The size of the European contrast media market is expected to be growing at a CAGR of 5.20% during the forecast period. The size of the market is predicted to be USD 1.91 billion by 2027 and USD 1.48 billion in 2022.
Increased prevalence of chronic diseases, growing need for image-guided procedures and diagnostics, and a high number of contrast agent approvals are majorly driving the expansion of the contrast media market in Europe. The use of image-guided techniques can aid in determining whether a cancer is mild or severe. Due to the growing demand for imaging operations, contrast media producers have invested much in R&D in order to bring new products to market and gain approval for new indications. The market is further expected to be driven by the utilization of X-ray and chest CT imaging for the identification of COVID-19 related lesions in the lungs for disease treatment. Increased demand for contrasting agents as they assist doctors in efficiently and precisely interpreting the various test findings from computed tomography (CT) scans, magnetic resonance imaging (MRIs), and X-ray exams is additionally expected to add fuel to the growth rate of the market.
The growing number of patients suffering from chronic diseases who require medical imaging techniques is further expected to drive the growth of the contrast media agents’ market in the coming years in the European region. With the rising incidence and quantity of cancer cases in Europe, methods that can assist patients in receiving a diagnosis at an earlier stage are needed. The growing need and desire for imaging refinement during surgeries necessitates new data acquisition, processing, and presentation technologies, as well as a thorough understanding of the imaging process and its therapeutic uses. This requirement is well met by image-guided procedures, which has resulted in increasing demand for image-guided procedures for diagnosis and treatment and therefore is forecasted to help the market expansion during the forecast period. Due to the patent expiration of branded contrast media goods, the contrast media business is expected to become much more competitive in the next few years. This will allow generic equivalents, which are less expensive than commercially available branded agents, to enter the market. APIs are made locally, which lowers the overall cost of producing contrast agents. As a result, the patent expiration of a number of branded medicines, as well as lower production costs for contrast agents, are anticipated to present profitable opportunities for generic players.
However, advanced therapeutic high cost and inaccessibility may limit market growth to some extent. Contrast agents are generally regarded as safe to use in MRI and CT scans, among other diagnostic techniques. However, some of the adverse effects and allergic responses associated with their usage may limit market expansion. Managing advanced and sophisticated diagnostic imaging equipment necessitates a high level of technical skill and expertise, which is considered the most significant challenge for the Europe Contrast Media Market.
This research report on the European Contract Media Market has been segmented and sub-segmented into the following categories:
By Medical Procedure:
By Route of Administration:
Regionally, in 2020, the European contrast medica market had the world's second-largest market share. GE Healthcare, a pharmaceutical and medical equipment business, has expanded its range of magnetic resonance imaging (MRI) contrast media products with the launch of macrocyclic agent Clariscan (gadoteric acid) in Europe. The expanding demand for high-quality medical treatment, rising healthcare spending and government efforts, rising disposable income, development in the medical device industry, and improvements in healthcare infrastructure in Germany are factors to consider for market expansion. This dominance is due to the presence of well-established healthcare facilities, the availability of modern technology in combination, and the need for diagnostic procedures.
In Europe, the United Kingdom contrast media market is predicted to dominate during the forecast period due to the presence of the vital diagnostic companies existing in the country. Increasing R&D activities of contrast agents and increased usage of interventional X-ray for different diagnosis applications favor the market in the United Kingdom.
The German contrast media market is predicted to hike at a healthy rate from 2022 to 2027 due to the growing demand for minimally invasive surgical processes and the increasing number of patients with cardiovascular diseases worldwide.
European countries such as France and Italy are expected to have moderate growth during the forecast period. Regular increase of neurological, cancer, and cardiovascular, rising partnerships, and acquisitions amidst the key players in launching new products and evolving innovations over the contrast media are factors favoring the market growth.
KEY MARKET PLAYERS:
Companies such as CMC Contrast AB (Sweden), Daiichi Sankyo (Japan), Bayer HealthCare (Germany), GE Healthcare (U.S.), Guerbet Group (France), Bracco Imaging S.p.A. (Italy) in 2015. Lantheus Medical Imaging (U.S.), nanoPET Pharma GmbH (Germany), and Subhra Pharma Private Limited (India) are the leaders in the Europe Contrast Media market.
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