Contrast Media Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Contrast Media Market is Segmented by Type (Iodinated Contrast Media, Gadolinium-based Contrast Media, Microbubble Contrast Media, and Barium-based Contrast Media), Procedure (X-ray/Computed Tomography (CT), Magnetic Resonance Imaging (MRI) and Ultrasound), Indication (Cardiovascular Disease, Oncology, Gastrointestinal Disorders, Neurological Disorders, and Other Indications), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America).The report offers the value (in USD million) for the above segments.

Market Snapshot

 Contrast Media Market Size
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 3.6 %

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Market Overview

The contrast media market is projected to register a CAGR of 3.6% during the forecast period of 2022-2027.

The healthcare system has witnessed enormous challenges as a result of the COVID-19 pandemic. All outpatient treatments were postponed or restricted during the COVID-19 pandemic to ​reduce the risk of viral transmission, as most chronic pain therapies were regarded as non-urgent. Conversely, a chest CT scan is a prominent procedure used in the diagnosis of COVID-19. The first study on CT diagnosis of COVID-19 patients was published in the Lancet Journal in January 2020. Since then, the chest CT for pulmonary embolism has been increasingly used for a prognosis of the disease, as they are efficient in both alternative diagnoses and identifying complications of COVID-19. Thus, the market for contrast media is estimated to expand during the forecast period.

The major factors for the growth of the contrast media market include the increase in the incidences of chronic diseases, rising demand for image-guided procedures and diagnostics, and a large number of approvals for contrast agents. Image-guided procedures can help determine if a cancer is malignant or benign. With the increased prevalence and the increase in the number of cancer cases in both developing and developed economies of the world, it is necessary to provide procedures that can help patients get a diagnosis at the earlier stages.

The demand for diagnostics imaging is at an all-time high, with multiple types of chronic diseases prevalent globally. According to a report by the Medicare Payment Advisory Commission (MedPAC) to the Center for Medicare and Medicaid Services (CMS), the rise in the volume of imaging services per medicare beneficiary is the highest among all other services provided by physicians.

Image-guided surgeries (IGS) are gaining acceptance with time. These procedures are useful for diagnosis as well as treatment of multiple conditions. The rising need and demand for refinement of imaging during surgeries requires unique methods of data acquisition, processing, display, and a full understanding of the process of imaging and its applications in therapy. This need is very well served by image-guided procedures, and it has resulted in an increased demand for image-guided procedures for diagnostics and treatment, and hence, has served as a factor for market growth.

Scope of the Report

As per the scope of the report, contrast media is a substance used to enhance the contrast of an image and thus, make the image more detailed and clearer. Contrast media is increasingly being used in various medical imaging techniques, such as MRI and CT. The contrast media market is segmented by type (iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barium-based contrast media), procedure (x-ray/computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound), indication (cardiovascular disease, oncology, gastrointestinal disorders, neurological disorders, and other indications), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report also covers the estimated market sizes and trends of 17 countries across major regions globally. The report offers values (in USD million) for the above segments.

By Type
Iodinated Contrast Media
Gadolinium-based Contrast Media
Microbubble Contrast Media
Barium-based Contrast Media
By Procedure
X-ray/Computed Tomography (CT)
Magnetic Resonance Imaging (MRI)
Ultrasound
By Indication
Cardiovascular Disease
Oncology
Gastrointestinal Disorders
Neurological Disorders
Other Indications
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Iodinated Contrast Media Segment Expected to Hold a Major Share in the Contrast Media Market

Iodinated contrast media is a form of intravenous radiocontrast (radiographic dye) containing iodine, which enhances the visibility of vascular structures and organs during radiographic procedures. The iodinated contrast has helped improve visibility in the diagnosis of diseases, such as cancer. The iodinated contrast media being used now are made up of the chemical modifications of the 2, 4, and 6 tri-iodinated benzene rings.

