Contrast Media Market - Snapshot
The global contrast media market is growing at a rapid pace, driven by increase in incidence of cancer and cardiovascular diseases. The global contrast media market was valued at US$ 4,600 Mn in 2017 and is projected to expand at a CAGR of 4% from 2018 to 2026 to reach over US$ 6,500 Mn by 2026. The global market is witnessing relatively higher growth owing to increase in technological advancements in contrast agents, increase in number of installed base of CTs and MRIs, and rise in prevalence of chronic disease across the globe.
Contrast agent/media is a substance used to enhance the contrast of fluids and structures of the body during medical imaging. These agents are used in X-ray, CT scan, angiography, and ultrasound imaging. The major types of contrast agent are iodine-based compounds, barium sulfate-based compounds, and gadolinium-based compound. These compounds are injected with the help of contrast media injectors through different routes of administration.
The global contrast media market is witnessing significant growth and is expected to expand at steady CAGR during the forecast period from 2018 to 2026. Increase in number of installations of imaging devices such as CT and MRIs globally, rise in prevalence of cancer and cardiovascular diseases, and surge in awareness about pre-diagnosis of diseases such as cancers and other cardiovascular diseases are expected to boost the growth of the global contrast media market during the forecast period. Furthermore, rise in awareness about diseased conditions and increase in health care expenditure are the other factors likely to propel the global market during the forecast period. Adverse effects of contrast agents and stringent regulatory scenario in several developing regions are the factors projected to hamper the growth of the global contrast media market during the forecast period.
The global contrast media market has been segmented based on type, route of administration, imaging modality, application, and region. In terms of type, the market has been classified into iodine-based compounds, barium sulfate-based compounds, gadolinium-based compounds, and microbubbles/microspheres. The iodine-based compounds segment held major market share in terms of revenue in 2017. Iodinated contrast media are low osmolar and can be non-ionic, and hence, can be used in several applications. This is expected to fuel the growth of the segment.
Based on route of administration, the global contrast media market has been categorized into oral, rectal, intravenous/intra-arterial, others. The intravenous/intra-arterial segment held the largest share of the market in terms of revenue in 2017, followed by the oral segment. Intravenous is the safest and most common route of administration of contrast media to enhance imaging. This is one of the factors propelling the segment.
In terms of imaging modality, the global contrast media market has been divided into CT/X-ray, ultrasound, MRI, and others. The CT/X-ray segment held the largest share of the global market owing to increase ion installation of CT scanners across the globe.
Based on application, the global contrast media market has been segmented into oncology, cardiology, neurology, and others. The cardiology segment is anticipated to dominate the market during the forecast period due to high prevalence of chronic diseases across the world.
Geographically, North America held significant share of the global market in terms of revenue, followed by Europe. Developed countries such the U.K., the U.S., and Germany show higher awareness about pre-diagnosis of diseases. This is expected to boost the growth of the market in the regions. Moreover, developed infrastructure, increase in health care investment, and robust R&D in countries in the regions are the others factors driving the market. The market in Asia Pacific is growing at a rapid apace. Developed countries such as Australia and Japan are favorable for the growth of the market. India and China are the potential markets for contrast media due to increase in population, and rise in installations of capital equipment.
Key players in the global contrast media market include GE Healthcare, Bayer AG, Bracco Diagnostic, Inc., Guerbet Group, Lantheus Medical Imaging, Inc., nanoPET Pharma GmbH, Subhra Pharma Private Limited, and Spago Nanomedical AB.
Escalating Cancer Cases to Bring Massive Growth Prospects for Contrast Media Market between 2018 and 2026
A burgeoning number of long-term diseases and disorders, as well as complex comorbidities, have led to the advent of a number of diagnostic imaging tests such as CT scans and MRI. The enhancement in contrast of fluids and structures of the body during medical imaging may bring immense growth opportunities for the contrast media market during the assessment period of 2018-2026.
