Contrast Media Market Overview:
The rise in cardiac disease, accidents, and cancer requires medical imaging. This medical imaging is used to examine stages of treatment for the patient. The rise in the usage of medical imaging is driving the demand of the Contrast Media Market.
The major factors such as the increase in chronic diseases, demand for imaging procedures and diagnostics, and the number of approvals for contrast agents. These procedures help to determine whether the cancer is malignant or benign. The rise in prevalence and the number of cancer cases in developing and developed countries of the world is driving the market. The industrial players will focus on the growth driver factors for product development.
The Contrast Media Market will reach a value of USD 4.96 Billion and a value of 3.5 % CAGR for the forecast period of 2025 to 2027.
The rise in the prevalence of chronic diseases has led to a significant rise in the demand for diagnostic imaging procedures. The demand for imaging procedures leads to R&D activities for launching novel products in the market.
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Contrast Media Market Segmentation:
The Contrast Media Market is categorized into type, form, procedures, and application.
The type section is bifurcated into iodinated contrast media, gadolinium-based contrast media, barium-based contrast media, and microbubble contrast media. All these types have different roles in the contrast media market.
The form segment is segregated into liquid, tablet, powder, and paste-based. The procedure segment is classified into magnetic resonance imaging (MRI), X-ray or computed tomography (CT), ultrasound, and others.
The application fragment is categorized into oncology, gastrointestinal, cardiovascular, neurological, and other indications.
The route of administration segment includes injectable, rectal, and oral.
Contrast Media Market Regional Analysis:
The Contrast Media Market covers the top-most regions such as the Americas, the Middle East & Africa, Europe, and Asia-Pacific.
The American region is expected to be ruling the market due to the awareness and preferences for treating people dealing with health conditions like spinal injury, brain problems, intestinal diseases, cancer, and other diseases. Moreover, the rising demand for medical imaging is driving the regional market of this region.
The European region will register the second-largest position. This region is propelling due to the higher healthcare expenditure. The presence of medical device companies is driving the economy of the region.
The Asia-Pacific region is observed as the fastest-growing region due to the health conditions like fractures, spinal problems, and health issues, especially in the geriatric population. The higher patient pool is demanding for demands better medical imaging. This factor is enhancing the market growth in the region.
The Middle East and African region will generate lower market shares. However, this region will notice significant growth in the upcoming years due to the presence of hospitals, diagnostic centres, and clinics in the region.
Contrast Media Market Competitive Landscape:
The Contrast Media Market has significant major players across various parts of the countries. These significant key players are:
- Bayer AG (Germany),
- Bracco Diagnostic Inc. (US),
- DAIICHI (Japan),
- NANOSCAN IMAGING (US),
- Jodas Expoim (India),
- GE Healthcare (US),
- Guerbet Group (France),
- Lantheus Medical Imaging Inc. (US),
- Taejoon Pharm (Korea),
- Magnus Health (US),
- Spago Nanomedical AB (Germany).
In May 2022, The American College of Radiology made a statement regarding the shortage of iodinated contrast media for CT exams. It is caused by GE Healthcare’s supply chain problems for Omnipaque. The American College of Radiology identifies the rapidly evolving situation.
The ACR’s comment comes after the Greater New York Hospital Association alarm on May 4 about a shortage of GE’s Omnipaque. The company attributed the shortage to the COVID-19 lockdown in Shanghai, China.
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