PUBLISHER: The Business Research Company | PRODUCT CODE: 1425355
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425355
Contrast Media Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on contrast media market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for contrast media? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The contrast media market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Contrast media, also known as contrast agents, are chemical substances that enhance the contrast of fluids or structures within the body, thereby improving the contrast resolution of imaging modalities. These agents play a crucial role in enhancing the quality of medical images, enabling radiologists to assess the functioning of the body and detect any diseases or anomalies.
The primary types of contrast media include barium-based contrast media, iodinated contrast media, gadolinium-based contrast media, and microbubble contrast media. Microbubble contrast media are specifically used in contrast-enhanced ultrasound, and they are administered intravenously. Other routes of administration include oral, rectal, and various modalities such as X-Ray or CT, MRI, and ultrasound. Contrast media find applications in diagnosing and imaging various medical conditions, including cardiovascular diseases, oncology, gastrointestinal disorders, neurological disorders, and more. They are commonly used in hospitals and clinics as part of medical imaging procedures.
The contrast media market research report is one of a series of new reports from The Business Research Company that provides contrast media market statistics, including contrast media industry global market size, regional shares, competitors with a contrast media market share, detailed contrast media market segments, market trends and opportunities, and any further data you may need to thrive in the contrast media industry. This contrast media market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The contrast media market size has grown steadily in recent years. It will grow from $4.51 billion in 2023 to $4.72 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historical period can be attributed to the aging population and their healthcare needs, the expansion of radiology and imaging centers, an increase in minimally invasive procedures, the rising incidence of cardiovascular diseases, and the globalization of healthcare services.
The contrast media market size is expected to see steady growth in the next few years. It will grow to $5.65 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The anticipated growth in the forecast period is attributed to the emergence of molecular imaging, the expansion of diagnostic imaging modalities, the adoption of personalized medicine approaches, the global burden of cancer, the increasing applications in neuroimaging, and the shift towards outpatient imaging services. Key trends expected in this period include advancements in imaging technologies, a heightened focus on patient safety and reduced nephrotoxicity, an increasing utilization in interventional radiology, the expanding applications in oncology imaging, the introduction of low-osmolality contrast media, and the adoption of microbubbles in ultrasound imaging.
The contrast media market is poised for growth due to the increasing prevalence of long-term diseases and complex comorbidities. Comorbidities, indicating the presence of multiple diseases in one individual simultaneously, have become more prevalent, particularly among those with intellectual disabilities and chronic conditions. Contrast media procedures in medical imaging, aimed at emphasizing tissue distinctions, are in high demand, provided they offer optimal contrast concentrations without side effects. For instance, data from May 2022 revealed higher occurrences of 2 or more comorbidities before age 65 in individuals with intellectual disabilities. The rising incidence of long-term diseases and complex comorbidities is a significant driver for the growth of the contrast media market.
The contrast media market is experiencing growth propelled by the increased use of diagnostic procedures. Diagnostic procedures, essential for determining the presence and nature of diseases or conditions, have witnessed a surge in demand. Contrast media play a crucial role in enhancing diagnostic accuracy by highlighting specific structures within the body. For example, statistics from November 2022 indicated that the NHS performed over 4 million diagnostic procedures, with a notable 21% increase in CT scans over the past two years. The heightened reliance on diagnostic procedures is a key factor contributing to the growth of the contrast media market.
Technological advancement emerges as a prominent trend in the contrast media market, with major companies prioritizing the development of innovative solutions. In June 2022, Bayer, a Germany-based company in the contrast media sector, introduced Calantic Digital Solutions, a platform offering access to digital applications, including AI-enabled programs for medical imaging. This platform aids radiologists and healthcare teams by enhancing lesion detection, prioritization, quantification, and overall productivity. The integration of advanced technologies is a strategic move to reinforce the market position of companies operating in the contrast media space.
Strategic partnerships are a notable approach adopted by major companies in the contrast media market to provide comprehensive solutions. In September 2023, Hologic Inc., a US-based healthcare technology company, entered into a partnership with Bayer AG to offer contrast-enhanced mammography (CEM) technologies in various countries. CEM, a sensitive breast imaging technique, combines computerized mammography with a contrast agent to aid in breast cancer detection. The partnership aims to deliver a complete package for breast imaging facilities, combining Hologic's mammography gantries with Bayer's CEM-approved injectable devices. The collaboration aims to meet the needs of radiologists by offering a comprehensive product bundle and hands-on training for the successful adoption of CEM in their facility's workflow.
In December 2021, GE Healthcare, a US-based medical technology company, made a strategic acquisition of BK Medical for $1.45 billion. This acquisition adds real-time surgical visualization capabilities to GE Healthcare's portfolio, complementing its pre- and post-operative ultrasound capabilities. BK Medical, a UK-based company specializing in contrast media, enhances GE Healthcare's offerings, providing an end-to-end solution from diagnosis through therapy and beyond.
Major companies operating in the contrast media market report are Bayer AG, GE Healthcare, Guerbet Group, Lantheus Medical Imaging Inc., Unijules Life Sciences Ltd., J. B Chemicals and Pharmaceutical Ltd., Trivitron Healthcare Pvt. Ltd., Taejoon Pharm Co Ltd., Nano Therapeutics Pvt. Ltd., iMax Diagnostic Imaging Limited, Jodas Expoim Pvt Ltd., Livealth Biopharma Pvt. Ltd., SANOCHEMIA Pharmazeutika GmbH, Kiran Medical Systems Limited, Unispire Biopharma Private Limited, Daiichi Sankyo Company Limited, Bracco Diagnostics Inc., Jiangsu Hengrui Medicine Co. Ltd., Shanghai Xudong Haipu Pharmaceutical Co. Ltd., Spago Imaging AB, Curium Inc., Poly Pharmaceutical Co. Ltd., Zhejiang Starry Pharmaceutical Co. Ltd., Yangtze River Pharmaceutical Group, Wuhan Grand Hoyo Co. Ltd., China Resources Zizhu Pharmaceutical Co. Ltd., AMAG Pharmaceuticals Inc., and Guerbet LLC.
North America was the largest region in the contrast media market in 2023. Asia-Pacific is expected to be the fastest-growing region in the contrast media market report during the forecast period. The regions covered in the contrast media market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the contrast media market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The contrast media market consists of sales of Di meglumine injection, iodine-based contrast materials. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.