Contrast Media/Contrast Agents Market

Market Synopsis:

Global Contrast Media/Contrast Agents Market is valued at USD 4889.79 Million in 2022 and is projected to reach a value of USD 6389.31 Million by 2030 at a Compound Annual Growth Rate (CAGR) of 3.40% over the forecast period.

Contrast agents, also known as Contrast Media, are commonly used to improve the diagnostic value of imaging modalities such as ultraviolet, CT scan, and MRI by increasing the contrast of structures and fluids in the human body. These contrast agents differentiate abnormal conditions from normal healthy conditions. Iodinated, barium-based, gadolinium-based, and micro bubble are some of the commonly used contrast agents and are administered by different routes including oral, intravascular, and rectal using a contrast agent syringe.

A key factor behind the upsurge in demand for contrast agents is the increased prevalence of cancer, cardiovascular disorders, and neurological diseases. Improving medical infrastructure, rise in adoption of advanced diagnostic systems in hospitals and diagnostic centers, along with the increasing number of ultrasounds, MRI, and CT examinations are expected to augment the target market growth to a significant extent. Furthermore, increasing focus on developing novel and cost-effective contrast agents, coupled with increasing initiatives and funding by various public and private organizations are expected to boost the target market growth in the next coming years.

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Market Segmentation:

Iodinated Segment is Expected to Witness Growth at a Rapid Rate During the Forecast Period

Iodinated Contrast Media segment accounts for the largest share of the Contrast Media/Contrast Agents Market, which is attributed to the growing number of angioplasty procedures performed globally.

The X-ray/CT Segment is Expected to Dominate the Market and Account for the Largest Revenue Share

The wide acceptance and cost-effectiveness of X-ray/CT modalities has prompted the adoption of contrast agents for this modality type. X-ray/CT-based contrast agents include iodinated and barium-based contrast agents, which are used in diagnostic procedures for many diseases and are less expensive.

In MRI, contrast agent reduces the relaxation time of nuclei in the body tissues to modify the contrast in image. Gadolinium is used as a contrast agent in MRI. In the 3+ oxidation state, metals have seven unpaired electrons, which cause the water around contrast agent to relax rapidly, improving the quality of MRI scans. MRI Contrast Media is widely used to enhance and improve the contrast difference between normal and abnormal tissues. It may be administered intravenously or orally.

Cardiovascular Disorders Segment is Expected to Witness Significant Growth Rate Over the Forecast Period

Cardiovascular disease accounts for the largest market share and highest growth rate in the target market in the next coming years. Increasing geriatric population and increasing prevalence of cardiovascular disease globally are factors expected to proliferate growth of this segment in the Global Contrast Media/Contrast Agents Market.

North America Region to Continue its Domination Over the Contrast Media/Contrast Agents Market

North America market is projected to dominate the Global Contrast Media/Contrast Agents Market over the forecast period, followed by Europe. This can be attributed to growing geriatric population, high prevalence of chronic diseases, and growing popularity of minimally invasive procedures, and the presence of prominent players in countries in the region.

Competitive Landscape:

Some of the major key players in the Contrast Media/Contrast Agents Market are GE Healthcare (US), Bracco Imaging SPA (Italy), Bayer AG (Germany), Guerbet (France), Lantheus Medical Imaging Inc. (US), Unijules Life Sciences (India), J.B. Chemicals and Pharmaceuticals Ltd. (India), SANOCHEMIA Pharmazeutika GmbH (Austria), Taejoon Pharm (South Korea), Jodas Expoim (India), Nano Therapeutics Pvt. Ltd. (India), Kiran X-ray (India), iMax Diagnostic Imaging Limited (Ireland), YZJ Group (China), Livealth Biopharma Pvt. Ltd. (India), Trivitron Healthcare Pvt. Ltd. (India), Novalek Pharmaceuticals Pvt. Ltd. (India), Unispire Biopharma Private Limited (India), Acro Lifesciences (I) Pvt. Ltd. (India), Congruent Pharmachem Private Limited (India), Stanex Drugs & Chemical Pvt. Ltd. (India), Beijing Beilu Pharmaceutical Co., Ltd. (China), Rege Imaging & Cine Films Private Limited (India), K DIAM EXIM (India), Onko Ýlaç San. ve Tic. A.Þ. (Turkey), and Subhra Pharma Pvt. Ltd. (India)

Contrast Media/Contrast Agents Market is Segmented as Follows:

Contrast Media/Contrast Agents Market is Tabulated as Follows: