MRI Contrast Agents Market Highlights 2022-2030
The MRI contrast agents market is estimated to grow with a CAGR of ~3% during the forecast period, i.e., 2022-2030. The increasing number of MRI examination for diagnosis of various disorders globally, along with the growing advancements in the diagnostic technologies are expected to fuel the development of this market in the coming years. The growth of the market can also be attributed to factors such as increasing ageing population and rising middle-class population in emerging economies on a global level. Furthermore, with the rising prevalence of cancer cases across the developing and developed economies of the world such as United States, Australia, New Zealand, and others, it has become important to offer diagnostic procedures that is assisting the patients to get a diagnosis at the earlier stages. Cancer is currently the second leading cause of death worldwide. According to a Globocan report by the WHO, global cancer burden is estimated to have risen to 19.3 million cases and 10 million cancer-related deaths in 2020. As a result, it has increased the number of MRI examinations, which is further expected to increase the demand for MRI contrast agents in the market. Additionally, growing implementation of regulatory scenario in developed countries for using advanced diagnostic devices is expected to further the demand for MRI contrast agents in the near future.
The market is segmented based on product into iodinated, gadolinium-based, barium-based, and microbubble, out of which, the iodinated segment is anticipated to grab the largest share by the end of 2030 as it provides remarkable low toxicity and radio-opacity than the other types of contrast agents. Moreover, the microbubble is the fastest growing segment on the back of its improved visualization of blood flow without using radiation. CLICK TO DOWNLOAD SAMPLE REPORT
On the basis of indication, the neurological segment in the market is expected to hold a major share by recording a significant CAGR over the forecast period. The growth of the segment can be attributed to the fact that the rising requirement for MRI contrast agents for the diagnosis of CNS for neurological disorders, as they provide improved and better images of neural structures as compared to other diagnostic devices such as CT scan.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
MRI Contrast Agents Market Regional Synopsis
On the basis of geographical analysis, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa regions. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increasing necessity for advanced diagnosis method to detect various disease indications such as neurological disorders, cancer, cardiovascular diseases, and others. Furthermore, the market in North America is evaluated to occupy the largest share in terms of revenue in the future, on the back of the growing prevalence of chronic disorders in the region. According to the report published by the National Cancer Institute, in 2020, 1.8 million new cancer cases were registered in the United States. Such increasing number of cancer cases in the United States has significantly increased the demand for MRI examination in this region, which in turn is expected to drive the demand for MRI contrast agents in North American countries.
The global MRI contrast agents market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global MRI contrast agents market includes the following segments:
By Products
- Iodinated
- Gadolinium-Based
- Barium-Based
- Microbubble
By Indication
- Cardiovascular
- Neurological
- Oncology
- Gastrointestinal
- Nephrological
By End-user
- Hospital
- Diagnostic Centers
- Ambulatory Surgical Centers
- Others
Growth Drivers
- Growing Use of MRI Testing for Diagnosis
- Increasing Number of Chronic Diseases
Challenges
- Allergic Reactions and Side Effects of MRI Contrast Agents
Top Featured Companies Dominating the Market
- Trivitron Healthcare
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- General Electric Company
- Bayer AG
- Lantheus Medical Imaging Inc.
- Bracco Diagnostic Inc.
- Daiichi Sankyo Company
- Nano Therapeutics Pvt Ltd
- Spago Nanomedical AB
- Guerbet SA