- The rise in the popularity of image-guided surgeries may also bring profitable growth opportunities for the contrast media market across the forecast period of 2018-2026. These procedures have shown good results in treating multiple conditions. During this type of surgery, refinement of images is necessary for proper observation of the concerned body part. For this, contrast media is necessary. Thus, this aspect may bring extensive growth prospects for the contrast media market.
- The growing prevalence of cancer is also an important factor influencing the growth of the contrast media market. According to the World Health Organization (WHO), cancer is the second leading cause of death on a global level and estimated for nearly 9.6 mn deaths in 2018. These statistics are alarming. To control these cases, early diagnosis is necessary. A substantial chunk of the populace is getting aware of this fact. Thus, a rise in diagnostic imaging tests is directly proportional to the growth of the contrast media market.
- The SARS-CoV-2 panemic has changed the growth dynamics of the contrast media market substantially. While some negative effects of the pandemic are expected to hit the contrast media market greatly, there are certain positive aspects that may turn the tables of growth for the contrast media market. The increase in the number of diagnostic procedures due to the pandemic will prove to be a great growth accelerator for the contrast media market during the tenure of 2018-2026.
Global Contrast Media Market: Scope and Methodology
This report analyzes the current and future prospects of the global contrast media market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments.
The research is a combination of primary and secondary research. Primary research formed the bulk of the research efforts along with information collected from telephonic interviews and interactions via e-mails. Secondary research involved study of company websites, annual reports, press releases, stock analysis presentations, and various international and national databases. The report provides market size in terms of US$ Mn for each segment for the period from 2018 to 2026, considering the macro and micro environmental factors. Growth rates for each segment within the contrast media market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, and regulatory requirements.
A detailed qualitative analysis of factors responsible for driving and restraining the market and future opportunities has been provided in the market overview section. This section of the report also includes market attractiveness analysis that provides a thorough analysis of the overall competitive scenario in the global contrast media market.
Market revenue in terms of US$ Mn for the period between 2016 and 2026 along with the compound annual growth rate (CAGR %) from 2018 to 2026 are provided for all the segments, considering 2017 as the base year. Market size estimations involved in-depth study of features of different types of contrast media. Additionally, market related factors such as rise in prevalence of cancer and cardiovascular diseases, projected launch of new drugs in various region, and historical year-on-year growth have been taken into consideration while estimating the market size.
Contrast Media Market: Segmentation
Contrast media or contrast agents are substances used to enhance the contrast of fluids and structures of the body during medical imaging. These agents are of various types and used in different imaging modalities. These help to get a clear picture of the disease or infections to decide on the treatment. Contrast media are also called diagnostic drugs. Based on type, the global contrast media market has been segmented into iodine-based compounds, barium sulfate-based compounds, gadolinium-based compounds, and microbubbles/microspheres. The iodine-based compounds segment is anticipated to account for a significant share of the global market by 2026.
In terms of route of administration, the global contrast media market has been classified into oral, rectal, intravenous/intra-arterial, and others. The intravenous/intra-arterial segment is anticipated to dominate the market from 2018 to 2026. Based on imaging modality, the global contrast media market has been categorized into CT/X-ray, ultrasound, MRI, and others. The CT/X-ray segment is anticipated to capture major share of the market by 2026. In terms of application, the global contrast media market has been divided into oncology, cardiology, neurology, and others. The cardiology segment is anticipated to account for significant share of the market by 2026.
Contrast Media Market: Geographical and Competitive Dynamics
Geographically, the global contrast media market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Additionally, the regions have been further segmented into major countries.
The report also profiles major players in the global contrast media market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Key companies profiled in the report include GE Healthcare, Bayer AG, Bracco Diagnostic, Inc., Guerbet Group, Lantheus Medical Imaging, Inc., Nanopet Pharma GmbH, Subhra Pharma Private Limited, and Spago Nanomedical AB.
The global contrast media market has been segmented as follows:
|
Type |
|
|
Administration |
|
|
Imaging Modality |
|
|
Application |
|
|
Region |
|
