Global Contrast Media Market to surpass a revenue of US$ 7,452.0 million by 2031 from US$ 5,374.3 million in 2022, growing CAGR of 3.9% during the forecasted period from 2023 to 2031.
The demand for contrast media market is increasing on a global scale. The prevalence of cancer and cardiovascular diseases, the rise in diagnostic imaging treatments, the preference for minimally invasive procedures, and technological developments in imaging modalities are contributing factors to this expansion. North America, followed by Europe dominates the global market, in terms of revenue.
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The rising prevalence of cancer and cardiovascular diseases drives the global market. Older persons are more likely to have chronic diseases with many comorbidities. According to the National Council on Aging, nearly 80% of Americans 65 and older have at least one chronic condition, and nearly 70% of Medicare beneficiaries have more than two. By 2034, nearly 77.0 million Americans will be 65 and older. Heart failure is one of the main causes of death in the United States and is becoming more common, according to the American Heart Association. According to estimates, 46% more people will have heart disease by 2030.
Due to increased R&D into novel contrast agents and the development of innovative uses for contrast agents, market participants have a ton of opportunities. Businesses, research institutions, and academic institutions are collaborating on initiatives to develop novel contrast agents and broaden their applications. For instance, in November 2022, the discovery published in the Journal of Materials Chemistry B created a new standard and laid the groundwork for the creation of superior magnetic resonance contrast agents.
Iodine Based Contrast Media Controlled More Than 50% of Market Revenue Share
Iodine held the largest market share in 2022, with a 60% share. In diagnostic imaging procedures like X-rays, computed tomography (CT) scans, and angiograms, iodine-based contrast media are frequently utilized.
The number of diagnostic imaging operations performed worldwide has a direct impact on the demand for iodine in the contrast media market. The need for iodine-based contrast media is likely to expand along with the demand for diagnostic imaging techniques and the global aging population.
The demand for iodine in the contrast media market will increase due to cutting-edge imaging methods like dual-energy CT and spectral imaging, which necessitate higher iodine concentrations for the best image quality.
Interventional Cardiology Generated 31% of Market Revenue Share
The interventional cardiology sector held the largest market share in 2022, with a share of 31.4%. Contrast media are necessary for interventional cardiology procedures like angioplasty and stent implantation to improve the visibility of blood vessels during imaging. Non-ionic, low-osmolar contrast media are used more frequently in interventional cardiology because they are less likely to cause adverse reactions such as allergic reactions and renal damage than high-osmolar contrast media.
Hospitals are the Major End-User of Contrast Media
In 2022, the hospital sector held the highest market share of 58.7%. This is due to the fact that hospitals serve a large range of patients with various medical disorders, some of which necessitate imaging investigations employing contrast media, and have a diversified range of imaging equipment.
Additionally, hospitals take part in studies and clinical trials where contrast chemicals may be used. WHO reports that compared to other regions, the number of trials registered in Europe, the Americas, and the Western Pacific has increased at a significantly higher rate. For instance, in 2022, there were approximately 14 times more trials registered in the Western Pacific (12,337) than in Africa.
North America Contributed Over 35% of Market Revenue Share
North America controlled over 35% of global revenue, which is expected to dominate the market over the projection period. This is due to the rising ultrasound industry, which is expected to grow quickly among the various imaging modalities due to increased sales of contrast media. For instance, in September 2023, Philips launched a new contrast-enhanced ultrasound application to boost cancer patients’ diagnostic confidence. Over the course of the projected period, this is anticipated to fuel the market.
The United States is North America’s largest consumer market. The increase in chronic diseases, such as cardiovascular and neurological problems, is the primary factor driving the market’s growth in the United States. The American Heart Association reports that cardiovascular disease (CVD), which would account for 928,741 deaths in 2020, will continue to be the country’s top cause of death.
Increasing market demand for diagnostic procedures because they are a crucial initial step in determining whether to have surgery or receive any type of medication or treatment. The aforementioned elements are likely to favorably impact contrast media market growth.
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Top Players Control About 37% of Revenue Share, With GE Healthcare Contribute 27% of Share
The contrast media market is consolidated as a result of the existence of a small number of prominent players. Several of the major rivals, such as Bayer AG, Bracco Imaging SPA, GE Healthcare, Guerbet, Lantheus Medical Imaging, Inc., and YRP Group, are now leading the industry in terms of market share. Additionally, the other big players hold a 37.6% revenue share. GE Healthcare is the industry leader with a market share of 27.5%.
List of Key Companies Profiled
- Bayer AG
- Beijing Beilu Pharmaceutical Co., Ltd.
- Bracco Imaging SPA
- Congruent Pharmachem Private Limited
- GE Healthcare
- Lantheus Medical Imaging, Inc.
- Nano Therapeutics Pvt. Ltd.
- Novalek Pharmaceuticals Pvt. Ltd
- Rege Imaging & Cine Films Private Limited
- Stanex Drugs & Chemical Pvt. Ltd.
- Taejoon Pharm
- Trivitron Healthcare Pvt. Ltd.
- YRP Group
- Other Prominent Players
The global contrast media market segmentation focuses on Type, Formulation, Route of Administration, Modality, Indication, Application, End-User, and Region.
By Route of Administration
- Oral route
- Rectal Route
- Intravenous Route
- Intramuscular Route
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Cardiovascular Disorders
- Gastrointestinal Disorders
- Neurological Disorders
- Nephrological Disorders
- Musculoskeletal Disorders
- Interventional radiology
- Interventional Cardiology
- Diagnostics Centre
- North America
- The U.S.
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Australia & New Zealand
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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