Market Size of Contrast Media Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.77 Billion |
| Market Size (2029) | USD 6.59 Billion |
| CAGR (2024 - 2029) | 7.44 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Contrast Media Market Analysis
The Contrast Media Market size is estimated at USD 5.77 billion in 2024, and is expected to reach USD 6.59 billion by 2029, growing at a CAGR of 7.44% during the forecast period (2024-2029).
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.
