Global Contrast Media Market- Industry Analysis and Forecast (2020-2027)
Global Contrast Media Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of 4.4% during a forecast period.
Market Dynamics
The Research Report gives a detailed account of the drivers and restraints in the Contrast Media market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Technical advancements to stimulus the contrast media market
An upsurge in the occurrence of long-standing diseases and complex comorbidities has led to an increase in the number of diagnostic imaging tests. These consist of ultrasound, X-rays, and advanced imaging technology like Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scans. To recognize the need for treatment/ surgeries in interventional procedures and perioperative scans before surgeries are projected to fuel the usage of contrast media in imaging procedures. Contrast media are used to improve the inside images of the body formed by ultrasound, X-ray, MRI, and CT scans. It helps radiologists to distinguish between normal and abnormal tissues. These dyes don’t discolor the internal organs permanently. Instead, they are the substances that momentarily change the way imaging tools interact with the body. These dyes help to contrast the particular areas of the body from the surrounding tissue, thus refining the visibility of specific tissues, blood vessels, and organs. Image-guided help determines either cancer is malignant or benign. With the raised incidence and the upsurge in the number of cancer cases in both emerging and urban economies of the world, it is essential to offer procedures that can help patients get a diagnosis at the prior stages.
Primarily, Iodine and Barium-based agents were used by radiologists and specialists, currently, gold nanoparticle and radiopharmaceuticals are using widely. Advanced techniques like gas microbubble technology in gas and MRI imaging technology will demonstrate as a necessary driver in the extensive use of contrast agents. The factors like growing investments in the contrast media market and the modifications that are made in the radiopharmaceuticals and healthcare sector are enhancing the market growth. The demand for diagnostics imaging is at an all-time high, with multiple kinds of chronic diseases growing rapidly in the globe.
However, the high cost of medical imaging equipment and a shortage of skilled specialists in the industry may hamper the growth of the contrast media market. With economies undergoing medical modifications affecting the sales of contrast agents and commercial slowdowns are some factors hampering the growth of the market.
Global Contrast Media Market Segment analysis
Based on Type, the Iodine-based contrast media agents segment is expected to grow at a CAGR of XX% during the forecast period. Iodinated contrast media will impel the overall growth of the contrast media market. Iodinated contrast media are contrast agents that include iodine atoms used for x-ray-based imaging modalities like computed tomography (CT), even though they are also used in angiography, fluoroscopy, and venography. While the intravenous route of administration is most common, they are also managed by many other routes, containing gastrointestinal (oral, rectal), vaginal, cystourethral, intraosseous, etc. Iodine has a specific benefit as a contrast agent because the k-shell binding energy (kedge) is 33.2 keV, alike to the average energy of x-rays used in diagnostic radiography 1. When the incident x-ray energy is nearer to the K-edge of the atom it encounters, photoelectric absorption is more probable to occur.
Global Contrast Media Market Regional analysis
The North American region has dominated the market with US$ XX Mn. North America holds a major share in the contrast media market and is anticipated to show a similar trend over the forecast period. In the United States, the first gadolinium-based contrast agent was approved. Four agents were approved in the United States in the previous years and they have set a series trend in the industry to continue to find more effective, more precise, and safe agents. The contrast media sales are anticipated to surge in the United States in the upcoming years. Amongst the different imaging modalities, sales of contrast media for the ultrasound market may have a significant growth rate. The United States is the leading consumer market for contrast media in North America. The rise in chronic diseases, like cardiovascular and neurological diseases, is the main propelling factor for market growth in the United States.
The APAC region with major countries like Japan, India, and China, will impel the contrast media market in the coming years, with a steady CAGR of XX% during the forecast period. Most of the companies see favorable business forecasts in this region owing to its healthy economic growth and rising investment prospects for radiology equipment manufacturers and providers. Quickly emerging markets like India and China will also continue to grow in the nearby future.
Merges and Acquisitions
• In 2019, Lantheus, a parent company of Lantheus Medical Imaging Inc., acquired Progenics pharmaceuticals, Inc. to discover and treat cancer.
• In 2019, Guerbet Group, merge with IBM Watson Health. The merger helped the companies to establish artificial intelligence in medical imaging to support liver cancer diagnostics.
Recent Developments
• In 2019, Bayer announced that they received a US FDA approval for their product Gadavist, which is a contrast agent injection used for cardiac magnetic resonance.
• In November 2019, GE Healthcare announced that they have received a US FDA approval for their contrast agent Clariscan, used for Macrocyclic MRI. The injection is used intravenously and is used for MRI in the brain, spine and related tissues.
The objective of the report is to present a comprehensive analysis of the Global Contrast Media Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Contrast Media Market dynamics, structure by analysing the market segments and projects the Global Contrast Media Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Contrast Media Market make the report investor’s guide.
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Scope of the Global Contrast Media Market
Global Contrast Media Market, By Type
• Intravenous contrast materials
• Iodine-based contrast media agents
• Others
Global Contrast Media Market, By Application
• Nephrological disorders
• Oncology
• Cardiovascular disorders
• Others
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