Contrast Media Market

Contrast Media Market Outlook (2022-2032)

The global contrast media market is projected to grow at a CAGR of 4.1% for next ten years, jumping from an estimated market value of US$ 5,672 Million in 2022 to US$ 8,447 Million by 2032.

Extensive use of iodinated contrast media in angiography and fluoroscopy will ensure its increased demand over the coming years.

Report Attributes	Details
Contrast Media Market Size (2021A)	US$ 5,437.3 Million
Estimated Market Value (2022E)	US$ 5,672.4 Million
Forecasted Market Value (2032F)	US$ 8,447.4 Million
Global Market Growth Rate (2022-2032)	4.1% CAGR
North America Market Share (2021)	~37.1%
North America Market Growth Rate (2022-2032)	~3.5% CAGR
United States Market Growth Rate (2022-2032)	~4 % CAGR
Market Share of Top 5 Companies	~21.8%
Key Companies Profiled	Guerbet Trivitron Healthcare Bracco Diagnostic, Inc. Nano Therapeutics Pvt. Ltd. Lantheus Medical Imaging, Inc. General Electric Company Daiichi Sankyo Co., Ltd. Spago Nanomedical AB FUJIFILM Corporation AMAG Pharmaceuticals SANOCHEMIA Pharmazeutika

Sale Analysis of Contrast Media (2017-2021) Vs. Market Forecast Outlook (2022-2032)

Contrast media is used in medical imaging to improve the contrast of body fluids and structures. X-ray, CT scan, angiography, and ultrasound imaging all use these substances.

Demand for contrast media has heightened as a result of an increase in the number of installations of the aforementioned devices in healthcare set-ups. Other factors that has given the contrast media market good growth traction include an increase in the frequency of injuries, increase in the number of radiology procedures using contrast media, increase in elderly population, and also the heightened number of diagnostic imaging centers. These attributes have ensured a compound annual growth rate of 4.3% in sale of contrast media over 2017-2021.

Furthermore, governments are subsidising diagnostic imaging services generously. Spending is increasing noticeably every year as a result of the expanding usage of diagnostic imaging in the domains of radiology and image-guided minimally invasive surgery, which is fuelling the growth of the target market. Other factors that are anticipated to drive the global market over the projected period include an increase in health care spending and increased awareness of sick diseases. According to Fact.MR, the global market for contrast media will be worth US$ 8,447 Million by 2032, representing a CAGR of 4.1% from 2022.

• Short Term (2022 Q2 to 2025): The immediate future of contrast media will be governed by its enhancing image quality for diagnosis of tumor in radiology.
• Medium Term (2025-2028): Emerging popularity of contrast media in North America region is expected to reap an incremental opportunity worth US$ 341.6 Million over 2025 to 2028.
• Long Term (2028-2032): Increasing research and funding by government in the field to upgrade safety parameters in contrast media will dictate its long term growth.

Over the 2017-2021 historical period, the global contrast media market registered a CAGR of 4.3%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.1% CAGR between 2022 and 2032.

Market share analysis of contrast media based on type and region is provided in a nutshell in the above image. Under the type segment, the iodine based compounds sub-segment dominates with 34% market share in 2021.

What is Driving Demand for Contrast Media?

“Escalating Radiology Procedures to Drive the Revenue Growth of the Market”

Rising use of contrast media in radiology procedures and attention to minimizing human error and enhancing patient safety are the main drivers of the contrast media market expansion.

To increase the diagnostic value and obtain image clearing, contrast material is used. It aids in separating particular body parts from the nearby tissue. By increasing visibility, it will be simpler for doctors to diagnose disease. Therefore, to come on any concluding statement for a specific ailment, healthcare specialists mandate to endure radiological examination with contrast media. Additionally, a growing variety of chronic illnesses and disorders, together with complex co-morbidities, have given rise to a number of diagnostic imaging procedures, including CT scans and MRIs, where contrast media is frequently favored. The target market is growing positively as a result of all the aforementioned variables.

“Dire Need for Diagnostic Imaging Treatments to Boost the Market Growth of Contrast Media”

High demand for the most cutting-edge diagnostic imaging modalities is a result of the rising prevalence of cardiovascular issues and cancer due to unhealthy lifestyle choices and other causes. For a clear image of internal organs or tissue, contrast media are frequently used during common imaging procedures like MRI, CT scans, and X-rays. Patients frequently receive contrast media injections to help medical practitioners distinguish between healthy and harmful environments. Contrast agents provide advanced viewing of biological processes and accurate acquisition of difficult-to-image anatomical regions. They help to eliminate radiologist perception errors, which often have an impact on how the underlying anatomy is really interpreted. As a result of the aforementioned advantages of contrast media, it is therefore expected to rise by a double digit percentage over the projected period.

