Contrast Media Agents Market
Number of pages: 100 | Report Format: PDF | Published date: February 24, 2023
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 4.8 billion |
|
Revenue Forecast in 2030 |
US$ 6.37 billion |
|
CAGR |
3.2% |
|
Base Year For Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Historical Year |
2020 |
|
Segments Covered |
Modality, Application, Product Type, Route of Administration, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global contrast media agents market was valued at US$ 4.8 billion in 2021 and is expected to register a revenue CAGR of 3.2% to reach US$ 6.37 billion by 2030.
Contrast Media Agents Market Fundamentals
Contrast agents, also known as contrast media, are chemical compounds that are used to increase the radiodensity of a specific tissue by changing how electromagnetic radiation or ultrasonic waves travel through the body. The patient may get these medications through oral, suppository, or intravenous routes. A contrast media agent is selected depending on the modality, the goal of imaging, and the target area.
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Contrast Media Agents Market Dynamics
The rising prevalence of chronic diseases, such as cancer and cardiovascular diseases, and the increasing cases of diseases requiring long-term management are the major driving factors of the global contrast media agents market. The growing geriatric population, which is more prone to chronic diseases, boosting the uptake of diagnostics imaging procedures, such as X-rays, and advanced imaging technologies, is fueling the revenue growth of the contrast media agents market. There is also a rise in R&D activities related to contrast media agents, thereby increasing market product approvals. Similarly, the growing number of CT and MRI procedures with the rise in new diagnostics centers is also propelling the revenue growth of the contrast media agents market. Moreover, favorable reimbursement policies are expected to support the revenue growth of the contrast media agents market.
However, certain side effects of contrast agents, such as allergies and stomach cramps, may retrain the usage of these products. Furthermore, the high cost of diagnostics imaging in developing countries is also restraining the revenue growth of the global contrast media agents market.
Contrast Media Agents Market Ecosystem
The global contrast media agents market has been analyzed from six perspectives: modality, application, product type, route of administration, end user, and region.
Contrast Media Agents Market by Modality
Based on modality, the global contrast media agents market is segmented into X-ray/computed tomography (CT), MRI, and ultrasound.
The X-ray/computed tomography (CT) segment accounted for a significant revenue share of the contrast media agents market in 2021. The segment’s large revenue share is attributed to its ability to produce non-destructive 3D images. Moreover, X-ray/computed tomography requires less or no sample preparation. Thus, the demand for X-ray/computed tomography is increasing. Barium-based and iodinated contrast media are used in X-ray/computed tomography. The widespread usage of X-ray and CT for various disorders is anticipated to propel segment revenue growth.
Contrast Media Agents Market by Application
Based on application, the global contrast media agents market is segmented into cancer, cardiovascular disorders, neurological disorders, gastrointestinal disorders, nephrological disorders, musculoskeletal disorders, and others.
The cardiovascular disorders segment accounted for the largest market revenue share of the contrast media agents market in 2021. The dominating share of the segment is largely attributed to the rising prevalence of cardiovascular diseases. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death worldwide. Around 17.9 million people die due to cardiovascular diseases each year. Thus, the demand for the early detection of cardiovascular diseases is increasing. The most commonly utilized technique for imaging the cardiovascular system in adult and pediatric patients is contrast-enhanced ultrasound imaging of the cardiovascular system, also known as echocardiography.
Contrast Media Agents Market by Product Type
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Based on product type, the global contrast media agents market is segmented into iodinated, barium-based, gadolinium-based, and microbubble media agents.
The iodinated segment dominated the market for contrast media agents with the prominent market share in 2021, as it has the least toxicity compared to other techniques and the best capacity to deliver improved outcomes with the least interruption. Moreover, the iodinated contrast agents provide nonionic stable iodinated chemicals. They have great penetration of X-ray and CT techniques for enhanced diagnosis, propelling segment revenue growth. Iodinated contrasting media are frequently used in various indications, including cancer, gastrointestinal, cardiovascular, musculoskeletal, neurological, and nephrological disorders. Furthermore, iodinated contrast agents improve the vision of the brain, GI tract, internal organs, arteries, and veins.
Contrast Media Agents Market by Route of Administration
Based on the route of administration, the global contrast media agents market is segmented into intravascular, oral, and rectal routes.
The intravascular route segment accounted for the largest revenue share of the market in 2021. The intravascular route is the most common route of administration for contrast media agents. Moreover, the intravascular route is the main contrast delivery technique utilized in percutaneous angioplasty, diagnostic catheter angiography, and catheter-directed vascular interventions, like placing stents. Additionally, examinations of the genitourinary tract and the venous system, like direct venography, are done using an intravascular route to inject contrast media.
Contrast Media Agents Market by End User
Based on end user, the global contrast media agents market is segmented into hospitals, diagnostic imaging centers, and others.
The hospitals segment accounted for a prominent revenue share of the contrast media agents market in 2021, due to the existence of experienced healthcare professionals who can handle contrast agents more effectively. There has been an increase in the number of diagnostic imaging procedures in hospitals. Additionally, as the cost of diagnostic imaging equipment and its upkeep is high, fewer end users can afford it. The growth of the industry is also anticipated to be aided by the hospitals’ efficient reimbursement policies.
Contrast Media Agents Market by Region
Based on region, the global contrast media agents market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global contrast media agents market in 2021, followed by Europe and Asia Pacific. The presence of well-developed healthcare infrastructure with the increased demand for the early diagnostics of diseases is the major driving factor of the region. Moreover, the easy availability of advanced technologies and the presence of major players in North America is boosting regional market growth.
Contrast Media Agents Market Competitive Landscape
The prominent players operating in the global contrast media agents market are:
Contrast Media Agents Market Strategic Developments
The X-ray/computed tomography segment accounts for the largest revenue share of the contrast media agents market.
The global contrast media agents market was valued at US$ 4.8 billion in 2021.
GE HealthCare, Bayer AG, Bracco S.p.A., Guerbet Group, and Lantheus Medical Imaging, Inc. are among the top market players.
North America accounts for the largest market share in terms of revenue. Asia Pacific has the fastest revenue CAGR, which can be considered the key revenue growth region due to the rapid market developments.
Contrast media agents, also known as contrast media, are chemical compounds used in medical imaging to increase the radiodensity of a specific tissue by changing how electromagnetic radiation or ultrasonic waves travel through the body.
*Insights on financial performance are subject to the availability of information in the public domain