Bayer AG (Germany) and Bracco Imaging S.p.A. (Italy) are Leading Players in the Contrast Media Market
The contrast media market is projected to reach USD 9.7 billion by 2029 from USD 6.3 billion in 2023, at a CAGR of 7.5% during the forecast period. Factors such as the significant prevalence of chronic medical conditions, coupled with the rise in the number of product approvals, will boost the growth of the contrast media market. For Instance, 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). Similarly, in 2022, Lantheus received approval for the Import Drug License (IDL) from the Center for Drug Evaluation (CDE) of China’s National Medical Products Administration (NMPA) for Perflutren Lipid Microsphere Injectable Suspension (marketed as DEFINITY in the US).
The contrast media market is highly consolidated, with certain companies holding significant market shares. The prominent players in contrast media market are GE HealthCare (US), Bayer AG (Germany), Guerbet (France), and Lantheus Medical Imaging (US). Companies undertake organic and inorganic growth strategies, namely product launches and approvals, expansions, and acquisitions/collaborations to increase their product offerings, address customer requirements, augment profitability, and strengthen their presence in the global market.
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BAYER AG
Bayer held the leading position in the contrast media market in 2022. The company has a strong portfolio of MRI contrast agents and the upper hand in the MRI contrast market. The company recorded encouraging sales for its Gadovist MRI contrast agent, primarily due to the positive development of business in Europe. Gadovist is the first and only macrocyclic gadolinium-based contrast agent approved for magnetic resonance angiography (MRA) of the supra-aortic vasculature and breast MRI (BMR)
BRACCO IMAGING SPA
Bracco Imaging held the second position in the contrast media market in 2022. Bracco has a broad product portfolio in the X-ray and CT contrast media segment. The company markets its contrast media products directly or indirectly in over 100 markets. The company continuously strives to strengthen its market position by focusing on approvals for its contrast media products. Bracco also focuses on joint ventures to enhance its product capabilities and develop new products.
GE HEALTHCARE
GE HealthCare held the third position in the global contrast media market in 2022. GE HealthCare serves customers in more than 160 countries and has a strong distribution network across the Americas, Europe, the Pacific Basin, and the Middle East & Africa. GE HealthCare’s pharmaceutical segment has a strong foothold in the US, accounting for 44% of its total revenue. EMEA and China held shares of 26% and 14%, respectively. To maintain its leading position and meet growing customer requirements, the company has significantly expanded its contrast media production capacity.
Related Reports:
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) - Global Forecast to 2029
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