Contrast Media/Contrast Agents Market Analysis and Forecast to 2031: By Type (Iodinated Contrast Media, Gadolinium Based Contrast Media, Microbubble Contrast Media, Barium Based Contrast Media), Modality (X-ray/CT, MRI, Ultrasound), Route of Administratio

Contrast Media/Contrast Agents Market Analysis and Forecast to 2031: By Type (Iodinated Contrast Media, Gadolinium Based Contrast Media, Microbubble Contrast Media, Barium Based Contrast Media), Modality (X-ray/CT, MRI, Ultrasound), Route of Administration (Intravascular Route, Oral Route, Rectal Route, Others), Indication (Cardiovascular Disorders, Cancer, Gastrointestinal Disorders, Musculoskeletal Disorders, Neurological Disorders, Nephrological Disorders), Application (Radiology, Interventional Radiology, Interventional Cardiology), End Users (Hospitals, Clinics & Ambulatory Surgery Centers, Diagnostic Imaging Centers), and Region

The contrast media/contrast agents market was valued at USD 5.1 billion in 2021 and it is anticipated to grow up to USD 7.3 billion by 2031, at a CAGR of 3.6% during the forecast period.

A contrast agent referred to as a contrast medium, is a substance used to increase the contrast of structures of fluids in the body during medical imaging. Contrast agents improve the visibility of the targeted tissues, structures or blood vessels. Contrast agents alter or absorb external electromagnetism or ultrasound, which further emits radiation themselves. Barium-based contrast media, iodinated contrast media, gadolinium-based contrast media, and microbubble contrast media are commonly used contrast agents during MRI and ultrasound. The rising prevalence of cancer, neurological and cardiovascular diseases, growing partnerships and acquisitions among players to launch new products, and emerging innovations in contrast media are some of the factors likely to boost the global contrast media market during the projection period.

Global Contrast Media/Contrast Agents Market Scope and Report Structure

Market Trends and Drivers

The growing approval of contrast agents is propelling the growth of the contrast media market. The increasing global prevalence of chronic diseases has resulted in a significant increase in the demand for diagnostic imaging procedures and, in turn, contrast media. The rising demand for imaging procedures has resulted in extensive R&D by contrast media manufacturers to launch novel products in the market and to get the contrast media approved in new indications. For example, in 2021, Bracco received US FDA approval for the 20-vial pack configuration of Lumason, which is an ultrasound contrast agent.

Similarly, in the upcoming years, competition is anticipated to intensify greatly in the contrast media market owing to the patent expiry of branded contrast media products. This will pave the way for the entry of generic counterparts, which are relatively lower-priced as compared to commercially available branded agents. In developing countries, APIs are manufactured locally, which brings the overall production costs of manufacturing contrasts agents down. So, the patent expiry of various branded products and decreasing costs of manufacturing contrast agents are likely to offer lucrative opportunities for generic players.

Market Restraints and Challenges

The key factor hindering the market growth is the dearth of trained professionals. A high degree of technical skill and expertise is essential to handle advanced and sophisticated diagnostic imaging systems. According to the US Bureau of Labor Statistics, radiology technicians may witness employment growth of about 7% between 2019 and 2029. Although this is significant, the dearth of specialists and radiologists will hinder the market growth.

Contrast Media/Contrast Agents Market Segmentation

The report analyses the global contrast media/contrast agents market based on the type, modality, route of administration, indication, application, end user, and region.

Contrast Media/Contrast Agents Market by Type

By type, it is segmented into iodinated contrast media, gadolinium based contrast media, microbubble contrast media, and barium-based contrast media. The iodinated contrast media segment is likely to dominate the market during the forecast period. The key factors such as growing number of angioplasty procedures performed across the globe is boosting the growth of the market.

Contrast Media/Contrast Agents Market by Modality

By modality, it is segmented into X-ray/CT, MRI, and Ultrasound. The X-ray segment is likely to dominate the market during the forecast period. The key factors such as the rising prevalence of chronic diseases coupled with growing approvals of contrast agents are propelling the growth of the market.

Contrast Media/Contrast Agents Market by Route of Administration

By route of administration, it is segmented into the intravascular route, oral route, rectal route, and others. The intravascular route is likely to dominate the market during the forecast period. The key factors such as the growing approval of contrast agents coupled with the increasing incidence of chronic disorders boost the growth market during the forecast period.

