As per the research report, the Latin America Contrast Media Market size has been forecasted at USD 0.29 Billion in 2022. It is estimated to grow at a CAGR of 3% and worth USD 0.33 billion by 2027. The Latin American Contrast Media market is rising at a superior speed.
Contrast media is used to enhance image quality in medical imaging. It is commonly used to see blood vessels. The factors boosting the growth of the Latin America contrast media market are increasing demand for diagnostic procedures, the increased prevalence for chronic diseases such as cardiovascular disorders and gastrointestinal ailments, technological advancements in the field of contrast media, increasing incidence & mortality of cancer & cardiac diseases, and growth of healthcare infrastructure in developing economies. As per the World Health Organization (WHO), by 2025, chronic diseases will account for three-quarters of global deaths, and those 70-75% of deaths will be caused due to cardiovascular diseases. CVS is one of the leading causes of death in Brazil. This exponential increase will raise the market growth rate.
The rising prevalence of neurological disorders, high hospital admission rate, and increased radiographic systems adoption is anticipated to promote the market growth for contrast media in Latin America during the forecast period. The MRI-based contrast media is used to diagnose in the field of oncology and extend malignancies. Innovative products, such as dual contrast media, can also help differentiate the normal tissue from cancerous tissue growth coupled with sensitive biomarkers to indicate their growth.
Better healthcare systems and education is anticipated to drive the Latin America contrast media market in upcoming years. With proper awareness and funds, periodic screening of patients for certain diseases such as breast and colorectal cancer will help early detection and treatment. Therefore, there is substantial demand for newer and compatible novel contrast media that can be safely used for critical patients, namely in people suffering from acute kidney injury and chronic kidney disease. This growing demand for better contrast media features, with lesser side effects, accessible administration technology helps the market growth during the forecast period.
However, lack of healthcare awareness and undergoing healthcare reimbursement policies are estimated to restrain contrast media market growth in Latin America. Additionally, most of the contrast media will cause side effects, allergic and adverse reactions, and hence are not patient-friendly, which are expected to impose a negative impact on the market growth during the forecast period.
This research report on the Latin America contrast media market has been segmented and sub-segmented into the following categories:
By Medical Procedure:
By Route of Administration:
In 2020, the Brazilian contrast media market held the most significant share in the Latin America contrast media market, which is expected to continue over the forecast period. This market growth can be easy availability of the contrast media in the market owing to easy imports from the U.S. With quick and rapid approvals from the FDA, the products can reach the Brazilian market faster. The market is thriving on reaching the unmet market need due to the large population in the region.
Argentina was the second-largest regional market for contrast media in Latin America in 2020. Factors such as the increase in chronic diseases, like CVS and CNS diseases, and the rise in the geriatric population are the major driving factors for Argentina's market growth. An estimated 31,300 patients (24%) were deceased in July 2018. The estimated number of deaths in 2018 was 25,300, yielding a notorious death rate of 20%; this is due to the increasing proportion of elderly patients and patients suffering from chronic ailments.
However, the contrast media market in Mexico is estimated to grow at the highest CAGR during the forecast period. The rising prevalence of cancer, the growing healthcare system, favorable government initiatives are the significant factors driving the growth of the market in Mexico. In addition, other Latin American countries such as Peru, Ecuador, and Columbia will also show promising growth rates due to the growing opportunities in the market in the upcoming years.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the Latin America contrast media market profiled in the 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).
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