The global Contrast Media Market is growing at a rapid pace, driven by increase in incidence of cancer and cardiovascular diseases. The global contrast media market was valued at US$ 4,600 Mn in 2017 and is projected to expand at a CAGR of 4% from 2018 to 2026 to reach over US$ 6,500 Mn by 2026. The global market is witnessing relatively higher growth owing to increase in technological advancements in contrast agents, increase in number of installed base of CTs and MRIs, and rise in prevalence of chronic disease across the globe.
Contrast agent/media is a substance used to enhance the contrast of fluids and structures of the body during medical imaging. These agents are used in X-ray, CT scan, angiography, and ultrasound imaging. The major types of contrast agent are iodine-based compounds, barium sulfate-based compounds, and gadolinium-based compound. These compounds are injected with the help of contrast media injectors through different routes of administration.
The global contrast media market is witnessing significant growth and is expected to expand at steady CAGR during the forecast period from 2018 to 2026. Increase in number of installations of imaging devices such as CT and MRIs globally, rise in prevalence of cancer and cardiovascular diseases, and surge in awareness about pre-diagnosis of diseases such as cancers and other cardiovascular diseases are expected to boost the growth of the global contrast media market during the forecast period. Furthermore, rise in awareness about diseased conditions and increase in health care expenditure are the other factors likely to propel the global market during the forecast period. Adverse effects of contrast agents and stringent regulatory scenario in several developing regions are the factors projected to hamper the growth of the global contrast media market during the forecast period.
The global contrast media market has been segmented based on type, route of administration, imaging modality, application, and region. In terms of type, the market has been classified into iodine-based compounds, barium sulfate-based compounds, gadolinium-based compounds, and microbubbles/microspheres. The iodine-based compounds segment held major market share in terms of revenue in 2017. Iodinated contrast media are low osmolar and can be non-ionic, and hence, can be used in several applications. This is expected to fuel the growth of the segment.
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Based on route of administration, the global contrast media market has been categorized into oral, rectal, intravenous/intra-arterial, others. The intravenous/intra-arterial segment held the largest share of the market in terms of revenue in 2017, followed by the oral segment. Intravenous is the safest and most common route of administration of contrast media to enhance imaging. This is one of the factors propelling the segment.
In terms of imaging modality, the global contrast media market has been divided into CT/X-ray, ultrasound, MRI, and others. The CT/X-ray segment held the largest share of the global market owing to increase ion installation of CT scanners across the globe.
Based on application, the global contrast media market has been segmented into oncology, cardiology, neurology, and others. The cardiology segment is anticipated to dominate the market during the forecast period due to high prevalence of chronic diseases across the world.
Geographically, North America held significant share of the global market in terms of revenue, followed by Europe. Developed countries such the U.K., the U.S., and Germany show higher awareness about pre-diagnosis of diseases. This is expected to boost the growth of the market in the regions. Moreover, developed infrastructure, increase in health care investment, and robust R&D in countries in the regions are the others factors driving the market. The market in Asia Pacific is growing at a rapid apace. Developed countries such as Australia and Japan are favorable for the growth of the market. India and China are the potential markets for contrast media due to increase in population, and rise in installations of capital equipment.
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Key players in the global contrast media market include GE Healthcare, Bayer AG, Bracco Diagnostic, Inc., Guerbet Group, Lantheus Medical Imaging, Inc., nanoPET Pharma GmbH, Subhra Pharma Private Limited, and Spago Nanomedical AB.