Interventional X-Ray Contrast Systems Market
Number of pages: 100 | Report Format: PDF | Published date: April 05, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 6.5 billion |
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Revenue Forecast in 2031 |
US$ 9.3 billion |
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CAGR |
4.1% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global interventional X-ray contrast systems market was valued at US$ 6.5 billion in 2022 and is expected to register a revenue CAGR of 4.1% to reach US$ 9.3 billion by 2031.
Interventional X-Ray Contrast Systems Market Fundamentals
Interventional X-ray contrast systems are medical devices used during interventional radiology procedures to visualize the anatomy and blood vessels of the patient in real-time using X-rays. These systems consist of a contrast agent, a substance injected into the patient's bloodstream, and an X-ray machine that produces the images. The contrast agent is typically an iodine-based solution injected into the patient's veins, arteries, or other areas to highlight the area of interest on the X-ray images. The X-ray machine produces a series of images viewed by a radiologist or other medical professional in real-time, allowing them to guide the placement of catheters, stents, or other devices used during the procedure. Interventional X-ray contrast systems are used in various medical procedures, including angiography, embolization, and vascular access. They are also used during minimally invasive surgeries to help guide the surgeon in placing instruments and performing the procedure. These systems have revolutionized the field of interventional radiology, allowing for safer and more accurate procedures with fewer complications.
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Interventional X-Ray Contrast Systems Market Dynamics
The global interventional X-ray contrast systems market revenue has been growing steadily in recent years due to several key factors. The prevalence of chronic diseases such as cardiovascular diseases, cancer, and kidney diseases is on the rise globally, leading to an increase in diagnostic and interventional procedures. The prevalence of chronic illnesses with numerous comorbidities among older adults is higher. The National Council on Aging estimates that by 2034, over 77.0 million Americans will be 65 or older, representing almost 80% of the population. Seventy percent of Medicare recipients are also expected to have more than two chronic diseases. Heart failure is also one of the main causes of death in the U.S., and its prevalence is rising, according to a report by the American Heart Association. Over 659,000 Americans will die in 2020 as a result of cardiovascular disorders. According to estimates, 46% more people will have heart disease by 2030. More precise and accurate diagnoses and treatments have been made possible by developing innovative imaging technologies and contrast agents. The need for interventional X-ray contrast systems has also increased because of the combination of imaging and treatment technologies. As the world's population ages, chronic diseases among the elderly increase, as do the number of diagnostic and interventional procedures needed to treat them. This has driven the demand for interventional X-ray contrast systems. Governments and private organizations are investing more in healthcare, which has led to increased access to advanced medical technologies. Market players adopt strategies such as mergers & acquisitions and indication extension.
Acquisitions aid companies increase their presence with wider geographic reach and stronger portfolios. For instance, according to NeuroLogica Corporation, the first single-source photon-counting computed tomography (CT) scanner with a single detector received FDA 510(k) approval in March 2022. The OmniTom Elite with PCD can also provide spectral CT images at different energy levels, accelerating global market growth soon. The demand for interventional X-ray contrast systems has consequently increased. Since they have several advantages over conventional open surgeries, minimally invasive techniques have become increasingly popular.
However, a few factors are responsible for hindering the growth of the global interventional X-ray contrast systems market. Interventional X-ray contrast systems are expensive, which may limit their adoption in certain regions or by smaller healthcare facilities. Additionally, stringent regulations govern the development and approval of interventional X-ray contrast systems, which can challenge manufacturers looking to introduce new products.
The global interventional X-ray contrast systems market is analyzed from three perspectives: product type, application, and region.
Interventional X-Ray Contrast Systems Market by Product Type
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Based on product type, the global interventional X-ray contrast systems market has been segmented into iodinated contrast media, gadolinium-based contrast media, barium-based contrast media, and others.
Iodinated contrast media accounts for the largest global interventional X-ray contrast systems market revenue share. During radiographic procedures, iodinated contrast media, an intravenous radiocontrast (radiographic dye) containing iodine, improves vascular systems and organ visibility. The iodinated contrast has aided in identifying disorders like cancer by improving visibility. The 2, 4, and 6 tri-iodinated benzene rings were chemically modified to create the iodinated contrast media that are currently in use. The quantity of iodine molecules in the tissue to be photographed determines how well an iodinated contrast medium attenuates X-rays, and this relationship is inversely related to the X-ray energy employed for imaging. As a result, the type and quantity of contrast media utilized for a particular purpose rely on the required imaging qualities.
