Contrast Media Industry Overview
The global Contrast Media Market size is anticipated to reach USD 7.57 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 3.33% from 2022 to 2030. The rising prevalence of chronic diseases is fueling the demand for diagnostic imaging treatments, which is propelling the market forward. Imaging studies, such as MRI, have become an important aspect of most disease diagnoses, and the widespread use of imaging technologies in healthcare has boosted the demand for contrast media globally.
Chronic diseases like cancer and diabetes are quickly becoming a major public health concern and are among the leading causes of mortality worldwide, necessitating the development of early detection techniques and effective treatment alternatives. As a result, one of the key drivers of imaging tests and contrast agents is the rising prevalence of complicated comorbidities and long-term disorders, thus boosting the market worldwide.
Due to fewer patient visits to hospitals, the COVID-19 pandemic had a detrimental influence on the global contrast media market. The number of imaging cases in several radiology departments dropped dramatically. Many countries worldwide have begun to rebuild their economy, but it will take time for contrast media utilization rates to return to pre-pandemic levels. Furthermore, with the launch of COVID-19 vaccines and the relaxation of restrictions, raw material imports and exports have begun, indicating that the market will develop at a high rate throughout the projection period.
Contrast Media Market Segmentation
Grand View Research has segmented the global contrast media market based on modality, product type, application, route of administration, end use, and region:
Based on the Modality Insights, the market is segmented into X-ray/CT, MRI and Ultrasound.
- 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.
- 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.
Based on the Product Type Insights, the market is segmented into Iodinated, Barium-based, Gadolinium-based and Microbubble.
- The iodinated contrast media segment held the largest market in 2021 with around 66.61%, which can be attributed to the high penetration of X-ray and CT procedures as well as the availability of nonionic stable iodinated agents for improved diagnosis.
- The microbubble contrast media segment is anticipated to witness the fastest growth rate over the forecast period. Microbubble contrast media are minute bubbles of an injectable gas. They are most often administered for ultrasound imaging of the heart.
Based on the Application Insights, the market is segmented into Cardiovascular Disorders, Neurological Disorders, Gastrointestinal Disorders, Cancer Nephrological Disorders, Musculoskeletal Disorders and Others.
- The neurological disorder segment held the largest market share in 2021 with around 29.45%. Diagnostic evaluation of CNS for neurological disorders boosts the adoption of MRI contrast media, as they provide better images of neural structures than CT.
- Gadolinium-based contrast agents are used in one in three MRIs to enhance image clarity, which improves diagnostic accuracy by enhancing the visibility of blood vessels, inflammation, and tumors. Gadavist, Dotarem, and Prohance are the most widely used macrocyclic gadolinium-based contrast agents used in the diagnosis of neurological disorders in the U.S.
Based on the Route of Administration Insights, the market is segmented into Intravascular Route, Oral Route, Rectal Route and Other Route of Administration.
Based on the End-Use Insights, the market is segmented into Hospital, Clinics, & Ambulatory Surgery Centers and Diagnostic Imaging Centers.
Contrast Media Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile
Key players are involved in adopting strategies such as acquisitions & mergers, partnerships, and launching new products to strengthen their foothold in the contrast media market.
Some prominent players in the global Contrast Media market include
- Bayer AG
- General Electric Company
- Bracco Diagnostic, Inc.
- Trivitron Healthcare
- Nano Therapeutics Pvt. Ltd.
- iMax
- Lantheus Medical Imaging, Inc.
Order a free sample PDF of the Contrast Media Market Intelligence Study, published by Grand View Research.
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