The Market of Contrast Media is perceiving currently, and the growth prospects the market is demonstrating globally; Market Research Future (MRFR) recently published a brilliant study report giving out the complete market insights up till 2023. In its report MRFR asserts that the global Contrast Media market is projected to grow exponentially by 2023, registering 6.3% CAGR throughout the forecast period (2017 – 2023).
Contrast Media is a substance which is used to enhance the contrast of fluids in the body during medical imaging. It is basically used to enhance the visibility of blood vessels and GI tract. Over the past few years, Contrast Media has evolved greatly, making phenomenal headways in terms of products and their approvals. Which have subsequently helped its market to address the augmented demand meeting the expectations of patients and radiologists simultaneously garnering exponential traction all over the world.
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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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 – 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.
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.
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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