Contrast Media Market Size and Share Report - 2026
The growth in the Contrast Media Market
can be attributed to the rising prevalence of chronic diseases, growing
approvals of contrast agents, rising volume of CT and MRI examinations
performed, growing number of diagnostic centers and hospitals, and
availability of reimbursement. Emerging markets in Asian countries are
expected to offer strong growth opportunities for players in the market.
In contrast, the high cost and inaccessibility of advanced therapeutics
may restrict market growth to a certain extent. The contrast agents
market is segmented based on type, modality, route of administration,
indication, application, end user, and region.
According
to the market research report the global contrast media market size is
projected to USD 5.9 billion by 2026 from USD 4.9 billion in 2021, at a
CAGR of 3.7% during the forecast period.
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Based
on type, the contrast agents market is segmented into iodinated
contrast media, gadolinium-based contrast media, microbubble contrast
media, and barum-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 angioplasty
procedures performed globally.
Based on indication, the contrast
media/contrast agents market has been segmented into cardiovascular
disorders, cancer, gastrointestinal disorders, musculoskeletal
disorders, neurological disorders, and nephrological disorders.
Cardiovascular disorders accounted for the largest market share and
highest growth rate. The large share of this segment can be attributed
to the rising geriatric population and the increasing prevalence of CVD
across the globe.
Opportunity: Generic Contrast Media
In
the coming years, competition is expected to intensify greatly in the
contrast media market due 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. Hence, the patent expiry of various branded
products and decreasing costs of manufacturing contrast agents are
likely to offer lucrative opportunities for generic players.
Challenges: Dearth of trained professional
A
high degree of technical skill and expertise is required to handle
advanced and sophisticated diagnostic imaging systems. According to the
US Bureau of Labor Statistics, radiology technicians may witness
employment growth of about 7% between 2019 and 2029. Although this is
significant, the dearth of specialists and radiologists will challenge
market growth.
The contrast media market is segmented into five
major regions, namely, North America, Europe, Asia Pacific, Latin
America and the Middle East Africa (MEA). North America was the largest
regional market in 2020. The large share of the North American market
can be attributed to presence of major players in the region, high
prevalence of chronic disorders, growing geriatric population, and the
increasing adoption of minimally invasive procedures.
However,
the Asia Pacific Contrast Media Contrast Agent Market is estimated to
grow at the highest CAGR during the forecast period. The rising
prevalence of chronic diseases, the growing demand for quality medical
care, increasing healthcare spending and government initiatives, rising
disposable income, growth in the medical device industries, and
improvements in healthcare infrastructure in Southeast Asian countries
are the major factors driving the growth of the market in the Asia
Pacific.
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The global Contrast Media Contrast Agent Market
is consolidated. The prominent players operating in this market include
GE Healthcare (US), Bracco Imaging SPA (Italy), Bayer AG (Germany),
Guerbet (France), J.B. Chemicals and Pharmaceuticals Ltd. (India),
Lantheus Medical Imaging, Inc. (US), Unijules Life Sciences Ltd.
(India), and SANOCHEMIA Pharmazeutika GmbH (Austria).
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
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