The ability of an iodinated contrast media to attenuate X-rays depends on the number of iodine molecules present in the tissue to be imaged and is inversely related to the X-ray energy used for imaging. Therefore, the type and amount of contrast media used for a given purpose also depend on the imaging characteristics needed. The segment is expected to grow in the future due to the increasing usage of ionic contrast media.

Incidence of Cancer, 2020, Global

North America Expected to Continue Market Dominance over the Forecast Period

North America holds a major share in the contrast media market and is expected to show a similar trend over the forecast period without significant fluctuations. The first gadolinium-based contrast agent was approved in the United States. Four agents were approved in the United States in the past decade, and this has resulted in a strong trend in the industry to continue to find more efficient, more accurate, and safe agents. The contrast media sales are expected to grow in the United States over the coming years. Among the different imaging modalities, sales of contrast media for the ultrasound market are expected to have a high growth rate. The United States is the largest consumer market for contrast media in North America. An increase in chronic diseases, such as cardiovascular and neurological diseases, is the major driving factor for the market’s growth in the United States.

Contrast Media Market - Geo

Competitive Landscape

The contrast media market is consolidated owing to the presence of a few major players. In terms of market share, a few of the major players are currently dominating the market. Some companies currently dominating the market include Bayer AG, Bracco Diagnostic Inc., GE Healthcare, Guerbet Group, Jodas Expoim, Lantheus Medical Imaging Inc., Spago Nanomedical AB, FUJIFILM Corporation, Beijing Beilu Pharmaceutical Co. Ltd, and Taejoon Pharm.

Recent Developments

· In February 2022, Beijing Beilu Pharmaceutical’s Lopamidal passed the Consistency Evaluation for generic drugs. The evaluation helps in reviewing the quality and efficacy of generic drugs in comparison with the brand version of the drug.

· In July 2020, Bayer and Siemens Healthineers presented a new Imaging System Interface (ISI) for magnetic resonance imaging. The Interface combines MRXperion MR Injection System from Bayer and the Siemens Healthineers MR scanner in order to overcome the challenges faced by the conventional method.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increase in the Incidences of Chronic Diseases

      2. 4.2.2 Rising Demand for Image-guided Procedures and Diagnostics

      3. 4.2.3 Large Number of Approvals for Contrast Agents

    3. 4.3 Market Restraints

      1. 4.3.1 Side Effects and Allergic Reactions Associated with Contrast Agents

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Iodinated Contrast Media

      2. 5.1.2 Gadolinium-based Contrast Media

      3. 5.1.3 Microbubble Contrast Media

      4. 5.1.4 Barium-based Contrast Media

    2. 5.2 By Procedure

      1. 5.2.1 X-ray/Computed Tomography (CT)

      2. 5.2.2 Magnetic Resonance Imaging (MRI)

      3. 5.2.3 Ultrasound

    3. 5.3 By Indication

      1. 5.3.1 Cardiovascular Disease

      2. 5.3.2 Oncology

      3. 5.3.3 Gastrointestinal Disorders

      4. 5.3.4 Neurological Disorders

      5. 5.3.5 Other Indications

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

        4. 5.4.1.4 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle-East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle-East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Bayer AG

      2. 6.1.2 Bracco Diagnostic Inc.

      3. 6.1.3 GE Healthcare

      4. 6.1.4 Guerbet Group

      5. 6.1.5 Lantheus Medical Imaging Inc.

      6. 6.1.6 Spago Nanomedical AB

      7. 6.1.7 FUJIFILM Corporation

      8. 6.1.8 Beijing Beilu Pharmaceutical Co. Ltd

      9. 6.1.9 Taejoon Pharm

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape Covers- Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The Contrast Media Market market is studied from 2019 - 2027.

The Contrast Media Market is growing at a CAGR of 3.6% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Bayer AG , Bracco Diagnostic Inc., GE Healthcare , Guerbet Group , Lantheus Medical Imaging Inc. are the major companies operating in Contrast Media Market.

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