Contrast Media Market: Current Analysis and Forecast (2021-2027)

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Global Contrast Media Market is anticipated to grow with an elevated CAGR of around 4% over the forecast period (2021-2027). 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.

The market for contrast media is witnessing growth due to the increasing prevalence of chronic diseases and the rapidly rising geriatric population. Furthermore, the frequent product launches coupled with the mergers and acquisitions have a rocketing contrast media market. For instance, in December 2021, GE announced that it has completed the acquisition of BK Medical, a leader in advanced surgical visualization, from Altaris Capital Partners, LLC.  The companies entered into a definitive agreement for GE to purchase BK Medical for a cash purchase price of $1.45 billion. Moreover, the increasing number of medical insurance along with rising awareness about the serious effects of diseases significantly affect the market dynamics of the diagnostic and 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, and Judas Expoim are some of the prominent players operating in the Contrast Media market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of Contrast Media devices.

Insights Presented in the Report

“Amongst Modality, X-ray/CT segment holds the major share”

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. This is mainly due to the availability of more advanced CT scans which provides detailed 3D images of soft tissues as well as bones. Furthermore, the increasing prevalence of pulmonary diseases is a contributing factor to the growth of the segment in the contrast media market. For instance, as per the WHO, Chronic obstructive pulmonary disease (COPD) is the third leading cause of death worldwide, causing 3.23 million deaths in 2019 and around 90% of COPD deaths in those under 70 years of age occur in low- and middle-income countries.

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“Amongst Product Type, microbubble segment holds the major share”

Based on product type, the market is segmented into iodinated, barium-based, gadolinium-based, and microbubble. The iodinated segment grabbed a significant market share in 2020. The iodinated media is extensively used in the diagnosis of the blockage of the blood vessels and to detect urinary tract infections. However, the microbubble segment is anticipated to grow at a considerable pace during the forecast period. This is mainly due to the advantage offered by the techniques such as being easily digestible in the liver. Furthermore, the increasing incidents of cardiovascular diseases and their treatments such as angioplasty contribute to the growth of the microbubble market during the forecast period. For instance, as per CDC, Every year, about 805,000 people in the United States have a heart attack. Among them, 605,000 are a first heart attack 200,000 happen to people who have already had a heart attack.

“Amongst Application, neurological disorder segment holds the major share”

Based on application, the market is fragmented into cardiovascular disorders, neurological disorders, gastrointestinal disorders, cancer, nephrological disorders, musculoskeletal disorders, and others. Neurological disorder is expected to grab significant market share in the contrast media market. The rising geriatric population is one of the major reasons for the rising neurological disorders. Such as Parkinson’s disorders and Alzheimer’s disease. For instance, according to CDC, In 2020, an estimated 5.8 million Americans aged 65 years or older had Alzheimer’s disease.1 This number is projected to nearly triple to 14 million people by 2060.

Amongst End-users, diagnostic imaging centers segment holds the major share”

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 segmental growth is due to the specialization of the diagnostic centers in the visualization and diagnosis along with the presence of skilled staff. Furthermore, the integration of advanced technology such as AI-based equipment and electronic patient records attributes to the growth of diagnostic imaging centers in contrast media market. For instance, Mahajan Imaging has launched an integrated center of excellence in diagnostics in Delhi to offer precision and personalized treatment to patients. The new center is equipped with an R&D department and an AI startup.

“North America represents one of the largest markets of Contrast Media market”

For a better understanding of the market dynamics of the contrast media market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America dominated the Contrast Media industry. This can be mainly due to the major factors such as favorable government initiatives, sophisticated healthcare infrastructure, the presence of a large geriatric population, and the rise in chronic disease incidences across the region are propelling the growth of this market. For instance, the number of Americans aged 60 and older increased by 34% from 55.7 million to 74.6 million between 2009 and 2019. Also, 133 million Americans i.e., 45% of the population have at least one chronic disease. In addition to this, Chronic diseases are responsible for seven out of every 10 deaths in the U.S., killing more than 1.7 million Americans every year.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Research Methodology for the Global Contrast Media Market Analysis (2021-2027)

Analyzing the historical market, estimating of the current market, and forecasting the future market of the global contrast media market were the three major steps undertaken to create and analyze the adoption of contrast media in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Contrast Media market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the contrast media through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the contrast media market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as modality, product type, application, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of contrast media across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the contrast Media. Further, we conducted factor analysis using dependent and independent variables such as the growing number of people with chronic diseases and the increasing elderly population all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the contrast media sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the contrast media market, and market shares of the segments. all the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of contrast media across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the contrast media market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the contrast media market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type and application of the Contrast Media market.

The main objective of the Contrast Media Market Study

The current & future market trends of contrast media were pinpointed in the study. investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Contrast Media in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of modality, product type, application, and end-users.
• Define and analysis of the regulatory framework for the contrast media industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the contrast media market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
• Company profiles of the contrast media market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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