The global contrast media agents market size is estimated to reach USD 5.96 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.8% during the forecast period. Increasing burden of chronic diseases is augmenting diagnostic imaging procedure volumes, which is providing a fillip to the market.
Competitive strategies, such as acquisitions and indication extensions for existent products, adopted by players are expected to trigger the growth of the market. The companies stirring changes in the space is restricted to few in number. Among these, Guerbet, GE Healthcare, and Bayer were the forerunners with top-selling drugs in their respective portfolios and commanding more than 40% share in 2016. Bayer holds a prominent position in the arena owing to its leading MRI agent, Gadavist/Gadovist, a macrocyclic gadolinium agent. Guerbet is giving a stiff competition to its contemporaries since it has joined forces with Mallinckrodt. The acquisition has led to a streamlined portfolio of MRI and x-ray/CT contrast materials, which now hold center position in this space. GE competes with Omnipaque and Visipaque as a part of its suite of offerings, which account for nearly 12.0% market share.
Along with increasing incidence of chronic diseases, rising demand and use of diagnostic imaging modalities is driven by advancements in the underlying technologies. Equipment advancements include innovation such as syringeless injectors, which help in achieving greater accuracy in dose delivery, shorter examination time, and higher patient throughput.
Regionally, North America will continue to dominate the contrast media agents market throughout the forecast period. Presence of well-established healthcare infrastructure, availability of advanced technologies as well as recent launch of new contrast media agents for specific indications are contributing to the growth of the region.
Browse full research report with TOC on “Contrast Media/Contrast Agents Market Analysis, By Agent Type (Iodinated, Barium-based, Gadolinium-based, Microbubble), By Modality (X-ray/CT, MRI, Ultrasound), By Application, And Segment Forecasts, 2018 – 2025“ at: https://www.grandviewresearch.com/industry-analysis/contrast-media-contrast-agents-market
Further Key Findings From the Report Suggest:
- In 2016, iodinated contrast agents registered the highest sales in the market due to high penetration of contrast media agents in x-ray and CT procedures, driven by availability of non-ionic stable iodinated agents for improved diagnosis
- X-ray/CT modality technique led the market in terms of revenue in 2016 due to its wide acceptance and utilization in the market
- Gastrointestinal applications are anticipated to register the fastest growth over the forecast period due to regulatory approval of new products in the U.S. market. For instance, Tagitol V was recently approved by the U.S. FDA for use in adult patients undergoing CTC procedures
- On the regional front, North America captured the highest revenue in 2016 owing to presence of well-established healthcare infrastructure and availability of advanced technologies
- Europe was the second largest segment in 2016, attributable to increasing usage of diagnostic imaging modalities such as MRI, CT, and ultrasound in the region
- Key players in this space are Bayer AG, GE Healthcare, Guerbet, Lantheus Medical Imaging, and Bracco Diagnostics
- Most of the key players are focusing on entering untapped regions and expanding their product portfolios through mergers and acquisitions.
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Grand View Research has segmented the global contrast media agents market on the basis of agent type, modality, application, and region:
- Contrast Media Agents Type Outlook (Revenue, USD Billion, 2016 – 2025)
- Iodinated contrast media
- Barium-based contrast media
- Gadolinium-based contrast media
- Microbubble contrast media
- Contrast Media Agents Modality Outlook (Revenue, USD Billion, 2016 – 2025)
- X-ray/CT contrast agents
- MRI contrast agents
- Ultrasound contrast agents
- Contrast Media Agents Application Outlook (Revenue, USD Billion, 2016 – 2025)
- Cardiovascular disorders
- Neurological disorders
- Gastrointestinal disorders
- Nephrological disorders
- Musculoskeletal disorders
- Contrast Media Agents Regional Outlook (Revenue, USD Billion, 2016 – 2025)
- North America
- North America