The contrast media agents market is projected to reach US$ 8,391.1 million by 2028 from US$ 5,599.6 million in 2022; it is expected to grow at a CAGR of 7.0% from 2022 to 2028.
Contrast agents are substances that are used to enhance the radiodensity of a targeted tissue by altering the way of passage of ultrasound waves or electromagnetic radiation through the body. These substances can be administered rectally, orally, or intravenously. The selection of the type of contrast agent depends on the modality and purpose of imaging. The increasing prevalence of chronic diseases, rising number of approvals for contrast agents, and developments in diagnostic imaging modalities are among the key factors contributing to the market growth. However, the side effects of contrast media agents hinder their use.
The contrast media agents market is segmented on the basis of type, imaging mobility, indication, route of administration, and geography. The report offers insights and in-depth analysis of the market, emphasizing parameters such as market trends, technological advancements, market dynamics, and competitive landscape analysis (of leading market players).
Strategic Insights
Lucrative Regions for Contrast Media Agents Market
Market Insights
Increasing Incidence and Prevalence of Chronic Disorders Propels Market Growth
Chronic cardiovascular, respiratory, and orthopedic diseases, and various types of cancer are leading to disabilities and mortalities worldwide. These clinical conditions affect the overall quality of life. According to the World Health Organization (WHO), ~50% of the global population is estimated to suffer from at least one chronic disease. The Centers for Disease Control and Prevention (CDC) stated that 6 out of 10 people in the US suffered from at least one chronic disease in 2019. Cardiovascular diseases (CVDs) are a significant cause of mortality globally. As per the American Heart Association, in the US, the incidence of heart failure is increasing. In 2019, ~ 874,613 people died due to CVDs in the US. According to an article published by Single Care, over 350 million people in the world were living with arthritis in 2021. The US, Japan, South Korea, Canada, the UK, Spain, and France (along with China, India, Saudi Arabia, the UAE, and Brazil) are witnessing substantial growth in the geriatric population, which is at a greater risk of arthritis. Thus, the rising prevalence of chronic conditions creates the need for safe, effective, and efficient diagnostic systems, such as X-Ray/CT, magnetic resonance imaging, and ultrasound, which, in turn, is driving the global contrast media agents market growth.
Route of Administration-Based Insights
Based on the route of administration, the contrast media agents market is segmented into intravascular, oral, and rectal. The intravascular segment held the largest market share in 2022 and is expected to register the highest CAGR during the forecast period. The market growth of this segment is attributed to the wide use of contrast media injections due to their ability to deliver substances to any part of the body.
Imaging Modality-Based Insights
Based on imaging modality, the contrast media agents market is segmented into X-Ray/CT, magnetic resonance imaging, and ultrasound. The X-Ray/CT segment accounted for the largest market share in 2022. However, the ultrasound segment is projected to register the highest CAGR during 2022-2028.
North America holds a major share of the contrast media agent market, and it is expected to show a similar trend during the forecast period. The US is the largest consumer of contrast media in this region. The first gadolinium-based contrast agent was approved in the US. Further, four more agents received FDA approval in the US in the past decade, indicating a strong inclination toward the introduction of more efficient, safe, and accurate agents in the country. Moreover, a surge in the incidence of chronic diseases, such as neurological and cardiovascular diseases, is the major factor driving the contrast media agents market growth in the US. The demand for contrast media is considerably high in ultrasound techniques among all imaging modalities.
The contrast media agents market is segmented on the basis of type, imaging modality, indication, route of administration, and geography. Based on type, the market is segmented into iodinated contrast media, gadolinium-based contrast media, barium-based contrast media, and microbubble contrast media. In terms of imaging modality, the market is divided into X-Ray/CT, magnetic resonance imaging, and ultrasound. Based on indication, the market is segmented into cardiovascular disorders, cancer, gastrointestinal disorders, musculoskeletal disorders, neurological disorders, and nephrological disorders. The contrast media agents market, by the route of administration, is segmented into intravascular, oral, and rectal. Based on geography, the market is segmented into North America (US, Canada, and Mexico), Europe (The UK, Germany, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), the Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
Company Profiles
- General Electric
- Bayer AG
- Bracco
- Guerbet
- Lantheus Medical Imaging Inc
- nanoPET Pharma GmbH
- Unijules Life Science Ltd
- Magnus Health Management Pvt Ltd
- J.B Chemical and Pharmaceuticals Ltd
- Jodan Expoim