Contrast Media Market Analysis by Modality (MRI, X-ray/CT, and Ultrasound); by Product Type (Iodinated Contrast Media, Gadolinium Based Contrast Media); and by Application (Oncology, Neurology, and Cardiology) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4917 | Published Date: May 02, 2023
The global contrast media market size is estimated to reach ~USD 13 Billion by the end of 2035 by growing at a CAGR of ~6.70% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of contrast media was ~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.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6.70% |
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Base Year Market Size (2022) |
~ USD 6 Billion |
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Forecast Year Market Size (2035) |
~ USD 13 Billion |
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Regional Scope |
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Growth Drivers
Challenges
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.
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 contrast media market includes the following segments:
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By Modality |
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By Product Type |
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By Application |
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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.
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.
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.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Increasing incidences of chronic diseases, and the growing application of contrast agents in healthcare are the major factors driving the market growth.
Ans: The market size of contrast media is anticipated to attain a CAGR of ~6.70% over the forecast period, i.e., 2023 – 2035.
Ans: Lack of trained professionals and the side effects of contrast agents are estimated to be the growth hindering factors for the market expansion.
Ans: 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.
Ans: 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
Ans: 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.
Ans: The market is segmented by modality, product type, application, and by region.
Ans: The iodinated contrast media segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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