment.
Contrast Media Market – By Application:
The interventional cardiology segment is dominating the global contrast media market among the applications based on the application. It is likely to grow at a high CAGR owing to the rise in the prevalence of cardiovascular diseases and the increasing adoption rate of minimally invasive surgical techniques.
The Radiology segment is another significant market division and contributes a substantial share of revenues to the contrast media market.
Contrast Media Market – By Region:
Geographically, the North American region is estimated to constitute the largest share of this market. In contrast, the Asia Pacific region is expected to witness the fastest growth and overtake North America, being the second-largest shareholder for the market during the forecast period. The existence of well-established healthcare facilities, accessibility of technological advancements, and big stipulation for diagnostic procedures are factors accelerating the North American contrast media market. The United States market is estimated to hold most of the market share in this region, followed by Canada.
Europe is the 2nd largest market in the global market. Many MRI scans performed in European countries such as France and Germany are expected to continue driving market growth in this region.
However, the Asia-Pacific region is projected to grow at the highest CAGR due to the increasing elder people population suffering from spinal problems, fractures, and health issues alongside the growing patient pool, which is expanding stipulation for medical imaging and growing rate of cardiac disorders are propelling the Asia Pacific market growth. Japan was the market leader in the Asia Pacific market in 2019.
Latin America is expected to have steady growth during the forecast period. Factors such as the growing occurrence rate of cardiac and cancer disorders and technological advancements towards diagnostic technology are actively supporting the market in this region.
The Middle East & Africa region is estimated to have a sluggish growth rate due to the factors such as growing diagnostic centers, hospitals, and clinics.
KEY MARKET PARTICIPANTS AND SHARE INSIGHTS:
Notable companies leading the global contrast media market profiled in this report are CMC Contrast AB (Sweden), Daiichi Sankyo (Japan), Bayer HealthCare (Germany), GE Healthcare (U.S.), Guerbet Group (France), Bracco Imaging S.p.A. (Italy), Lantheus Medical Imaging (U.S.), nanoPET Pharma GmbH (Germany) and Subhra Pharma Private Limited (India).
The global contrast media market is much consolidated, and it is difficult and challenging for the new participants to enter into this market. The above notable players are accounting for the leading share of the global market.
In 2019, Researchers at Massachusetts General Hospital developed a novel, safer, and adequate contrast media based on manganese (Mn-PyC3A). The researchers' studies show that the novel manganese-based contrast media provides enhanced tumor contrast without interacting with the cells and tissues. The researchers concluded that the new contrast media offers better efficiency than the gadolinium-based contrast media, potentially making MRIs a lot safer practice.
In 2017, GE healthcare's product called visipaque had received approval to expand the FDA's indication. With this approval, the injection can be adopted in CCTA to diagnose patients with coronary artery disease. With the expansion of the visipaque label, the physicians can practice non-invasive imaging of coronary arteries. It is the first iodinated contrast media approved by the FDA as an application in CCTA, and the recovery of patients is much faster due to its non-invasive nature.
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Medical Procedure
5.1.1 Introduction
5.1.2 X-Ray/CT
5.1.3 MRI
5.1.4 Ultrasound
5.1.5 Y-o-Y Growth Analysis, By Medical Procedure
5.1.6 Market Attractiveness Analysis, By Medical Procedure
5.1.7 Market Share Analysis, By Medical Procedure
5.2 Route of Administration
5.2.1 Introduction
5.2.2 Injectable Contrasts Media
5.2.3 Oral Contrasts Media
5.2.4 Rectal Contrasts Media
5.2.5 Urethral Contrasts Media
5.2.6 Y-o-Y Growth Analysis, By Route of Administration
5.2.7 Market Attractiveness Analysis, By Route of Administration
5.2.8 Market Share Analysis, By Route of Administration
5.3 Type
5.3.1 Introduction
5.3.2 Iodinated Contrasts Media
5.3.3 Gadolinium-Based Contrasts Media
5.3.4 Microbubble Contrasts Media
5.3.5 Barium- Based Contrasts Media
5.3.6 Y-o-Y Growth Analysis, By Type
5.3.7 Market Attractiveness Analysis, By Type
5.3.8 Market Share Analysis, By Type
5.4 Indications
5.4.1 Introduction
5.4.2 Cardiovascular Disorders
5.4.3 Oncology
5.4.4 Neurological Disorders
5.4.5 Gastrointestinal Disorders
5.4.6 Nephrological Disorders
5.4.7 Musculoskeletal Disorders
5.4.8 Y-o-Y Growth Analysis, By Indications
5.4.9 Market Attractiveness Analysis, By Indications
5.4.10 Market Share Analysis, By Indications
5.5 Application
5.5.1 Introduction
5.5.2 Radiology
5.5.3 Interventional Cardiology
5.5.4 Interventional Radiology
5.5.5 Y-o-Y Growth Analysis, By Application
5.5.6 Market Attractiveness Analysis, By Application
5.5.7 Market Share Analysis, By Application
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Medical Procedure
6.1.3.3 By Route of Administration
6.1.3.4 By Type
6.1.3.5 By Indication
6.1.3.6 By Application
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Medical Procedure
6.1.4.3 By Route of Administration
6.1.4.4 By Type
6.1.4.5 By Indication
6.1.4.6 By Application
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Medical Procedure
6.1.5.3 By Route of Administration
6.1.5.4 By Type
6.1.5.5 By Indication
6.1.5.6 By Application
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 GE Healthcare
8.1.1 Overview
8.1.2 Medical Procedure Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Spago Nanomedical AB
8.3 Subhra Pharma Private Limited
8.4 Daiichi Sankyo
8.5 CMC Contrast AB
8.6 Nanopet Pharma GmbH
8.7 Guerbet Group
8.8 Bracco Imaging S.P.A
8.9 Bayer AG
8.10 Lantheus Medical Imaging (Subsidiary of Lantheus Holdings, Inc.)
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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