What Do Contrast Media Manufacturers Need to Watch Out for?

“The High Cost Contrast Media & Certain Risk Related to its Use Could Hamper its Market”

Market growth is expected to be constrained by problems including the high cost of various contemporary imaging equipment and contrast media injectors as well as a lack of experienced professionals to run these modalities. Some negative effects and allergic reactions connected to its use may limit market expansion. When contrast media is injected, air emboli can form and impede right ventricular outflow or obstruct pulmonary arterioles, leading to serious consequences such cardiovascular collapse. Such negative effects connected to contrast media could impede the target market's revenue growth.

Country-wise Insights

How will rising investments in research sector influence the contrast media market in U.S.?

North America holds the largest market share for contrast media due to the region's established healthcare system and significant financial investments made by key firms in the development of effective contrast media.

The market expansion in North America is being fueled by factors such as the accessibility of cutting-edge technology, the availability of healthcare facilities, the high demand for diagnostic procedures, and an increase in disease screening programs and illness management in the area.

How will China Create New Growth Opportunities for Contrast Media?

A rich opportunity will be created for the market players if China places a strong emphasis on manufacturing more sophisticated contrast media. Over the course of the forecast period, the market in China is anticipated to grow at a CAGR of 5.4%.

The market in China is expanding due to factors such as the increase in use of radiopaque contrast media, the presence of highly progressive catheterization labs, the increase in use of MRI procedures for treating cardiovascular diseases, the rising prevalence of cardiac disorders, and the rising demand for minimally invasive techniques.

Furthermore, increase in fractures and spinal injuries, a rise in the incidence of chronic diseases, an increase in the need for high tech imaging systems, and a strong prominence on manufacturing more sophisticated contrast agents are other reasons that is driving the market growth of target product in China.

Category-wise Insights

Which Type of Contrast Media Will Exhibit Increasing Sales?

In terms of revenue, the iodine-based compounds segment dominated the market in 2022. Iodinated contrast media can be non-ionic and have a low osmolality, making them suitable for a variety of applications. This is anticipated to accelerate the segment's growth. According to Fact.MR forecast, iodinated contrast media accounts for market share of 34% by the end of 2022.

Additionally, the rise in angioplasty procedures is anticipated to increase the need for iodinated contrast media. During radiographic procedures, iodinated contrast media, an intravenous radiocontrast that contains iodine, improves the visibility of circulatory networks and organs. Iodinated contrast media have improved visibility for diseases like cancer diagnosis as well. Hence, has higher in demand out of other types.

Which Imaging Modality of Contrast Media is Highly in Demand?

The market is divided into three categories based on imaging modality: ultrasound, magnetic resonance imaging (MRI), and X-ray/computed tomography (CT). The X-ray/computer tomography (CT) segment controls the market for contrast media.

Its strong acceptance rate and cost-effectiveness are credited with the segment growth. Due to an increase in CT scan examination process, an increase in the usage of contemporary CT scan equipment, and a growing focus on upgrading previously existing products, sales of X-ray/CT contrast media are predicted to increase. In order to discover numerous diseases and conditions, a CT scan uses X-rays and computer software to produce images of the bones, soft tissues, and blood arteries inside the body.

Competitive Landscape

The prominent players operating in the contrast media market are Guerbet, Trivitron Healthcare, Bracco Diagnostic Inc., Nano Therapeutics Pvt. Ltd., Lantheus Medical Imaging Inc., General Electric Company, Daiichi Sankyo Co., Ltd., Spago Nanomedical AB, FUJIFILM Corporation, AMAG Pharmaceuticals, SANOCHEMIA Pharmazeutika AG.

These companies on the contrast media market primarily rely on the introduction of new products based on cutting-edge technological developments, as well as on strategic expansion initiatives like mergers and acquisitions, partnerships, and collaborations.

• In December 2021, GE Healthcare Completes Acquisition of BK Medical. This will help the company in expanding its ultrasound portfolio into surgical visualization.

Fact.MR has provided detailed information about the price points of key manufacturers of contrast media positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Contrast Media Industry Research

• By Type :

  • Barium-based
  • Iodinated 
  • Gadolinium-based
  • Microbubble

• By Imaging Modality :

  • X-ray/Computed Tomography (CT)
  • Magnetic Resonance Imaging (MRI)
  • Ultrasound

• By Application :

  • Radiology
  • Interventional Radiology
  • Interventional Cardiology

• By End-user :

  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Imaging Centers

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & ASEAN
  • Oceania
  • MEA