Market Definition
A contrast agent referred to as a contrast medium, is a substance used to increase the contrast of structures of fluids in the body during medical imaging. Contrast agents improve the visibility of the targeted tissues, structures or blood vessels. Contrast agents alter or absorb external electromagnetism or ultrasound, which further
Market Outlook
The contrast media/contrast agents market was valued at USD 5.1 billion in 2021 and it is anticipated to grow up to USD 7.3 billion by 2031, at a CAGR of 3.6% during the forecast period.
A contrast agent referred to as a contrast medium, is a substance used to increase the contrast of structures of fluids in the body during medical imaging. Contrast agents improve the visibility of the targeted tissues, structures or blood vessels. Contrast agents alter or absorb external electromagnetism or ultrasound, which further emits radiation themselves. Barium-based contrast media, iodinated contrast media, gadolinium-based contrast media, and microbubble contrast media are commonly used contrast agents during MRI and ultrasound. The rising prevalence of cancer, neurological and cardiovascular diseases, growing partnerships and acquisitions among players to launch new products, and emerging innovations in contrast media are some of the factors likely to boost the global contrast media market during the projection period.
The growing approval of contrast agents is propelling the growth of the contrast media market. The increasing global prevalence of chronic diseases has resulted in a significant increase in the demand for diagnostic imaging procedures and, in turn, contrast media. The rising demand for imaging procedures has resulted in extensive R&D by contrast media manufacturers to launch novel products in the market and to get the contrast media approved in new indications. For example, in 2021, Bracco received US FDA approval for the 20-vial pack configuration of Lumason, which is an ultrasound contrast agent.
Similarly, in the upcoming years, competition is anticipated to intensify greatly in the contrast media market owing to the patent expiry of branded contrast media products. This will pave the way for the entry of generic counterparts, which are relatively lower-priced as compared to commercially available branded agents. In developing countries, APIs are manufactured locally, which brings the overall production costs of manufacturing contrasts agents down. So, the patent expiry of various branded products and decreasing costs of manufacturing contrast agents are likely to offer lucrative opportunities for generic players.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Contrast Media/Contrast Agents Market Segmentation
The report analyses the global contrast media/contrast agents market based on the type, modality, route of administration, indication, application, end user, and region.
Contrast Media/Contrast Agents Market by Type
By type, it is segmented into iodinated contrast media, gadolinium based contrast media, microbubble contrast media, and barium-based contrast media. The iodinated contrast media segment is likely to dominate the market during the forecast period. The key factors such as growing number of angioplasty procedures performed across the globe is boosting the growth of the market.
Contrast Media/Contrast Agents Market by Modality
By modality, it is segmented into X-ray/CT, MRI, and Ultrasound. The X-ray segment is likely to dominate the market during the forecast period. The key factors such as the rising prevalence of chronic diseases coupled with growing approvals of contrast agents are propelling the growth of the market.
Contrast Media/Contrast Agents Market by Route of Administration
By route of administration, it is segmented into the intravascular route, oral route, rectal route, and others. The intravascular route is likely to dominate the market during the forecast period. The key factors such as the growing approval of contrast agents coupled with the increasing incidence of chronic disorders boost the growth market during the forecast period.
Contrast Media/Contrast Agents Market by Application
By application, it is segmented into radiology, interventional radiology, and interventional cardiology. The radiology segment is likely to dominate the market during the forecast period. The key factors such as the rising volume of CT and MRI examinations performed coupled with the availability of reimbursement are boosting the growth of the market.
Contrast Media/Contrast Agents Market by End Users
By end user, it is segmented into hospitals, clinics, & ambulatory surgery centers, and diagnostic imaging centers. The hospital, clinics & ambulatory surgery centers segment is likely to dominate the market during the forecast period. The rising geriatric population and the increasing prevalence of CVD across the globe are boosting the growth of the market.
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Major Players in Contrast Media/Contrast Agents Market
The key players studied in the global contrast media/contrast agents 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), 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), Onko Ýlaç San. ve Tic. A.Þ. (Turkey), and Subhra Pharma Pvt. Ltd. (India).
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
- Market Size in 2021 – US$ 5.1 Billion
- Market Size in 2031 – US$ 7.3 Billion
- CAGR % – 3.6%
- Historic Period – 2015-2020
- Forecast Period – 2022-2031
- Base Year – 2021
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