The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global contrast media market size is expected to reach USD 6.9 billion by 2027, exhibiting a CAGR of 3.6% during the forecast period, according to a new report published by Grand View Research, Inc. Increasing burden of chronic diseases is driving the demand for diagnostic imaging procedures which are anticipated to fuel the contrast agents market growth.
The imaging tests such as Computed Tomography (CT), Magnetic Resonance Imaging (MRI), and x-rays have become an inevitable part of diagnosis for most of the diseases. The large-scale penetration of imaging technology in healthcare has increased the demand for contrast media. Newer contrast agents are constantly being discovered and investigated. Also, the safety of contrast agents for clinical use is under strict scrutiny.
The rapid rise in the use of medical imaging during the last few decades has resulted in a substantial increase in the use of radiologic contrast media. Half of the around 76.0 million computed tomographic and 34.0 million magnetic resonance imaging examinations performed annually include the use of intravenous contrast agents.
Diagnostic imaging modalities are being increasingly used owing to advancements in the underlying technology, ranging from equipment to administration technology. Innovative products such as syringeless injectors help achieve greater accuracy in delivering the right dose of contrast agents as well as reduce wastage. These injectors enable shorter examination time, leading to increased patient throughput. In 2016, the first syringeless injector was launched by Bracco Diagnostics in U.S.for multi-patient use to increase the number of scans performed in a day.
Further key findings from the report suggest:
- Iodinated contrast media was the largest segment in 2019 and is anticipated to remain dominant over the forecast period as the products have excellent radio-opacity and low toxicity
- X-ray/ CT was the largest modality segment in 2019, in terms of revenue share, owing to wide acceptance and cost-efficiency of the techniques
- Cardiovascular diseases is projected 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, in 2016, the U.S. FDA approved Lumason for use in liver ultrasonography
- North America dominated the contrast media/contrast agents market with the largest revenue share of 44.3% in 2019 owing to the presence of well-established healthcare infrastructure and availability of advanced technology
- Some of the key players operating in the market are Bayer AG; General Electric Company; Guerbet; Lantheus Medical Imaging, Inc.; Bracco Diagnostic, Inc.; Trivitron Healthcare; nano Therapeutics Pvt. Ltd.; and iMAX