Contrast Media Market Insight
The contrast media/ contrast agents market is making significant strides over recent years, mainly due to the rapidly developing medical imaging technologies. Besides, strong headways in terms of product developments and their approvals drive the growth of the market. The healthcare sector is burgeoning and medical imaging technology & techniques are advancing profusely. These advancements have improved the utilization of the existing contrast media while presenting innovative agents. This, in turn, escalates the market to furthered height.
According to Market Research Future (MRFR), the Global Contrast Media Market size is estimated to increase exponentially by 2025, registering approximately 3.5% CAGR during the review period (2019 – 2025). Increasing uses of contrast media in medical imaging to enhance the visibility of blood vessels & GI tract support the growth of the market. Moreover, rising numbers of contrast media approvals act as a key tailwind pushing the market forward. Simultaneously, the rising expectations of radiologists augment market demand.
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Additionally, the rising prevalence of various chronic diseases such as GIT, cancer, cardiac conditions, and an increase in the number of public as well as private diagnostic centers are fostering market growth. Also, the demand for improved diagnostic imaging services and various diagnostic imaging modalities are creating substantial market demand. On the flip side, the risk of side / adverse effects of the contrast media is impeding the market growth. However, technological innovations would support the contrast media market growth, improving media functionalities.
Contrast Media Market Major Players
Players active in the global contrast media market include NanoScan Imaging (US), Bayer Healthcare Pharmaceuticals (Germany), Daiichi (Japan), Medrad Inc. (US), Guerbet Group (France), Subhra Pharma Private Limited (India), GE Healthcare (US), nanoPET Pharma GmbH (Germany), Covidien (Ireland), AMAG Pharmaceuticals (US), CMC Contrast AB (Sweden), Targeson (US), Mallinckrodt Pharmaceuticals (UK), Lantheus Medical Imaging (US), and Bracco Diagnostic Inc. (Italy), among others.
Global Contrast Media Market – Segments
The analysis has been segmented into six main dynamics.
- By Type: Iodinated Contrast Media and Gadolinium-Based Contrast Media, and others.
- By Form:Tablet, Powder, Liquid, and Paste.
- By Procedure: Computed Tomography, X-ray, Ultrasound, Magnetic Resonance Imaging, and other procedures.
- By Application: Oncology, Cardiovascular Disorders, Nephrological Disorders, and others.
- By Route of Administration: Injectable, Oral, and Rectal.
- By Regions:Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Contrast Media Market – Geographical Analysis
North America dominates the global contrast media market. The largest market share majorly attributes to the advancements in the medical & imaging technologies. Furthermore, the increasing prevalence of chronic diseases and massive uptake of advanced technologies for the diagnosis of myriad diseases & disorders drive the regional market growth. The presence of notable players and their increasing emphasis on delivering cost-competitive product range foster the growth of the contrast media market in the region.
Europe accounts for the second-largest market share in the global contrast media market. Increasing healthcare expenditures and the adoption of advanced technologies boost regional market growth. Also, the presence of many global players in the region is another key driving the growth of the regional market. Additionally, the growth of the medical supplies market in the region fosters the European contrast media market.
The Asia Pacific region is becoming a profitable market for Contrast Medias, globally. Factors such as the rapidly increasing healthcare sectors and developing economy in the region are pushing the growth of the market. Besides, profusely developing APAC countries such as India, Japan, and China, contribute to the regional market growth, significantly. Also, the rising population and spreading awareness for the functionalities of contrast media influence the market growth in the APAC region.
Global Contrast Media Market – Competitive Analysis
The market appears highly competitive and diversified with the presence of several well-established players. To gain a larger competitive advantage in the market, players adopt strategies such as mergers & acquisitions, expansion, collaboration, and product & technology launch. They make substantial R&D investments in developing new products and manufacturing technology.
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