Global Ultrasound Contrast Agents Market Highlights 2022-2030
The global ultrasound contrast agents market is expected to grow with a high CAGR of ~20% during the forecast period, i.e., 2022-2030. Ultrasound contrast agents are used to heighten the visibility of inner body structures during imaging procedures. These agents help to reduce the relaxation times of nuclei within the tissues, shortly after the intravenous or oral administration. The increasing number of ultrasound examinations for the diagnosis of various disorders globally, and the growing advancements in diagnostic technologies are expected to fuel the development of this market. The market growth can also be attributed to factors such as the increasing geriatric population and the increasing middle-class population in the emerging economies on a global level. Furthermore, rising prevalence of cancer and other critical diseases is another major growth driver for the market. According to the WHO, currently, cancer is the second leading cause of death worldwide.
According to the Globocan report, the global cancer cases is expected to have risen to 19.3 million cases along with 10 million cancer-related deaths in 2020. With the rising prevalence of cancer cases across the developing and developed economies of the world, such as the United States, New Zealand, Australia, and others, it has become important to offer diagnostic procedures that can assist the patients in getting diagnosed at an earlier stage. As a result, this has increased the number of ultrasound diagnoses, which is further expected to increase the demand for ultrasound contrast agents in the market. Additionally, increasing implementation of regulatory scenarios in developed countries for using advanced diagnostic devices has increased the demand for ultrasound contrast agents.
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The market is segmented on the basis of therapeutic areas into cardiovascular diseases, renal associated diseases, and others. The cardiovascular disease segment is expected to witness a significant growth by the end of 2030 on the back of the increasing incidence of cardiovascular diseases globally, backed by unhealthy lifestyle of the masses. According to WHO, 17.9 million people died from cardiovascular diseases in 2019, which accounted for 32% of all global deaths. These diseases are more prevalent in men as compared to women. On the basis of application, the molecular imaging segment in the global ultrasound contrast agents market is expected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the growing requirement for ultrasound contrast agents for various ultrasound-based molecular diagnostic procedures and screenings.
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.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. 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 methods to detect various disease indications such as neurological disorders, cancer, cardiovascular diseases, and others. Moreover, the developing healthcare sector, supported by the increasing government investment in the public healthcare system is also expected to boost the market growth.
The market in the North America is evaluated to occupy the largest share in terms of revenue, by the end of 2030, owing to the increasing prevalence of cardiovascular diseases in the region. According to American Heart Association, in 2017, CVD has been listed as one of the most prominent underlying causes of death in the United States, which accounted for around 74% of all deaths. As per the data by the CDC, one person dies every 36 seconds in the United States from cardiovascular diseases. Such an increasing number of CVD cases in the United States has significantly increased the demand for ultrasound examination in this region, which is further expected to drive the demand for ultrasound contrast agents in the region.
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The global ultrasound contrast agents market is further classified on the basis of region as follows:
Our in-depth analysis of the global ultrasound contrast agents market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising prevalence of chronic disorders and increasing implementation of ultrasound diagnosis are the key factors driving market growth.
The market is anticipated to attain a ~20% CAGR over the forecast period, i.e., 2022-2030.
Allergic reactions & side effects and short-term effect of the ultrasound contrast agents are estimated to hamper market growth.
The market in North America region will provide ample growth opportunities over the forecast period owing to the increasing number cardiovascular diseases in the region.
The major players dominating the ultrasound contrast agents market are Bristol-Myers Squibb, GE Healthcare, Lantheus Holdings, Inc., Bracco Diagnostic Inc., Siemens Healthcare GmbH, and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by therapeutic area, application, end-user, and region.
With respect to therapeutic area, the cardiovascular segment is anticipated to hold the largest market share owing to the increasing incidence of cardiovascular diseases globally.
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