Contrast Media Market Size & Share, by Modality (MRI, X-ray/CT, Ultrasound); Product Type (Iodinated, Gadolinium); Application (Oncology, Neurology, Cardiology) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4917
  • Published Date: May 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Contrast Media Market size is projected to cross USD 13 billion by the end of 2035, growing at a CAGR of 6.70% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of contrast media was over USD 6 billion. The growth of the market can be attributed to the increasing prevalence of cancer, and neurological disorders, and the increased use of diagnostic imaging such as MRI, and CT. Further, the increasing product launches by key players in the industry are also expected to add to the market growth. In March 2021, Guerbets received FDA approval for a new macrocyclic gadolinium-enhanced contrast agent with high relaxation for MRI, Eluciremgadopiclenol following priority review to be used in adults and children aged 2 years or older. This product is used for the detection and imaging of neoplastic vascular lesions in the brain, spinal cord, thorax, head and neck, pelvis, abdomen, muscle, and bone.

In addition to these, factors that are believed to fuel the market growth of contrast media include the rise in the use of diagnostic imaging in the detection of COVID 19 is also estimated to contribute to the growth of the market in the forecast period. For instance, a nasopharyngeal swab is estimated to be 80% high specificity and low sensitivity. Diagnostic imaging such as lung lesions is estimated to promptly detect the coronavirus infection and its extremity. Additionally, the growing number of diagnostic facilities and positive reimbursement policies are predicted to present the potential for market expansion over the projected period.


Contrast Media Market
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Contrast Media Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Prevalence of Chronic Diseases – Chronic diseases such as cancer, heart disease, musculoskeletal, and other diseases are the leading causes of death and disability, requiring various imaging modalities for diagnosis and follow-up of treatment. Chronic diseases are estimated at US$ 3.5 trillion annually in the annual health care cost, by the National Center for Prevention and Health Promotion.
  • Increased R & D Investments in Contrast Agents– Projects aimed at developing novel contrast agents and expanding their application are underway by companies, research institutes, and universities all over the world. In 2020, Dr Gang Han, a biochemistry and pharmacology professor at the University of Massachusetts Technology Development Fund received USD 25 000 in seed funding for research into MRI contrast media or gadolinium-based pharmaceuticals with fewer side effects.
  • Growing Application of Contrast Agents in Healthcare –  there is an increase in demand for MRI machines and CT scanners owing to the public preference for accurate and faster diagnostic methods. The market is also estimated to grow owing to the increase in the adoption rate of technologically advanced equipment such as CT scanners, 3D contrast media delivery systems, and syringeless power injectors. The Food and Drug Administration (FDA) recently approved Contrast-Enhanced Ultrasound (CEUS) for radiology procedures.
  • Increasing Product Approvals of Contrast Agents– It is expected that newer product approvals and launches in the field of contrast media drive the market growth in the forecast period. For instance, according to reports, in March 2022, the first single source photon counting CT scanner with one of the detectors received FDA 510k approval. In addition, the OmniTom Elite with PCD will be able to generate sectoral CT images at different energy levels that are expected to stimulate market growth shortly.

Challenges

  • Side effects of contrast agents- The increasing concern amongst individuals for the side effects associated with contrast agents is one of the major factors predicted to slow down the market growth. To perform a variety of medical procedures like MRI and CT scans, the use of contrast agents is not considered unsafe. However, they have a range of side effects, ranging from mild to severe; such as nausea, and vomiting.
  • Lack of skilled professionals
  • Restriction in using gadolinium-based contrast agents

Contrast Media Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~6.70%

Base Year Market Size (2022)

~ USD 6 Billion

Forecast Year Market Size (2035)

~ USD 13 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Contrast Media Segmentation

Application (Oncology, Neurology, Cardiology)

The global contrast media market is segmented and analyzed for demand and supply by application into oncology, neurology, and cardiology. Out of the three types of contrast media, the cardiology segment is estimated to gain the largest market share of about ~45% in the year 2035. The growth of the segment can be attributed to the increasing prevalence of cardiovascular diseases among all age groups in the current times. For instance, according to the World Health Organization (WHO), cardiovascular diseases accounted for 17.9 million deaths every year and this number is expected to rise. According to National Center for biotechnology information (NCBI), an estimated 6 million to 12 million people worldwide are projected to suffer this condition in the U.S. by 2050, and 17.9 million people in Europe by 2060. Further, this increase in cardiovascular ailments also paves the way for novel product launches in the segment. These factors are estimated to contribute to the segment’s growth in the forecast period.

The segment of neurological disorders is also expected to hold a significant share in the forecast period. In magnetic resonance imaging and computed tomography scans, contrast media are often used to detect abnormalities in the brain and spinal cord in the context of neurological disorders. The market for contrast media in neurological disorders is expected to expand in the coming years owing to the increasing prevalence of neurological disorders, such as Alzheimer's Disease (AD) and multiple sclerosis.