Contrast Media/Contrast Agents Market by Indication

By indication, it is segmented into cardiovascular disorders, cancer, gastrointestinal disorders, musculoskeletal disorders, neurological disorders, and nephrological disorders. The cardiovascular disorders segment is likely to dominate the market during the forecast period. The key factors such as the growing prevalence of complex comorbidities and long-term have led to an increase in diagnostic imaging tests is boosting the growth of the market.

Contrast Media/Contrast Agents Market by Application

By application, it is segmented into radiology, interventional radiology, and interventional cardiology. The radiology segment is likely to dominate the market during the forecast period. The key factors such as the rising volume of CT and MRI examinations performed coupled with the availability of reimbursement are boosting the growth of the market.

Contrast Media/Contrast Agents Market by End Users

By end user, it is segmented into hospitals, clinics, & ambulatory surgery centers, and diagnostic imaging centers. The hospital, clinics & ambulatory surgery centers segment is likely to dominate the market during the forecast period. The rising geriatric population and the increasing prevalence of CVD across the globe are boosting the growth of the market.

Geographical Analysis of Contrast Media/Contrast Agents Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is likely to dominate the market during the forecast period. The key factors such as the presence of major players in the region, high prevalence of chronic disorders, growing geriatric population, and the increasing adoption of minimally invasive procedures are boosting the growth of the region.

Major Players in Contrast Media/Contrast Agents Market

COVID-19 Impact

The COVID-19 outbreak had a negative impact on the contrast media/ contrast agents market owing to decreasing patient visits to hospitals. The pandemic has put significant strain on healthcare systems. Healthcare institutes and providers were instructed to stop performing elective surgical procedures and medical examinations to slacken the spread of the disease and conserve healthcare resources for COVID-19 patients. Owing to that, many radiology departments experienced a rapid decline in imaging case volume.

The lowered use of contrast media/ contrast agents owing to the declining volume of elective and non-essential procedures, the lower utilization of routine testing, reduced capital spending by customers, and a reduction in research activity owing to laboratory closures and reduced clinical testing have all affected the contrast media/ contrast agents market. Many countries have begun to reopen their economies, but it will take time for the utilization rate of contrast media/ contrast agents to reach pre-pandemic levels. Moreover, any resurgence in COVID-19 infections could result in new lockdowns, quarantine requirements, or other restrictions to slow down the spread of COVID-19, which could negatively impact market growth.

Recent Developments

• 2020, GE Healthcare Pharma Limited acquired the ownership of Daiichi Sankyo’s four diagnostic agents in Japan.
• 2020, Bracco Imaging SpA received approval from the US FDA for its product Pro Hance, which is an MRI contrast agent for use in neonates and pediatric patients under two years of age.
• 2019, Bayer AG received approval for Gadavist, a gadolinium-based contrast agent used in cardiac MRI for the diagnosis of coronary artery diseases.
• 2019, Guerbet and Inter Systems Corporation entered into the partnership aimed to expand Guerbet’s management solution.

Frequently Asked QuestionsQ1. How big is the contrast media/contrast agents market?Ans. The global contrast media/contrast agents market size was USD 5.1 Billion in 2021 and is anticipated to reach USD 7.3 Billion in 2031, growing at a rate of 3.6% from 2022 to 2031.Q2. What is the contrast media/contrast agents market growth rate?Ans. The growth rate of the contrast media/contrast agents market is 3.6% from 2022 to 2031.Q3. Which region holds a major market share for the contrast media/contrast agents market?Ans. North America holds a major market share of the contrast media/contrast agents market in 2021.Q4. Which segment accounted for the largest contrast media/contrast agents market share?Ans. By application, the radiology segment accounted for the largest contrast media/contrast agents market share.Q5. Who are the key players in the contrast media/contrast agents market?Q6. What are the factors driving the contrast media/contrast agents market growth?Ans. The major factors driving the growth of the market are the increasing generic contrast media.Q7. What are the key growth strategies of contrast media/contrast agents market players?Ans. The key growth strategies of contrast media/contrast agents market players are product launch and product approval.Q8. Which region will provide more business opportunities for the contrast media/contrast agents market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the contrast media/contrast agents market during the forecast period.

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