Global Contrast Media Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
Global Contrast Media Market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 4% during the forecast period (2021-2027F). Contrast media are a group of chemical agents developed to aid in the characterization of pathology by improving the contrast resolution of an imaging modality. Specific contrast media have been developed for every structural imaging modality and every conceivable route of administration.
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With the rapid advancement in medical technology and the rising prevalence of chronic awareness among the population forced medical institutions to develop and introduce better diagnostic facilities. Furthermore, the increasing geriatric population and increasing age-related diseases them is also contributing factor that contributes to the market growth of contrast media. For instance, according to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice what it was in 1980 at 382 million. The number of elderly is expected to double again by 2050 and reach nearly 2.1 billion worldwide. Furthermore, the continuous development in medical visualization techniques is also responsible for the market growth of contrast media.
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Based on modality, the market is categorized into X-ray/CT, MRI, and Ultrasound. The X-ray/CT segment had a significant market share in 2020 and is anticipated to witness significant growth during the forecast period. The increasing incidences of musculoskeletal diseases significantly contribute to the segmental growth in the contrast media market. According to WHO, approximately 1.71 billion people have musculoskeletal conditions worldwide. Musculoskeletal conditions significantly limit mobility and dexterity, leading to early retirement from work, lower levels of well-being, and reduced ability to participate in society because of population increases and aging, the number of people with musculoskeletal conditions is rapidly increasing.
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Based on product type, the market is segmented into iodinated, barium-based, gadolinium-based, and microbubble. The iodinated segment held significant market growth in 2020. The iodinated media is used to enhance image visualization in X-ray and CT scans. Furthermore, due to changing lifestyles, the increasing prevalence of heart diseases which requires proper diagnosis is also a contributing factor to the segmental growth in the contrast media market. Moreover, the microbubble is anticipated to have considerable growth during the forecast period. This is mainly due to the factor that the technique uses the microbubble which is coated by the lipids that can be digested in the liver.
Based on application, the market is fragmented into cardiovascular disorders, neurological disorders, gastrointestinal disorders, cancer, nephrological disorders, musculoskeletal disorders, and others. The neurological disorder segment is expected to witness significant market share during the forecast period. The increasing incidences of neurological disorders are the major factor responsible for the segmental growth in the contrast media market. For instance, as per PAHO, a total of 533,172 global deaths were reported due to neurological disorders till 2019.
Based on end-user, the market is segmented into hospitals, diagnostic imaging centers, and others. The diagnostic imaging centers are predicted to have considerable market growth during the forecast period. The specialization of the diagnostic centers in the visualization and diagnosis along with the presence of skilled staff attributed to the significant market share of the diagnostic imaging centers in the contrast media market.
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For a better understanding of the market adoption of the contrast media market, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a significant market for the contrast media industry due to the presence of better healthcare and diagnostic infrastructure along with higher healthcare investments. For instance, the per capita healthcare expenditure of Canada was US$ 5048 in 2019. Furthermore, the presence of well-established market players and frequent product launches in the region is also a contributing factor to the growth of the contrast media market.
GE Healthcare, Bracco Imaging SPA, Bayer AG, Guerbet, Lantheus Medical Imaging, Inc., Unijules Life Sciences, J.B. Chemicals and Pharmaceuticals Ltd., SANOCHEMIA Pharmazeutika GmbH, Taejoon Pharm, Judas Expoim are some of the key players operating in the global Contrast Media market. Several M&As along with partnerships have been undertaken by these players to develop various types of Contrast Media devices.
Global Contrast Media Market Segmentation
Market Insight, by Modality
Market Insight, by Product Type
Market Insight, by Application
• Cardiovascular Disorders
• Neurological Disorders
• Gastrointestinal Disorders
• Nephrological Disorders
• Musculoskeletal Disorders
Market Insight, by End-users
• Diagnostic Imaging Centers
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- GE Healthcare
- Bracco Imaging SPA
- Bayer AG
- Lantheus Medical Imaging, Inc.
- Unijules Life Sciences, J.B.
- Chemicals and Pharmaceuticals Ltd.
- SANOCHEMIA Pharmazeutika GmbH
- Taejoon Pharm
- Judas Expoim.