The global contrast media market size is predicted to be worth USD 6.73 billion by 2028 and USD 5.36 billion in 2023, growing at a CAGR of 4.65% during the forecast period. Thus, the global contrast media market is developing at a rapid pace.
Contrast media used in therapeutic imaging are grouped based on 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 body parts and classifies the body with comparative pieces.
YOY growth in the incidence of CVDs and growing approvals for the contrast agents promote the global contact media market’s growth rate.
In a rapidly aging world, where chronic diseases are a significant burden for the healthcare system, technical advancements are being made to preserve the quality of life while maintaining affordable prices. Chronic diseases such as cancer, heart disease, musculoskeletal and other diseases are the leading causes of death and disability, requiring various imaging modalities for diagnosis and treatment follow-up. According to the National Center for Chronic Disease Prevention and Health Promotion, chronic disease accounts for $ 3.5 trillion in annual healthcare costs. According to the Arthritis Foundation, approximately 55 million adults were diagnosed with arthritis. In addition, almost 305,000 babies and children have arthritis or rheumatic diseases. Osteoarthritis affects about 55 million people across many nations. By the end of 2040, the number of people expected to have medically diagnosed arthritis will exceed 80 million. According to the International Osteoporosis Foundation, in 2019, osteoporosis affected 220 million women worldwide.
Growing applications of contrast agents in healthcare to expected to accelerate the market growth.
Increasing demand for MRI equipment and CT scanners due to the public's preference for accurate and faster diagnosis methods is a significant factor driving the global contrast media market. In addition, the growing adoption rate of technologically advanced systems such as CT expresses 3D contrast media delivery systems 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.
According to the World Health Organization (WHO), with an improved healthcare policy, greater availability of medical equipment, and development in radiology and medicine, the number of imaging-based procedures worldwide is increasing sharply. Therefore, the increasing number of imaging procedures performed across the globe, leading to an increase in consumable requirements for testing, is expected to drive the growth of the contrast media market in the years to come.
Contrast media aid by improving the quality of images inside the body typically produced through x-rays, ultrasound, magnetic resonance imaging, computed tomography, and others. In addition, these media help monitor diagnosis and treatment because they often allow radiologists to distinguish normal from abnormal conditions.
Factors such as side effects such as allergic reactions or adverse reactions on the body and vomiting, nausea, and constipation are likely to hamper the contrast media market growth to a small extent. In addition, lack of reimbursement policies, economic slowdown, strict rules and regulatory approvals for the product launch, new inventions, and lack of reimbursement policies are further expected to restrict the market's growth rate slightly during the forecast period.
Impact of COVID-19 on the global contrast media market:
As a result of decreasing hospital visits for the treatment of diseases due to the Coronavirus, the contrast media and agents market has suffered. As a result, Healthcare systems have been significantly impacted. In addition, to slow the spread of COVID-19 and conserve healthcare resources, healthcare providers and institutes were instructed to stop performing elective surgical procedures. As a result, many radiology departments subsequently experienced reduced imaging cases.
Elective and non-essential procedures are declining in volume, routine testing is being utilized less frequently, customer capital spending is declining, and research spending is decreasing due to laboratory closures and reduced clinical testing. The recovery of many economies has already begun, but it will take time before the utilization rate of contrast media/contrast agents returns to pre-pandemic levels. If COVID-19 infections recur, lockdowns, quarantine requirements, and other controls may be needed to limit the spread of the disease. The market growth may be negatively affected by this.
According to WHO, approximately 137,674 deaths have been the direct result of the Coronavirus in the U.S. since July 19, 2020. This makes the United States the country with the most confirmed cases worldwide. In addition, approximately 4,653 deaths were reported in China, the pandemic's epicenter. X-rays and chest CT imaging are utilized to diagnose COVID-19-related lung lesions. This is projected to propel the global contrast media market forward during the forecast period.
Market Size Available
2022 to 2028
2023 to 2028
By Medical Procedure, Route of Administration, Type, Indications, Application, and Region
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 of Investment Opportunities
North America, Europe, Asia Pacific, Latin America, the 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:
The ultrasound segment is likely to have the highest CAGR during the given forecast period based on medical procedures. The development of microbubble contrast media for ultrasound and 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 expected to register the most significant share in the global contrast media market during the forecast period. Furthermore, it is likely to continue the trend over the forecast period due to the rise in 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 forecast period. Growing enhancements in cardiac MRI procedures, favorable government reimbursement policies for contrast media in cardiovascular diagnosis, and robust infrastructure in developed countries' healthcare are factors driving this segment’s growth.
Contrast Media Market – By Application:
Based on the application, the interventional cardiology segment is predicted to dominate the global contrast media market. 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 substantially to the contrast media market.
Contrast Media Market – By Region:
Geographically, the North American contrast media market is estimated to account for the most dominating share in the global market during the forecast period. In contrast, the Asia Pacific region is expected to witness the fastest growth and overtake North America by the end of the forecast period, accounting for the second-largest share in the global market during the forecast period. The presence of well-established healthcare facilities, availability 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 the leading share within North America, followed by Canada.
The European contrast media market had a substantial share in the global market in 2021 and is projected to grow at a promising CAGR during the forecast period. Many MRI scans performed in European countries such as France and Germany are expected to continue driving market growth.
However, the Asia-Pacific contrast media market 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 2021.
The contrast media market in Latin America is expected to grow steadily during the forecast period. Factors such as the growing rate of cardiac and cancer disorders and technological advancements in diagnostic technology actively support the region's market.
The contrast media market in MEA is estimated to have a sluggish growth rate due to the factors such as growing diagnostic centers, hospitals, and clinics.
KEY MARKET PARTICIPANTS:
A few of the 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 isn't easy and challenging for new participants to enter this market. Nevertheless, the above notable players account for the leading share of the global market.
RECENT MARKET DEVELOPMENTS:
The global contrast media market size was worth USD 5.36 billion in 2022.
North America accounted for the major share of the global market in 2022.
2022 is considered as the base year.
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) are some of the prominent companies in the contrast media market.
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