CHICAGO, Feb. 20, 2024 /PRNewswire/ — Contrast Media Market in terms of revenue was estimated to be worth $6.3 billion in 2023 and is poised to reach $9.7 billion by 2029, growing at a CAGR of 7.5% from 2023 to 2029 according to a new report by MarketsandMarkets™. Growth in the contrast media market is mainly driven by the rising number of diagnostic centers and hospitals, growing approvals of contrast media, and availability of reimbursement. Increasing research on contrast media and growth opportunities in emerging economies also contribute to the growth of the market. In addition, emerging markets such as India and China are expected to offer growth opportunities for players operating in the contrast media market during the forecast period. However, side effects associated with the use of contrast media are restricting the growth of this market.
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Browse in-depth TOC on “Contrast Media Market”
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Contrast Media Market Scope:
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Report Coverage |
Details |
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Market Revenue in 2023 |
$6.3 billion |
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Estimated Value by 2029 |
$9.7 billion |
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Growth Rate |
Poised to grow at a CAGR of 7.5% |
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Market Size Available for |
2021–2029 |
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Forecast Period |
2023–2029 |
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Forecast Units |
Value (USD Billion) |
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Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Segments Covered |
Type, Form, Modality, Route of Administration, Indication, Application, and End User |
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Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
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Report Highlights |
Updated financial information / product portfolio of players |
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Key Market Opportunities |
Increase in number of clinical trials |
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Key Market Drivers |
Growing preference of digital data collection and analysis |
In 2022, the iodinated contrast media segment held the largest share of the contrast media market, by type segment.
Based on type, the global contrast media market is categorized into iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barium-based contrast media. Iodinated contrast media account for the largest share of the contrast media market. The large share of this segment can be attributed to the growing number of procedures that require the use of iodinated contrast media, owing to benefits such as their versatility and their capacity to be used across multiple modalities such as X-ray and CT.
In 2022, the cardiovascular diseases segment held the largest share of the contrast media market, by indication segment.
By indication, the contrast media market has been segmented into cardiovascular diseases, cancer, gastrointestinal disorders, musculoskeletal disorders, neurological disorders, and nephrological disorders. The large share of cardiovascular diseases indication is attributed to factors rising prevalence of CVD diseases across the globe, coupled with the rise in awareness regarding early diagnosis of diseases.
North America dominates the global contrast media market.
Based on the region, the contrast media market is segmented into North America, Europe, Asia Pacific, and Rest of the world. In 2022, North America accounted for the largest contrast media market share. The large share of the region in the global market can be attributed to the increasing prevalence of chronic conditions and rising healthcare spending. Moreover, presence of key players and number of developments undertaken are helping the region gain a reasonable share in the market.
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Contrast Media Market Dynamics:
Drivers:
1. Increasing prevalence of chronic medical conditions
Restraints:
1. Side effects associated with the use of contrast media
Opportunities:
1. Increasing research on contrast media
Challenge:
1. Dearth of trained professionals
Key Market Players of Contrast Media Industry:
The major players operating in this market are GE HealthCare (US), Bracco Imaging S.p.A. (Italy), Bayer AG (Germany), Guerbet (France), Lantheus Medical Imaging (US), Unijules Life Sciences Ltd. (India), JB Pharma (India), Sanochemia Pharmazeutika (Germany), TAEJOON PHARM Co., Ltd. (South Korea), Jodas Expoim (India), iMax Diagnostic Imaging Limited (Ireland), YZJ Group (China), Livealth Biopharma Pvt. Ltd. (India), Unispire Biopharma Private Limited (India), Acro Lifesciences (I) Pvt. Ltd. (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), Fresenius Kabi (Germany), Biem Ilaç San. ve Tic. A.S. (Turkey), and AdvaCare (US).
The break-up of the profile of primary participants in the contrast media market:
- By Company Type: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
- By Designation: C-level – 45%, D-level – 29%, and Others – 26%
- By Region: North America – 35%, Europe – 27%, Asia Pacific – 32%, Rest of the World- 6%
Recent Developments of Contrast Media Industry:
- In October 2023, The European Commission granted Guerbet marketing authorization (MA) for Elucirem (Gadopiclenol) following the positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP).
- In April 2023, GE HealthCare expanded its contrast media portfolio by introducing Pixxoscan (gadobutrol), a macrocyclic, non-ionic magnetic resonance imaging (MRI) gadolinium-based contrast agent (GBCA). Pixxoscan underwent regulatory review via a decentralized procedure (DCP), securing marketing authorization in Austria.
- In September 2022, The company received FDA approval for the VUEWAY Gadopiclenol contrast media injection for use in adult and pediatric patients aged two years and older during magnetic resonance imaging (MRI) scans.
- In December 2021, Bracco Diagnostics entered into a collaboration agreement with Guerbet for the production and research related to Gadopiclenol, a high-relaxivity macrocyclic contrast agent.
- In March 2021, Guerbet and Bracco Imaging entered into a global strategic collaboration agreement for Gadopiclenol. The companies will collaborate on manufacturing, research, and development for potential future indications. Upon regulatory approval, they will independently commercialize Gadopiclenol, an investigational GBCA, under separate brands.
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Contrast Media Market – Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall contrast media market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
- Analysis of key drivers (rising prevalence of chronic diseases, rising volume of CT and MRI examinations performed, growing number of approvals of contrast media, and rising number of diagnostic centers and hospitals), restraints (Side-effects and risks of allergic reactions associated with contrast media), opportunities (development of generic contrast media and increasing research on contrast media), and challenges (preference of alternative modalities that do not need contrast media and dearth of trained professionals) influencing the growth of the contrast media market
- Product Development/Innovation: Detailed insights on research & development activities, and new product launches and approvals in the contrast media market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the contrast media market across varied regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the contrast media market
- Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like GE HealthCare (US), Bracco Imaging S.p.A. (Italy), Bayer AG (Germany), Guerbet (France), Lantheus Medical Imaging (US) among others in the contrast media market strategies.
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