The U.S. contrast media market is anticipated to reach USD3.36 billion by 2030, registering a CAGR of 4.12% over the forecast period, according to a new report by Grand View Research, Inc. The increasing burden of chronic diseases is creating a demand for diagnostic imaging procedures, which, in turn, is driving the market growth. Imaging tests, such as MRI, have become an integral part of the diagnosis for most diseases, and large-scale penetration of imaging technology in healthcare has increased the demand for contrast media in the U.S. market. Chronic diseases, such as cancer and diabetes, are rapidly becoming a major public health concern and are among the leading causes of death across the U.S., resulting in the need for early diagnostic tools and effective treatment options.
U.S. Contrast Media Market Report Highlights
- Imaging tests, such as MRI, have become an integral part of the diagnosis for most diseases, and large-scale penetration of imaging technology in healthcare has increased the demand for contrast media in the U.S. market
- The iodinated type segment accounted for the largest market share in 2021 on account of excellent radio-opacity and low toxicity of iodinated contrast media than other agents
- The X-ray/CT scan modality segment held the largest revenue share in 2021. Wide acceptance and cost-efficiency of X-ray/CT modality boost the adoption of contrast agents for this modality
- The rising demand for imaging procedures has resulted in extensive R&D activities by contrast media manufacturers to launch novel products in the market and to get approved for new indications
- For instance, in 2021, Bracco got the U.S. FDA approval for 20-vial pack configuration of Lumason, which is an ultrasound contrast media agent
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Hence, the increasing prevalence of complex comorbidities and long-term diseases is one of the major drivers of imaging tests and contrast agents; thus, contributing to the market growth. The COVID-19 outbreak had a negative impact on the market due to decreased patient visits to hospitals. Many radiology departments experienced a rapid decline in imaging case volume. However, many states in the U.S. have begun to reopen their economies; however, it will take time for the utilization rate of contrast media to reach pre-pandemic levels. In addition, with the launch of COVID-19 vaccines and ease in restrictions, the import and export of raw materials have resumed. This, in turn, therefore, is expected to boost the market growth over the forecast period.
COVID-19 Impacts On U.S. Contrast Media Market
The COVID-19 outbreak had a negative impact on the market due to the decreased patient visits to hospitals. The pandemic has put significant strain on healthcare systems. Healthcare institutes and providers were instructed to stop performing elective surgical procedures and medical examinations to slow the spread of the disease and conserve healthcare resources for COVID-19 patients. All diagnostic procedures except COVID-19 diagnosis showed a significant decline in 2020, which affected the market growth. However, with the launch of COVID-19 vaccines and ease in restrictions, import & export of raw materials has resumed, therefore, the market is expected to grow at a significant pace over the forecast period.
Competitive Analysis By Major Companies
Key players are adopting strategies, such as mergers & acquisitions and indication extension, to enhance their market position. Acquisitions aid companies in increasing their presence with wider geographical reach and stronger portfolios. Disease indication extension is popular in this market as it enables companies to gain the confidence of select population subsets. With approvals for specific indications, companies target niche patient cohorts and boost the adoption of their products. Some prominent players in the U.S. contrast media market include:
- Bayer AG
- GE Healthcare
- Guerbet
- Lantheus Medical Imaging, Inc.
- Bracco Diagnostic, Inc.
- Nano Therapeutics Pvt. Ltd.
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U.S. Contrast Media Market Segmentation
Grand View Research has segmented the U.S. contrast media market on the basis of type, modality, and application:
- S. Contrast Media Type (Revenue, USD Million, 2018 – 2030)
- S. Contrast Media Modality (Revenue, USD Million, 2018 – 2030)
- S. Contrast Media Application (Revenue, USD Million, 2018 – 2030)
- List of Key Players of U.S. Contrast Media Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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