Contrast Media Industry Overview
The global contrast media market size was valued at USD 4.04 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 3.33% from 2022 to 2030.
The growing prevalence of complex comorbidities and long-term diseases has led to an increase in diagnostic imaging tests, including ultrasound, X-rays, and advanced imaging technology such as MRI & CT scans. According to the National Health Council, in 2020, nearly 157 million people in the U.S. were affected by chronic diseases, out of which around 81 million had multiple conditions, which is indicative of a high incidence of chronic conditions.
Gather more insights about the market drivers, restrains and growth of the Global Contrast Media Market
The prevalence of chronic conditions with multiple comorbidities is higher among older adults. According to the National Council on Aging, nearly 80% of people aged 65 & above suffer from at least one chronic condition, with almost 70% of Medicare beneficiaries suffering from more than 2 chronic conditions, and nearly 77.0 million people in the U.S. are estimated to be aged 65 & above by 2034.
Furthermore, according to a report by the American Heart Association, the incidence of heart failure is increasing in the U.S., and it is one of the leading causes of death in the country. In 2020, approximately 659,000 people died due to cardiovascular diseases in the U.S. By 2030, the number of people with heart diseases is estimated to increase by 46%.
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- Magnetic Resonance Imaging Market - The global magnetic resonance imaging market size was valued at USD 5.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028.
- Computed Tomography Market - The global computed tomography (CT) market size was valued at USD 5.53 billion in 2018 and is projected to expand at a CAGR of 6.5% by 2026. The growing prevalence of various lifestyles associated with chronic diseases such as cancer and cardiovascular conditions and increasing demand for advanced imaging solutions are some of the factors expected to drive the overall market growth.
Contrast Media Market Segmentation
Grand View Research has segmented the global contrast media market based on modality, product type, application, and region:
Contrast Media Modality Outlook (Revenue, USD Million, 2017 - 2030)
- X-ray/CT
- MRI
- Ultrasound
Contrast Media Product Type Outlook (Revenue, USD Million, 2017 - 2030)
- Iodinated
- Barium-based
- Gadolinium-based
- Microbubble
Contrast Media Application Outlook (Revenue, USD Million, 2017 - 2030)
- Cardiovascular Disorders
- Neurological Disorders
- Gastrointestinal Disorders
- Cancer
- Nephrological Disorders
- Musculoskeletal Disorders
- Others
Contrast Media Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Share Insights
- December 2021: Previously GE Healthcare announced acquisition of BK Medical has been finalized. With this acquisition, GE Healthcare enhances its pre-and post-operative ultrasound capabilities to encompass real-time surgical viewing, a fast-growing and relatively new discipline.
- November 2019: GE Healthcare received the U.S. FDA approval for Clariscan, a contrast agent used for macrocyclic MRI. These products help in identifying the need for perioperative scans prior to surgeries and treatment in interventional procedures, which is likely to boost the market growth.
Key Companies profiled:
Some prominent players in the global contrast media market include
- Bayer AG
- General Electric Company
- Guerbet
- Bracco Diagnostic, Inc.
- Nano Therapeutics Pvt. Ltd.
- Lantheus Medical Imaging, Inc.
- iMax
- Trivitron Healthcare
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