Segmentation by Product (Iodinated, Gadolinium-Based, Barium-Based, and Microbubble); by Indication (Cardiovascular, Neurological, Oncology, Gastrointestinal, and Nephrological); and by End-User (Hospital, Diagnostic Centers, Ambulatory Surgical Centers, and Others) – Global Demand Analysis and Opportunity Outlook 2030
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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:
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.
Our in-depth analysis of the global MRI contrast agents market includes the following segments:
By Products
By Indication
By End-user
Growth Drivers
Challenges
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.
Ans: Rising prevalence of chronic disorders and implementation of MRI examination of early diagnosis are the key factors driving market growth.
Ans: The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022-2030.
Ans: Allergic reactions & side effects and withdrawal of gadolinium-based contrast agents are estimated to hamper market growth.
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the increasing rate of drug consumption.
Ans: The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022-2030.
Ans: The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022-2030.
Ans: The market is segmented by product, application, end-user, and by region.
Ans: With respect to product, the iodinated segment is anticipated to hold the largest market share owing to the low toxicity and radio-opacity than the other types of contrast agents.
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