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The global contrast media agents market size is estimated to reach USD 6.93 billion by 2027 and is expected to witness a CAGR of 3.5%, according to a new report by Grand View Research, Inc. Increasing burden of chronic diseases is driving diagnostic imaging procedure volumes as well as utilization of contrast media agents. Also, competitive strategies deployed by key companies are expected to support market growth. Among these, Guerbet, GE, and Bayer were the forerunners with top-selling drugs in their respective portfolios and securing more than 50% of the overall market share in 2017.
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Bayer has to its advantage the leading MRI agent, Gadavist/Gadovist, a macrocyclic gadolinium agent. While, Guerbet recently jumped positions in the market since it joined forces with Mallinckrodt. The acquisition has led to a streamlined portfolio of MRI and x-ray/CT contrast media that now hold center position in this market. GE competes with Omnipaque and Visipaque as part of its suite of offerings.Along with increasing chronic disease incidence and prevalence trends, rising demand and use of diagnostic imaging modalities is driven by the advancements in the underlying technology.
These range across equipment and administration technology. Equipment advances include innovation, such as syringeless injectors, which help in achieving greater accuracy in dose delivery, shorter examination time, and higher patient throughput. Regionally, North America is leading the contrast media agents market with significant share. Presence of well-established healthcare infrastructure, availability of advanced technologies, and recent launch of new contrast media agents for specific indications account for the revenue share of this region.
Further Key findings from the study suggest:
- In 2017, iodinated contrast agents registered maximum sales due to the high penetration of contrast media agents in x-ray and CT procedures driven by availability of non-ionic stable iodinated agents for improved diagnosis
- X-ray/CT modality technique was the largest segment in 2017, in terms of sales revenue, due to its wide acceptance and utilization
- Cardiovascular Diseases (CVDs) applications segment is expected to witness the fastest growth over the forecast period due to label extensions for ultrasound and X-ray/CT contrast agents in U.S. For instance, Lumason was recently approved by the U.S. FDA for use in liver ultrasonography
- North America captured the highest revenue in 2017 owing to presence of well-established healthcare infrastructure and availability of advanced technology
- Europe and Asia followed in terms of revenue in 2017, attributable to high penetration of contrast agents, usage of diagnostic imaging modalities, and growing presence of domestic companies in Asia
- Key companies in the contrast media agents market are Bayer AG, GE Healthcare; Guerbet LLC; Lantheus Medical Imaging, Inc.; Bracco Diagnostics, Inc.; Daiichi Sankyo Co. Ltd.; and Fuji Pharma Co. Ltd.