The Contrast Media Market size in North America was valued at USD 1.74 Billion in 2022 and estimated to grow at a CAGR of 5.5%, worth USD 2.28 billion by 2027.
The rise in chronic diseases such as cardiovascular and neurological disorders is a vital driver of the North American market growth. In addition, the use of imaging technology has increased due to the development of minimally invasive treatments. As a result, the increased demand for image direction and the rising public awareness of the benefits associated with early diagnosis also favors the market.
On the other hand, the factors such as rising healthcare costs and increased awareness of disease conditions are expected to drive the market during the forecast period. Ultrasound, X-ray, Magnetic Resonance Imaging (MRI), and Computed Tomography (CT) scans are examples of advanced imaging technologies. The function of these tests in identifying the necessity for therapy or surgery in interventional procedures and preoperative scans makes it easier to use contrast agents in imaging procedures and medical imaging, which has seen a lot of progress recently.
Moreover, advanced technologies are expected to improve the resolution and quality of medical images, resulting in increased demand for contrast agents and diagnostic radiopharmaceuticals in this region. Some other factors driving the market growth include the presence of well-established healthcare facilities, the availability of improved technology, and the demand for diagnostic procedures.
Entry limitations due to contrast agent safety concerns are significant constraints in the North American contrast media market. In addition, the market growth rate is expected to be slowed significantly during the forecast period due to the lack of reimbursement policies.
This research report on the North American contrast media market has been segmented and sub-segmented into the following categories:
By Medical Procedure:
By Route of Administration:
Geographically, the North American contrast media market was the most dominating regional market globally in 2020 and predicted to continue the dominance throughout the forecast period. The regional market growth is expected to be fuelled by the availability of advanced healthcare infrastructure, Resulting in increased research and development investments and favorable reimbursement policies. In addition, the developed countries such as the United States and Canada are becoming more conscious of the need for early disease diagnosis. Therefore, it is likely to propel regional market expansion.
The United States contrast media market held the largest share of the North American market in 2020, and it is anticipated to account for a significant share during the forecast period. The market is attributed to the increasing prevalence of cancer, the rise in chronic diseases such as cardiovascular and neurological diseases, and accidental cases, all of which necessitate the use of medical imaging to investigate patient conditions at various stages of treatment. Moreover, increasing the usage of diagnostic imaging modalities such as MRI, CT, and Ultrasound has expanded quickly in the United States; the U.S. Contrast Media Market has the largest market share in North America. Annually, over 40 million MRI scans are performed in the United States.
On the other hand, the Canadian contrast media market is expected to witness a promising share in the North American market. The market is growing due to the rising prevalence of cancer in this region. In Canada, market growth is linked to a rise in contrast agent acceptance and the number of diagnostic centers offering diagnostic imaging services. In addition, the usage of modern techniques, such as gas microbubble technology in MRI imaging, predicted the market’s rise in the region. The Canadian Contrast Media Market is expected to grow considerably due to increasing research and development investments and a favorable demographic environment in Canada.
KEY MARKET PLAYERS:
A few of the prominent companies operating in the North America 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).
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