Product Type (Iodinated, Gadolinium)

The global market is also segmented and analyzed for demand and supply by product type into iodinated contrast media and gadolinium-based contrast media. Amongst these two segments, the iodinated contrast media segment is expected to garner a significant share in the year 2035. Iodinated contrast media is a type of radiocontrast media containing iodine, which increases the detection of vascular structures and organs in a radiologic procedure. The iodized contrast helps to make diagnoses of illnesses more easily visible, such as cancer. The chemical changes of 2, 4, and 6 tri-iodinated benzene rings are present in the iodinated contrast media currently used. The increased use of iodinated contrast media in radiology and hospitals is expected to contribute to the growth of the segment in the forecast period.

Our in-depth analysis of the global market includes the following segments:

        By Modality

  • MRI
  • X-Ray/CT
  • Ultrasound

        By Product Type

  • Iodinated Contrast Media
  • Gadolinium Based Contrast Media

        By Application

  • Oncology
  • Neurology
  • Cardiology

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Contrast Media Industry - Regional Synopsis

North American Market Forecast

The market share of contrast media in North America, amongst the market in all the other regions, is projected to be the largest with a share of about ~35% by the end of 2035. The growth of the market can be attributed majorly to the increased funding from government and non-government organizations in the field of biomedical research. For instance, SNMMI announced a grant of US$ 100,000 for research and development in nuclear medicine imaging to solve lobular mammary neoplasia on 3 October 2022 which is expected to result in substantial growth. The increase of funding in the region allows for several research initiatives to take place, which will give rise to an increased number of innovative inventions moving towards new product launches that need contrast media. Moreover, another factor contributing to market revenue growth in this region is the increasing number of start-ups that invest in medical devices. In addition, the increasing collaborations between research institutes and manufacturers of medical devices have been an important factor in ensuring that R&D is balanced with new product launches which have contributed to market growth in this region. All these factors are anticipated to boost the market growth during the forecast period.

APAC Market Statistics

The Asia Pacific market is estimated to be the second largest, registering a share of about ~24% by the end of 2035. The growth of the market can be attributed majorly to the increasing number of market players investing in the development of high-resolution imaging techniques. Some of the market participants in this region include General Electric Pharmaceuticals Shanghai Company, Taejoon Pharm, Unijules Life Sciences, and others. Increasing numbers of startups are expected to have a significant impact on the number of advanced molecular imaging techniques produced. These are also anticipated to boost the market growth during the forecast period.

Europe Market Forecast

Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2035. The growth of the market can be attributed majorly to the increasing prevalence of cancer in the region. For instance, the BENELUX region account for the largest proclivity of breast cancer in Europe. According to World Cancer Research Fund International (WCRF), Belgium, the Netherlands, and Luxembourg respectively had the highest rates of breast cancer in 2020. Advances in Molecular Imaging Equipment led to the early detection of Breast Cancer, which increases demand for the use of contrast media.

Research Nester
Contrast Media Market Size
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Companies Dominating the Contrast Media Landscape

top-features-companies
    • Bayer AG
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • General Electric Company
    • Guerbet
    • Bracco Diagnostic, Inc.
    • Trivitron Healthcare
    • Nano Therapeutics Pvt. Ltd.
    • iMax
    • Lantheus Medical Imaging, Inc.
    • Beijing Beilu Pharmaceuticals Company Limited,
    • SANOCHEMIA Pharmazeutika GmbH

In-the-news

In The News

  • Seno Medical and Genetik, Inc. signed a distribution collaboration to advertise, distribute, and provide service for Genetik, Inc.'s breakthrough, Imagio Opto-Acoustic/Ultrasound (OA/US) Breast Imaging System.
  • To increase the volume of contrast media production, GE Healthcare has committed USD 80 million. The growth in the API is an important step towards increasing the supply of ionizing contrast media, as its components are vital to the manufacturing process.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 4917
  • Published Date: May 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing incidences of chronic diseases, and the growing application of contrast agents in healthcare are the major factors driving the market growth.

The market size of contrast media is anticipated to attain a CAGR of 6.70% over the forecast period, i.e., 2023-2035.

Lack of trained professionals and the side effects of contrast agents are estimated to be the growth hindering factors for the market expansion.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Bayer AG, General Electric Company, Guerbet, Bracco Diagnostic, Inc., Trivitron Healthcare, Nano Therapeutics Pvt. Ltd., iMax, Lantheus Medical Imaging, Inc., Beijing Beilu Pharmaceuticals Company Limited, SANOCHEMIA Pharmazeutika GmbH

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity, and the new products being launched into the market by the company.

The market is segmented by modality, product type, application, and by region.

The iodinated contrast media segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Contrast Media Market Report Scope
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