Contrast Media Market Overview:
Contrast Media is a substrate used during medical imaging to enhance the contrast of fluids in the body, basically to enhance the visibility of blood vessels and GI tract. Over the past couple of years, contrast media has evolved dramatically, making phenomenal headways in terms of product developments and their approvals. This, as a result, has helped the market to garner exponential traction, worldwide, addressing the augmented demand and meeting the expectations of patients and radiologists, simultaneously.
Acknowledging the exponential growth, the market perceives currently, Market Research Future (MRFR), in its recently published study report asserts that the global contrast media market will further create a substantial revenue pocket by 2023, registering approximately 6.3% CAGR throughout the forecast period (2017 – 2023). The increasing number of approvals for contrast agents are positively impacting the market.
Burgeoning healthcare sector, technological advancements in medical imaging technology and techniques are some of the key driving forces behind the growth of the market. These advancements have introduced improved utilization of most of the existing contrast media agents while presenting the innovative agents.
Besides, factors such as the rising prevalence of various chronic diseases such as GIT, Cancer, Cardiac diseases and increase in the number of public as well as private diagnostic centers to improve diagnostic imaging services are fostering the demand for various diagnostic imaging modalities.
On the flip side, factors such as the risk of side / adverse effects of the contrast media might poses challenges in market growth. Nevertheless, advantages offered by the technological innovations are expected to support the market growth, by bringing improvements in the functionalities of these media.
Similarly, a robust range of products brought about by the Contrast Media Market players by increasing research activities working towards the applications of various contrast agents, are paving the ways for the market growth potential.
Syringeless contrast media injectors are the latest trend of the market owing to their efficacy in minimizing the wastage of media coupled with the and software advancements that bring ease in the use of the devices.
Due to the increased use of off-pump CABG procedures, the risk of AKI with CABG versus PCI is decreasing. This defines the increased use of off-pump CABG procedures, which might be safer for the kidneys.
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Major Key Players:
Key players leading the global contrast media market include Daiichi (Japan), Bayer Healthcare Pharmaceuticals (Germany), GE Healthcare (US), NanoScan Imaging (US), Medrad Inc. (US), Guerbet Group (France), Targeson (US), AMAG Pharmaceuticals (US), Bracco Diagnostic Inc. (Italy), Lantheus Medical Imaging (U.S.), Covidien (Ireland), nanoPET Pharma GmbH (Germany), Subhra Pharma Private Limited (India), CMC Contrast AB (Sweden), and Mallinckrodt Pharmaceuticals (UK) among others.
Contrast Media Market Segments:
For enhanced understanding, the report has been segmented into five key dynamics.
- By Type: Iodine-based, and Intravenous Contrast Materials among others.
- By Procedure: X-ray, Computed Tomography, Ultrasound, and Magnetic Resonance Imaging among others.
- By Application: Oncology, Cardiovascular Disorders, and Nephrological Disorders among others.
- By Route of Administration: Oral, Injectable, and Rectal
- By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Contrast Media Market Geographical Analysis:
The North American region, heading with the technological advancements, dominates the global contrast media market with a significant market share. Moreover, factors such as the increasing prevalence of GI disease and advancements in medical science drive the growth of the regional market. Similarly, factors such as the huge uptake of advanced technologies and increasing emphasis of market players on delivering cost-competitive contrast media foster the growth of the regional market.
The European contrast media market, backed by improving economic conditions in the region has emerged as another lucrative market, globally. Additionally, factors such as increasing healthcare expenditures, the adoption of advanced technologies, and the presence of global players foster the growth of the medical supplies market in the region.
The contrast media market in the Asia Pacific region, led by the rapidly proliferating healthcare sector and developing economy, has emerged as a promising market, globally. Increasing markets in countries, such as Japan, China, and India, are pushing up the growth in the regional market. Moreover, the APAC contrast media market is driven by the rising population and the spreading awareness towards the functionalities of contrast media.
Contrast Media Market Competitive Landscape:
Fiercely competitive, the contrast media market appears to be fragmented owing to the presence of numerous matured & small players.
Matured players try to gain a competitive edge through strategic initiatives such as acquisition, partnership, expansion, collaboration, and product & technology launch. They invest heavily in R&D to develop a manufacturing technique that is entirely on a different level compared to their competition.
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Industry, Innovation & Related News:
February 06, 2019 – Imagion Biosystems Limited (Australia), a leading global company dedicated to improving healthcare through the earlier detection of cancer announced achieving a key milestone in its progress to first-in-human testing with the commencement of a toxicology safety study of its lead nanoparticle formulation for the detection of HER2 metastatic breast cancer. Imagion is developing a new non-radioactive and safe diagnostic imaging technology.
Untargeted iron oxide nanoparticles that have been shown to be bio-safe and are used off-label as an MRI contrast agent, but their lack of specificity has limited their diagnostic utility. Based on recommendations from the U.S. FDA, the Company has engaged a contract research organization to undertake the toxicology study following Good Laboratory Practices (GLP).
December 05, 2018 — Guerbet (France), a leading global manufacturer of contrast agents launched its multi-use OptiVantage contrast media injector in Europe. At the event, the company also announced that the OptiVantage multi-use contrast media injector which is designed for injecting contrast agents used in computed tomography (CT) scan medical examinations is now CE marked.
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