PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1663432
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1663432
Contrast Media Market size was valued at US$ 6,514.2 Million in 2024, expanding at a CAGR of 8.00% from 2025 to 2032.
A contrast medium is a material that is used in medical imaging to improve the contrast of bodily fluid structures. Contrast media improve the visibility of the targeted blood vessels, tissues, or structures. In addition to emitting radiation, contrast media also change or absorb incoming electromagnetic or ultrasonic waves. MRIs and ultrasounds typically use one of the following contrast agents: barium-based, iodinated, gadolinium-based, or microbubble. Growing alliances and acquisitions among companies to launch new products, rising rates of cancer, neurological and cardiovascular illnesses, and new developments in contrast media are some of the reasons that are expected to propel the worldwide contrast media market throughout the forecast period. Moreover, some of the main factors propelling the growth of the contrast media market throughout the forecast period include rising incidence and prevalence of cancer and heart illnesses, growing demand for image-guided diagnostics and procedures, and technical improvements in medical imaging techniques. However, the high cost of the contrast media injectors and the negative consequences of using contrast media, such as bluish skin, vomiting, and stomach pains, are some of the factors holding back the growth of the worldwide contrast media market throughout the forecast period.
Contrast Media Market- Market Dynamics
Rise in healthcare spending
The primary driver of the market's expansion is the rise in healthcare spending. The market is anticipated to be impacted by the notable rise in medical expenditures in a number of nations in recent years. For instance, during the projection period, the demand for contrast media in various diagnostic imaging would be driven by the anticipated growth in healthcare facility spending due to the rise in disposable income. For example, healthcare expenditures made up 18.3% of the US GDP in 2022, up from 17.6% in 2019. Additionally, healthcare costs are rising in a number of countries, including Brazil and India. Thus, the adoption of sophisticated medical facilities will be greatly influenced by the rising costs of healthcare. Therefore, the expansion of the contrast media market is anticipated to be driven by countries' increased healthcare spending in order to improve the healthcare infrastructure, satisfy patients' increasing needs, and provide cutting-edge medical treatment.
Contrast Media Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 8.00% over the forecast period (2025-2032)
Based on product segmentation, the iodinated was predicted to show maximum market share in the year 2024
Based on route of administration segmentation, intravenous was the leading segment in 2024
Based on application segmentation, neurological disorders were the leading segment in 2024
Based on end-use segmentation, hospitals were the leading segment in 2024
On the basis of region, North America was the leading revenue generator in 2024
The Global Contrast Media Market is segmented on the basis of Product, Modality, Route of Administration, Application, End-use, and Region.
On the basis of product, the market is segregated into Microbubble, Iodinated, Gadolinium-Based, and Barium-Based. In 2024, the market was dominated by the iodinated category, ascribed to the widespread use of CT and X-ray techniques as well as the accessibility of stable, nonionic iodinated substances for better diagnosis. Although barium-based contrast media are sometimes used for oral and rectal delivery, iodinated contrast media are typically given intravenously. CT and X-ray pictures are improved by using contrast media based on iodine. Additionally, they are employed to improve the imaging of the brain, soft tissues, arteries and veins, internal organs, and the gastrointestinal tract. In addition to cancer, iodinated contrasting media can be used for a wide range of indications, such as neurological, gastrointestinal, nephrological, cardiovascular, and musculoskeletal problems.
Based on application, the market is divided into Musculoskeletal Disorders, Cancer, Nephrological Disorders, Cardiovascular Disorders, Gastrointestinal Disorders, Neurological Disorders, and Others. In 2024, the neurological disorders category held a dominant market share. Since MRI contrast media produce superior images of brain structures than CT, their use is encouraged by diagnostic evaluation of the central nervous system for neurological illnesses. Gadolinium-based contrast agents are used to visualize demyelinated, inflammatory, and neoplastic lesions. In one in three MRIs, gadolinium-based contrast agents are employed to improve picture quality. By making blood vessels, inflammation, and tumours more visible, these contrast agents increase the accuracy of the diagnosis. The three most often used macrocyclic gadolinium-based contrast agents in the United States for the diagnosis of neurological diseases are Gadavist, Dotarem, and Prohance. Adults and children two years of age and up may get them intravenously to view abnormally vascularized brain, spine, and related tissue abnormalities.
Contrast Media Market- Geographical Insights
In 2024, North America held a dominant position in the global market for Contrast Media. The increased funding for biomedical research from both government and non-governmental groups is largely responsible for the market's rise. On October 3, 2022, for instance, SNMMI announced a US$100,000 award for nuclear medicine imaging research and development to address lobular mammary neoplasia. This is anticipated to lead to significant expansion. Increased financing in the area enables a lot of research projects, which will lead to more creative ideas for new product releases that require contrast media. Additionally, the growing number of start-ups investing in medical devices is another driver driving the rise of market revenue in this region.
However, throughout the projected period, the Asia-Pacific region is anticipated to see the fastest CAGR. This is because healthcare infrastructures are getting better, and people are becoming more conscious of the importance of early diagnosis. Furthermore, another reason propelling the growth of this region's market revenue is the rising prevalence of chronic ailments like cancer, neurological disorders, intestinal illnesses, and cardiovascular diseases (CVDs). In India, for example, non-communicable diseases accounted for 63% of all deaths, with cardiovascular diseases accounting for 27% of these deaths, according to the World Health Organization (WHO). Moreover, The number of innovative molecular imaging techniques generated is anticipated to be significantly impacted by the growing number of startups. Throughout the projection period, they are also expected to accelerate market expansion.
Major companies such as Bayer AG, General Electric Company, Jodas Expoim Pvt. Ltd., Lantheus, and Guerbet, among others, are using strategies including mergers, acquisitions, and partnerships to grow their market share. Additionally, they are launching new products. To increase their customer bases and market shares internationally, major firms are pursuing mergers and acquisitions. Acquisitions provide companies with a better portfolio and a wider geographic reach, which helps them expand their footprint. Disease indication extension is prevalent in this industry since it enables companies to gain the confidence of particular demographic groups. Through approvals for certain indications, businesses can boost the adoption of their products and target specific patient segments. For instance, in April 2023, by launching Pixxoscan (gadobutrol), a macrocyclic, non-ionic gadolinium-based contrast agent (GBCA) for magnetic resonance imaging (MRI), GE HealthCare broadened its range of contrast media. Pixxoscan obtained marketing clearance in Austria after undergoing regulatory evaluation through a decentralized procedure (DCP).
Recent Development
August 2024: Bayer AG said that a Phase III clinical trial for a new gadolinium-based contrast agent with a better relaxivity and safety profile had been completed. This agent may provide improved MRI imaging capabilities for neurological applications.
April 2024: A novel AI-powered contrast media injection device was introduced by GE Healthcare with the goal of enhancing image quality and lowering the risk of contrast-induced nephropathy by optimizing contrast dose and time for customized imaging regimens.
March 2024: The US Food and Drug Administration approved Lantheus Holdings Inc.'s supplemental new drug application (sNDA) for DEFINITY (Perflutren Lipid Microsphere), an ultrasound-enhancing agent intended for use in pediatric patients with poor echocardiograms.
June 2023: The US Food and Drug Administration authorized the iodine-based contrast agents Iopromide-300 and -370 (Ultravist). In addition to mammography and/or ultrasound, the product can be used to visualize known or suspected breast lesions in adults.