Contrast Media Market by Type (Iodinated Contrast Media), Form (Liquid, Powder), Modality (X-ray, CT, MRI, Ultrasound), Route of Administration (Oral, Rectal), Indication (Cancer, Neurological, GI, Musculoskeletal Disorders) & Region - Global Forecast to 2029
The global contrast media market in terms of revenue was estimated to be worth $6.3 Billion in 2023 and is poised to reach $9.7 Billion by 2029, growing at a CAGR of 7.5% from 2023 to 2029. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.
The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Market growth is largely driven by rising number of hospitals and diagnostic imaging centers, awareness regarding early diagnosis and rising prevalence of chronic conditions. On the other hand, the adverse effects associated with the use of contrast media will restrain the growth of this market to a certain extent.
Attractive Opportunities in the Contrast Media Market
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Contrast Media Market Dynamics
DRIVER: Increasing prevalence of chronic medical conditions
Globally, there has been a significant increase in the number of people suffering from cancer. In various countries across the globe, people are adopting a sedentary lifestyle, which is characterized by a high-calorie diet (that is rich in fat, refined carbohydrates, and animal protein) and low physical activity. With such changes in lifestyle, the number of people suffering from cancer is expected to increase.
Over the years, the prevalence of chronic diseases such as cardiovascular disease (CVD) and cancer has increased significantly. Some key statistics in this regard have been mentioned below:
- According to an article published by the Pan American Health Organization (PAHO), globally, there were 20 million new cancer cases and 10 million cancer deaths. Projections indicate a projected 60% increase in the cancer burden over the next two decades. The anticipated worldwide burden is set to rise to around 30 million new cancer cases by 2040, with the most significant increases expected in low- and middle-income countries.
- According to estimates from the International Agency for Research on Cancer (IARC), globally, new cancer cases are expected to grow to 27.5 million, and 16.3 million cancer deaths are expected to occur due to the growing population by 2040.
- According to the JACC Journals’ findings in 2021, elevated systolic blood pressure continues to stand as the primary modifiable risk factor worldwide for premature cardiovascular deaths. It contributed to approximately 10.8 million cardiovascular deaths and a total of 11.3 million deaths globally in 2021.
- According to the American Heart Association (AHA), by 2030, 40.5% of the US population is projected to have some form of CVD.
- According to the Centers for Disease Control and Prevention (CDC), in 2021, heart disease maintained its position as the foremost cause of mortality in the US. Approximately 695,000 individuals in the United States succumbed to heart disease in that year, representing 1 in every 5 deaths.
RESTRAINT: Side effects associated with the use of contrast media
Contrast media are generally considered safe to use for various diagnostic procedures, such as MRI and CT scans. However, their use might be limited in certain patients due to side effects and allergic reactions, which can hinder the growth of the market to a certain extent. Their adverse reactions range from mild to severe; however, severe reactions are very uncommon, and severe allergic responses to contrast materials are rare. For instance, as per an article published by the NIH, the incidence of immediate reactions to nonionic contrast media ranges from 0.01–0.04% (severe) to 3% (mild). Nonionic agents are associated with a decreased risk of adverse reactions.
OPPORTUNITY: Increasing research on contrast media
Rising R&D into novel contrast media, as well as the development of newer applications of contrast media, provide immense opportunities for market players. Companies, research institutes, and universities across the globe are undertaking projects to develop novel contrast media and expand their applications. In October 2022, researcher Stefan Glöggler devised an effective contrast agent technique for MRI, potentially enabling the differentiation between tumors and healthy tissue based on their metabolic activity. The ForTra GmbH für Forschungstransfer of the Else Kröner-Fresenius Foundation (ForTra) and the European Research Council (ERC) are now offering financial support to advance this method for clinical patient trials. Similarly, in 2020, a biochemistry and pharmacology professor, Dr. Gang Han, received USD 25,000 in seed funding from the UMass Technology Development Fund for research on MRI contrast media or gadolinium-based agents with fewer adverse effects.
