Market Insight-Global Contrast Agent (Contrast Medium) Market Overview 2022
Global Contrast Agent (Contrast Medium) Market Size was estimated at USD 5687.34 million in 2021 and is projected to reach USD 9780.87 million by 2028, exhibiting a CAGR of 8.06% during the forecast period– Bossonresearch.com
A contrast agent (or contrast medium) is a substance used to increase the contrast of structures or fluids within the body in medical imaging.[1] Contrast agents absorb or alter external electromagnetism or ultrasound, which is different from radiopharmaceuticals, which emit radiation themselves. In x-rays, contrast agents enhance the radiodensity in a target tissue or structure. In MRIs, contrast agents shorten (or in some instances increase) the relaxation times of nuclei within body tissues in order to alter the contrast in the image.Contrast agents are commonly used to improve the visibility of blood vessels and the gastrointestinal tract.
Several types of contrast agent are in use in medical imaging and they can roughly be classified based on the imaging modalities where they are used. Most common contrast agents work based on X-ray attenuation and magnetic resonance signal enhancement.
According to Bosson Research, The global contrast media market size was valued at USD 5.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.06% from 2022 to 2028. An increase in the prevalence of long-term diseases and complex comorbidities has led to a rise in the number of diagnostic imaging tests. These include ultrasound, X-rays, and advanced imaging technologies such as Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scans. The role of these tests in identifying the need for treatment/surgeries in interventional procedures and perioperative scans before surgeries are anticipated to boost the usage of contrast media in imaging procedures.
Figure Global Contrast Agent (Contrast Medium) Market Size
Source: Bossonresearch.com, 2022
DRIVER: Growing approval of contrast agents
The rising global prevalence of chronic diseases has resulted in a significant increase in the demand for diagnostic imaging procedures and, in turn, contrast media. The increasing demand for imaging procedures has resulted in extensive R&D by contrast media manufacturers to launch novel products in the market and to get the contrast media approved in new indications. For instance, in 2021, Bracco received US FDA approval for the 20-vial pack configuration of Lumason, which is an ultrasound contrast agent.
RESTRAINT: Side-effects and allergic reactions associated with contrast agents
Contrast agents are generally considered safe to use in various diagnostic procedures, such as MRI and CT scans. However, certain side-effects and allergic reactions associated with their use may limit market growth to a certain extent. Their adverse reactions range from mild to severe; severe reactions are very uncommon, and serious allergic reactions to contrast materials are rare.
OPPORTUNITY: Generic Contrast Media
In the coming years, competition is expected to intensify greatly in the contrast media market due to the patent expiry of branded contrast media products. This will pave the way for the entry of generic counterparts, which are relatively lower-priced as compared to commercially available branded agents.
In developing countries, APIs are manufactured locally, which brings the overall production costs of manufacturing contrasts agents down. Hence, the patent expiry of various branded products and decreasing costs of manufacturing contrast agents are likely to offer lucrative opportunities for generic players.
CHALLENGE: Dearth of trained professional
A high degree of technical skill and expertise is required to handle advanced and sophisticated diagnostic imaging systems. According to the US Bureau of Labor Statistics, radiology technicians may witness employment growth of about 7% between 2019 and 2029. Although this is significant, the dearth of specialists and radiologists will challenge market growth.
Iodinated Contrast Media segment dominated the Contrast media/ contrast agents market in 2020.
Based on type, the contrast media/ contrast agents market is segmented into iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barum-based contrast media. Iodinated contrast media account for the largest share of the contrast media/ contrast agents market. The large share of this segment can be attributed to the growing number of angioplasty procedures performed globally.
The Cardiovascular disorders segment to witness the highest CAGR during the forecast period.
Based on indication, the contrast media/contrast agents market has been segmented into cardiovascular disorders, cancer, gastrointestinal disorders, musculoskeletal disorders, neurological disorders, and nephrological disorders. Cardiovascular disorders accounted for the largest market share and highest growth rate. The large share of this segment can be attributed to the rising geriatric population and the increasing prevalence of CVD across the global.
Global Contrast Agent (Contrast Medium) Market: Competitive Landscape
The market is oligopolistic. The market players aim for higher share through indication extension strategies in major countries like the U.S. They target niche patient cohorts with approvals for specific indications and boost product adoption levels. For example, in 2017, GE healthcare’s Visipaque received U.S. FDA approval for use in coronary computed tomography angiography in adult and pediatric patients. This novel indication grants CVD-afflicted patients a substitute for the non-invasive stress test and the invasive, coronary angiography for the diagnosis of coronary artery disease.
Key players in the Contrast Agent (Contrast Medium) Market include:
l GE Healthcare
l Bayer
l Bracco Imaging
l Guerbet Group
l Hengrui Medicine
l Lantheus
l YRPG
l BeiLu Pharma
l Nano Therapeutics Pvt. Ltd.
l Lantheus Medical Imaging, Inc.
l iMax
l Trivitron Healthcare
Request for more information
Click to view the full report TOC, figure and tables: http://bossonresearch.com/productinfo/1157885.html
About US:
Bosson Research (BSR) is a leading market research and consulting company, provides market intelligence, advisory service and market research reports for the automobile, electronics and semiconductor, and consumer good industry. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Bosson Research provides one-stop solution right from data collection to investment advice. The analysts at Bosson Research (BSR) dig out factors that help clients understand the significance and impact of market dynamics. Bosson Research (BSR) bring together the deepest intelligence across the widest set of capital-intensive industries and markets. By connecting data across variables, our analysts and industry specialists present our customers with a richer, highly integrated view of their world.
Contact US:
Tel: +86 400-166-9288
E-mail: sales@bossonresearch.com