Gadolinium-based contrast media segment is expected to record a high revenue CAGR in the global interventional X-ray contrast systems market. The current iodine imaging contrast shortage in interventional procedures may have an alternate, temporary fix in gadolinium. Hospitals are searching for substitutes for the rare iodine contrast agents, and specialists claim that in some circumstances, gadolinium contrast agents for magnetic resonance imaging (MRI) can be used in their place. Despite being regarded as safe, using GBCM comes with some dangers. They may sometimes result in an allergic reaction, which can be minor to severe. Those with renal issues can also result in a dangerous disorder called nephrogenic systemic fibrosis (NSF). For this reason, patients with kidney problems should utilize GBCM cautiously.
Interventional X-Ray Contrast Systems Market by Application
Based on application, the global interventional X-ray contrast systems market has been segmented into cardiology, neurology, oncology, gastroenterology, and others.
The cardiovascular segment accounts for a large revenue share in the global interventional X-ray contrast system. This is a result of cardiovascular disorders becoming more commonplace in the world. The National Center for Biotechnology Information (NCBI) estimates that by 2050 the disease will impact 6 to 12 billion people worldwide, including 17.9 billion people in Europe.
The neurology segment is expected to record a high revenue CAGR in the global interventional X-ray contrast systems market. In neurology, interventional X-ray contrast systems are used for procedures such as cerebral angiography, which is the imaging of blood vessels in the brain, and myelography, which is spinal cord imaging. These procedures can help doctors diagnose stroke, aneurysms, and spinal cord injuries.
Interventional X-Ray Contrast Systems Market by Region
Based on region, the global interventional X-ray contrast systems market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest global interventional X-ray contrast systems market revenue share. The regional revenue is primarily driven by the increasing prevalence of chronic diseases, technological advancements, rising demand for minimally invasive surgeries, and growing awareness about the benefits of interventional radiology. North America is one of the largest markets for interventional X-ray contrast systems globally, and the region is expected to maintain its dominance during the forecast period. The United States is North America's largest market for interventional X-ray contrast systems due to many established healthcare facilities, favorable reimbursement policies, and a high adoption rate of advanced healthcare technologies. The market is highly competitive, with several established players and new entrants vying for a market share. Major players in the market include GE Healthcare, Siemens Healthineers, Philips Healthcare, Boston Scientific Corporation, and Canon Medical Systems Corporation.
The interventional X-ray contrast systems market in the Asia Pacific region is expected to grow significantly in the coming years. The revenue growth is primarily driven by the increasing prevalence of cardiovascular diseases, the rising geriatric population, and the growing demand for minimally invasive surgeries. Countries such as China, Japan, India, and South Korea are expected to register substantial revenue growth in this market due to the increasing adoption of advanced medical imaging technologies, a large patient pool, and an improved healthcare infrastructure. Moreover, the rise in disposable income and the growing awareness about the benefits of interventional X-ray contrast systems among patients and healthcare professionals are also expected to drive market revenue growth in the Asia Pacific region.
Competitive Landscape of the Global Interventional X-Ray Contrast Systems Market
The prominent players operating in the global interventional X-ray contrast systems market are:
Strategic Developments in Interventional X-Ray Contrast Systems Market
The global interventional X-ray contrast systems market is expected to grow at a revenue CAGR of 4.1% during the forecast period.
Bayer AG, Nano Therapeutics Pvt. Ltd., General Electric Company, Bracco Diagnostic, Inc., and Trivitron Healthcare are a few key players operating in the global interventional X-ray contrast systems market.
The iodinated contrast-media segment accounts for the largest revenue share of the global interventional X-ray contrast systems market.
Using contrast agents in interventional X-ray procedures risks adverse reactions, including allergic reactions and kidney damage. This can lead to concerns among patients and healthcare providers and limit the use of these systems.
North America accounts for the largest market revenue share in the global interventional X-ray contrast systems market.
*Insights on financial performance are subject to the availability of information in the public domain