CHALLENGE: Dearth of trained professionals
A high degree of technical skill and expertise is needed to conduct advanced and sophisticated diagnostic imaging procedures. As per data from the US Bureau of Labor Statistics, radiology technicians are anticipated to witness an employment growth of nearly 6% during between 2022 and 2032. While this growth is significant, the shortage of specialists and trained radiologists will challenge market growth.
- According to the Association of Radiologists of Nigeria, the number of radiologists in Nigeria is about 400 for 200 million people, which is grossly inadequate to meet the requirements of the people in the country.
- According to an article in October 2023, India is facing a concerning healthcare challenge with an inadequate ratio of radiologists to population. With only around 20,000 radiologists catering to a population exceeding 1.4 billion, the country has a striking ratio of one radiologist for every 1,00,000 individuals, significantly below global healthcare standards.
- According to an NIH article published in September 2023, Malaysia faces a pressing need for additional radiologists compared to more developed nations. With just 870 registered radiologists serving a population of 33.57 million, the ratio stands at 3.9 per 100,000 individuals.
- The World Health Organization (WHO) highlights a global challenge, revealing that over two-thirds of the world’s population lacks access to radiology. Developing nations, particularly in Africa, face a critical situation where 14 countries lack access to a single radiologist. Even in developed countries like the UK and Australia, there exists a notable disparity, with major cities having more radiologists compared to rural areas on a per capita basis.
Contrast Media Industry Ecosystem/Market Map
Radiology segment accounted for the largest share of the contrast media industry in 2022, by application.
Based on application, the contrast media market is segmented into radiology, interventional radiology, and interventional cardiology. Radiology accounted for the market’s largest share in 2022, by application. Radiology plays a crucial role in the early detection and monitoring of various medical conditions, contributing to the higher demand for radiology procedures. The large share of radiology applications can be attributed to factors such as the rising geriatric population, increasing prevalence of chronic diseases, and demand for minimally invasive procedures, among others.
Intravascular route segment accounted for the largest share in the contrast media industry in 2022, by route of administration.
On the basis of route of administration, the global contrast media market is categorized into intravascular route, oral route, rectal route, and other routes of administration. In 2022, the intravascular route segment held the largest share in the market, by route of administration. The growth of the segment can be attributed to the fact that most of the contrast media are available in the form of injectable and help in limiting the time needed to administer as compared to a powdered one.
Hospitals, Clinics, and Ambulatory Surgical Centers segment accounted for the largest share in the contrast media industry in 2022, by end user.
Based on end user, the contrast media market is segmented into hospitals, clinics, and ambulatory surgical centers and diagnostic imaging centers. In 2022, the hospitals, clinics, and ambulatory surgical centers segment accounted for the largest share of the global market. Hospitals usually invest more and maintain a broad range of advanced imaging equipment, such as CT scanners, MRI machines, and interventional radiology suites, hence accelerating the demand for contrast media.
North America accounted for the largest share of the contrast media industry in 2022.
The contrast media market is segmented into four major regions: North America, Europe, the Asia Pacific, and the Rest of the World. In 2022, North America emerged as the leading contributor, accounting for the largest share of the market. With the presence of major players in the region, the region has witnessed an increase in the number of product approvals. These companies based in North America have expertise, resources, and well-established sales networks, contributing to the region’s market dominance.
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The major players in contrast media market are GE Healthcare (US), Bracco Imaging SpA (Italy), Bayer AG (Germany), Guerbet (France), and Lantheus Medical Imaging, Inc. (US). These players’ market leadership is due to their comprehensive product portfolios and expansive global footprint. These dominant market players have several advantages, including strong research and development budgets, strong marketing and distribution networks, and well-established brand recognition.
