Contrast Media substances or agents assist in increasing the contrast of structures or fluids of the body during medical imaging. They enhance the visibility of blood vessels. The Global Contrast Media Market is anticipated to grow at a CAGR of 6.3% during the assessment period of 2017-2023, asserts Market Research Future (MRFR) in a detailed research report.
Rising prevalence of various chronic diseases, increasing burden of cancer, and hike in mortality rates on a global scale which generates high demand for diagnosis and image-guided procedures. Contrast media finds application in diverse modalities such as ultrasound, MRI scans, x-rays and in cath lab procedures.
Unlike x-rays, contrast agents are associated with fewer adverse drug reactions. The favorable safety profile of contrast media makes them the preferred choice for medical imaging purposes as they can even be used to diagnose pregnant women without any side effects.
Rise in a number of approvals for innovative and advanced contrast media by FDA and other administrative bodies coupled with growth in the number of diagnostic centers across the globe has spurred the market growth of contrast media. Advancement in contrast agents and technical capabilities of medical imaging has inflated the accuracy of medical imaging procedures which further fuels the growth of the market.
Other driving factors include growth in global geriatric population, increasing R&D activities and government funding. However, the growth of the market might be dampened by the economic slowdown in various economies and side effects associated with contrast media.
Global Contrast Media Market – Key Players
GE Healthcare (US), Daiichi (Japan), Bayer Healthcare Pharmaceuticals (Germany), AMAG Pharmaceuticals (US), NanoScan Imaging (US), Medrad Inc (US), Targeson (US), Guerbet (Japan), Bracco Diagnostic Inc. (Italy), Guerbet Group (France), Covidien (Ireland), Lantheus Medical Imaging (U.S.), ), Bracco Imaging S.p.A. (Italy), Subhra Pharma Private Limited (India), nanoPET Pharma GmbH (Germany), CMC Contrast AB (Sweden), Mallinckrodt Pharmaceuticals (UK)
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Global Contrast Media Market – Segmentation
By type, the Market for Contrast Media has been segmented into intravenous contrast materials, iodine-based, and, other.
By procedures, the market has been segmented into X-ray, computed tomography, magnetic resonance imaging, ultrasound, and, other.
By application, the global contrast media has been segmented into X-ray, computed tomography, magnetic resonance imaging, ultrasound, and, other.
Competitive Analysis:
GE Healthcare an American multinational company headquartered in the U.S., is one of the leading players in the contrast medium market with manufacturing and distribution of diagnostic imaging agents with more than 100 countries. OMNISCAN and VISIPAQUE are the major products of the company. Recently in March 2017, the company showcased its MRI contrast media product range at the European Congress of Radiology (ECR) 2017 meeting by launching Clariscan, which is a macrocyclic agent and is a gadolinium-based contrast agent (GBCA). Clariscan is intended to support effective visualization of abnormalities in the brain, spine, and associated tissues. The launch of this product will be provided alongside GE Healthcare’s comprehensive support services and solutions to healthcare physicians across the globe. The demand for contrast media has altogether expanded over the previous decade because of increasing advancement in procedures in MR imaging, raising the significance of uninterrupted and sustainable product supply, and in addition meeting the individual needs of patients undergoing diagnostic techniques. Knowing the demand for contrast medium, GE healthcare invested over USD 65 million in its overall supply across the globe from 2013 and 2016, to increase its manufacturing capacity. GE contrast media products are utilized as a part of more than 70 million systems for every year, identical to infusion in two patients for each second. In 2015, 62 million patients diagnosed using GE contrast media and acquired major share for the global contrast media market.
Daiichi a global pharmaceutical company and the second largest pharmaceutical company headquartered in Japan. Sonazoid an ultrasound contrast medium is widely used product of the company. In 2014, company has acquired Ambit Biosciences.
Bayer Healthcare Pharmaceuticals Inc. is headquartered in Germany. It is a multinational chemical, pharmaceutical, and life sciences company. In April 2016, the company announced the approval of, Gadavist injection that is the first contrast agent used with magnetic resonance angiography. Gadavist MRA significantly improved the visualization, or assess ability when compared to unenhanced MRA. This approval of the advanced product will enhance the revenue growth which will further boost the growth of the market. Ultravist, Eovist and Magnevist are the some of the major products of the company.
Industry News:
In November 2018, the U.S. Food and Drug Administration (FDA) approved the clinical use of a magnetic resonance imaging (MRI) scanner which allows spotting pituitary tumors in crushing’s patients. The new ultra-high field 7T Terra MRI scanner allows more reliable images of the brain and facilitates identification of very small tumors which standard MRI fails to spot.
In October 2018, Israeli startup iNNOGING innovated breakthrough in sonography technology. The innovation will enable physicians to manipulate captured ultrasound video and allow virtual dynamic examination by conversion of the video clip into a 3D model without the presence of the patient.
Global Contrast Media Market – Regional Analysis
By region, the market has been segmented into North America, Europe, Asia, and, Middle East & Africa. The investments and developments have been multiplying in North America market which when coupled with the presence of established healthcare services providers are the key drivers responsible for catalyzing the expansion of the market. The demand for better healthcare facilities, initiatives taken by government institutions such as FDA (U.S. Food and Drug Administration), escalating prevalence of devices requiring imaging technologies, etc. are also stimulating revenue generation from the region. The rising count of cancer patients has intensified a fear among the population leading to an increase in pre-diagnosis treatments which is expected to escalate the demand in the market throughout the projection period.
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Europe market accounts for the second largest share of the global market. The increased expenditure in healthcare, growing awareness about diseases, availability of efficient healthcare services, etc. have led to development in revenue generation from the market. An increase in the incidence of gastrointestinal diseases has also catalyzed the expansion of the market in the region. Asia Pacific region trails Europe and will be the fastest growing market during the projection period. The huge population base of Asia is the key market growth driver. Other factors responsible for the growth in this region are developments in the healthcare sector, increased awareness and healthcare spending, large-scale penetration by major market players, etc. The rising demand will infuse growth in Middle East & Africa market.
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