Market Insight-Global Contrast Medium Market Overview 2022
The Global Contrast Medium Market Size was estimated at USD 5842.10 million in 2021 and is projected to reach USD 7897.19 million by 2028, exhibiting a CAGR of 5.23% 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. 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 agents 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, Global Contrast Medium Market Size was estimated at USD 5842.10 million in 2021 and is projected to reach USD 7897.19 million by 2028, exhibiting a CAGR of 5.23% during the forecast period.. The growing prevalence of complex comorbidities and long-term diseases has led to an increase in diagnostic imaging tests, including ultrasound, X-rays, and advanced imaging technology such as MRI & CT scans. For instance, in November 2019, GE Healthcare received the U.S. FDA approval for Clariscan, a contrast agent used for macrocyclic MRI. These products help in identifying the need for perioperative scans prior to surgeries and treatment in interventional procedures, which is likely to boost the market growth. According to the National Health Council, in 2020, nearly 157 million people in the U.S. were affected by chronic diseases, out of which around 81 million had multiple conditions, which is indicative of a high incidence of chronic conditions.
Figure Global Contrast Medium Market Size
Source: Bossonresearch.com, 2022
Segment Market Analysis by Type
Based on modality, the X-ray/CT segment held the largest market in 2021 with around 69.53%. X-ray/CT contrast agents help produce high-resolution 3D images of structures. Barium-based and iodinated contrast media are used in X-ray & CT techniques. When barium and iodine contrast agents are administered/injected in the body, they block X-rays and do not allow the rays to pass through. As a result, the appearance of organs, blood vessels, and other body tissues, which temporarily contain barium-based or iodinated contrast agents, changes in images. X-ray and CT are widely used for multiple diseases which are expected to spur the market growth.
The ultrasound segment is anticipated to witness the fastest growth rate over the forecast period. Contrast agents for ultrasound imaging have been developed for visualization of microcirculation in tissue. The agents employed for this modality are generally microbubbles that enhance echogenicity of blood and, hence, visualization and assessment of tissue vascularity, large vessels, & cardiac cavities. Ultrasound contrast agents offer many benefits over alternative imaging modalities which are anticipated to boost the market growth.
Moreover, ultrasonography is preferred in pediatric patients as it requires lower ionizing radiation and is a well-known modality for diagnoses of several diseases, such as heart, liver, and kidney. However, despite its high preference, the ultrasound contrast agents segment holds a smaller market share. This can be attributed to the extended applications of second-generation ultrasound contrast agents that have recently been approved by regulatory agencies, such as the U.S. FDA.
Key players in the Contrast Medium Market include:
GE Healthcare
Bayer
Bracco Imaging
Guerbet Group
Hengrui Medicine
Lantheus
YRPG
BeiLu Pharma
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