Scope of the Contrast Media Industry
|
Report Metric |
Details |
|
Market Revenue in 2023 |
$6.3 Billion |
|
Projected Revenue by 2029 |
$9.7 Billion |
|
Revenue Rate |
Poised to Grow at a CAGR of 7.5% |
|
Market Driver |
Increasing prevalence of chronic medical conditions |
|
Market Opportunity |
Increasing research on contrast media |
This research report categorizes the Contrast Media Market to forecast revenue and analyze trends in each of the following submarkets:
By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
By Type
- Iodinated Contrast Media
- Gadolinium-based Contrast Media
- Microbubble Contrast Media
- Barium-based Contrast Media
By Form
- Liquid
- Powder
- Other Forms
By Modality
- X-ray
- Computed Tomography
- Magnetic Resonance Imaging
- Ultrasound
By Route of Administration
- Intravascular Route
- Oral Route
- Rectal Route
- Other Routes of Administration
By Indication Split
- Cardiovascular Diseases
- Cancer
- Gastrointestinal Disorders
- Musculoskeletal Disorders
- Neurological Disorders
- Nephrological Disorders
By Application
- Radiology
- Interventional Radiology
- Interventional Cardiology
By End User
- Hospital, Clinics, and Ambulatory Surgical Centers
- Diagnostic Imaging Centers
Recent Developments of Contrast Media Industry:
- In October 2023, The European Commission granted Guerbet marketing authorization (MA) for Elucirem (Gadopiclenol) following the positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP).
- In April 2023, GE HealthCare expanded its contrast media portfolio by introducing Pixxoscan (gadobutrol), a macrocyclic, non-ionic magnetic resonance imaging (MRI) gadolinium-based contrast agent (GBCA). Pixxoscan underwent regulatory review via a decentralized procedure (DCP), securing marketing authorization in Austria.
- In September 2022, The company received FDA approval for the VUEWAY Gadopiclenol contrast media injection for use in adult and pediatric patients aged two years and older during magnetic resonance imaging (MRI) scans.
- In December 2021, Bracco Diagnostics entered into a collaboration agreement with Guerbet for the production and research related to Gadopiclenol, a high-relaxivity macrocyclic contrast agent.
- In March 2021, Guerbet and Bracco Imaging entered into a global strategic collaboration agreement for Gadopiclenol. The companies will collaborate on manufacturing, research, and development for potential future indications. Upon regulatory approval, they will independently commercialize Gadopiclenol, an investigational GBCA, under separate brands.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the global contrast media Market?
The global contrast media market boasts a total revenue value of $9.7 Billion by 2029.
What is the estimated growth rate (CAGR) of the global contrast media Market?
The global contrast media market has an estimated compound annual growth rate (CAGR) of 7.5% and a revenue size in the region of $6.3 Billion in 2023. .
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The objective of the study is to analyze the key market dynamics such as drivers, opportunities, challenges, restraints, and key player strategies. To track company developments such as product launches and approvals, expansions, and collaborations of the leading players, the competitive landscape of the contrast media market to analyze market players on various parameters within the broad categories of business and product strategy. Top-down and bottom-up approaches were used to estimate the market size. To estimate the market size of segments and subsegments the market breakdown and data triangulation were used.
The four steps involved in estimating the market size are
Collecting Secondary Data
The secondary research data collection process involves the usage of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), annual reports, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the contrast media market. A database of the key industry leaders was also prepared using secondary research.
Collecting Primary Data
The primary research data was conducted after acquiring knowledge about the contrast media market scenario through secondary research. A significant number of primary interviews were conducted with stakeholders from both the demand side (such as doctors, nurses, and hospital purchase managers) and supply side (such as included various industry experts, such as Directors, Chief X Officers (CXOs), Vice Presidents (VPs) from business development, marketing and product development teams, product manufacturers, wholesalers, channel partners, and distributors) across major countries of North America, Europe, Asia Pacific, and Rest of the World. Approximately 45% of the primary interviews were conducted with stakeholders from the demand side while those from the supply side accounted for the remaining 55%. Primary data for this report was collected through questionnaires, emails, and telephonic interviews.
A breakdown of the primary respondents is provided below:
Breakdown of Primary Participants:
Note 1: Others include sales managers, marketing managers, and product managers.
Note 2: Tiers of companies are defined based on their total revenue. As of 2022, Tier 1 = >USD 5 billion, Tier 2 = USD 500 million to USD 5 billion, and Tier 3 = <USD 500 million.
To know about the assumptions considered for the study, download the pdf brochure
|
COMPANY NAME |
DESIGNATION |
|
Bracco Imaging S.p.A (Italy) |
Regional Sales Manager |
|
GE Healthcare (US) |
VP Marketing |
|
Guerbet (France) |
Product Manager |
|
Trivitron Healthcare (India) |
Distribution Head |
Market Size Estimation
All major product manufacturers offering various contrast media were identified at the global/regional level. Revenue mapping was done for the major players and was extrapolated to arrive at the global market value of each type of segment. The market value contrast media market was also split into various segments and subsegments at the region and country level based on:
- Product mapping of various manufacturers for each type of contrast media market at the regional and country-level
- Relative adoption pattern of each contrast media market among key application segments at the regional and/or country-level
- Detailed primary research to gather qualitative and quantitative information related to segments and subsegments at the regional and/or country level.
- Detailed secondary research to gauge the prevailing market trends at the regional and/or country level
Global Contrast Media Market Size: Bottom Up Approach
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Global Contrast Media Market Size: Top Down Approach
Data Triangulation
After arriving at the overall market size—using the market size estimation processes—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the contrast media industry.
Market Definition
Contrast media are chemical agents used in diagnostic imaging procedures. These formulations help in enhancing the images of body structures and organs when visualized during medical procedures like X-ray, CT, MRI, and ultrasound.
Key Stakeholders
- Senior Management
- End User
- Finance/Procurement Department
- R&D Department
Report Objectives
- To provide detailed information about the factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To define, describe, segment, and forecast the contrast media market by type, form, modality, route of administration, indication, application, end user, and region
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall contrast media market
- To forecast the size of the contrast media market in four main regions along with their respective key countries, namely, North America, Europe, the Asia Pacific and Rest of the World
- To profile key players in the contrast media market and comprehensively analyze their core competencies and market shares
- To track and analyze competitive developments, such as product launches and approvals; expansions; and collaborations, of the leading players in the contrast media market
- To benchmark players within the contrast media market using the Competitive Leadership Mapping framework, which analyzes market players on various parameters within the broad categories of business and product strategy
Available Customizations
MarketsandMarkets offers the following customizations for this market report
Country Information
- Additional country-level analysis of the contrast media market
Company profiles
- Additional three company profiles of players operating in the contrast media market.
Product Analysis
- Product matrix, which provides a detailed comparison of the product portfolio of each company in the contrast media market
Generating Response ...
Growth opportunities and latent adjacency in Contrast Media Market
1) The contrast media/contrast agents market is segmented into barium-based contrast media, iodinated contrast media, gadolinium-based contrast media, and microbubble contrast media. In 2020, the iodinated contrast media segment accounted for the largest share of XX of the contrast media/contrast agents market. The large share of this segment can be attributed to the increasing demand for early disease diagnosis and image-guided procedures (resulting in a rising volume of CT and Xray procedures). 2) The barium-based contrast media market is expected to register low growth due to its limited use in various procedures and the associated adverse effects of these agents on organs. 3) Microbubble contrast agents are generally regarded as safe to use and are gaining popularity because of the large number of ongoing academic research activities exploring various attributes of microbubbles in off-label indications (in diagnosis as well as drug delivery). The growing number of approvals for microbubble contrast agents in major markets is also driving the growth of this market segment.
We need the list of vendors in Contrast Media Market. Please help
Can you please help us with study related to contrast media injectors market ?
We intend to import and sale to our customer non ionic contract media, X-Ray, Angiography, CT, MRI users, Please send us price list. M.Y.Zahid, [email protected]