Market Scenario
Contrast Media Market is expected to grow significantly over the forecast period. It is anticipated that the market held a market value of USD 4.96 Billion in 2018 and is projected to register a 3.5% CAGR over the forecast period.
Contrast media, also called contrast agents, are chemical components introduced into the body before imaging examination to distinguish normal from abnormal conditions. The companies involved in this market are launching new products and technology with advanced product quality and features. For instance, On November 2019, GE Healthcare receives US Food and Drug Administration (FDA) approval for Clariscan (adulterate meglumine) anionic, gadolinium macrocyclic-based contrast agent injection for intravenous use. Additionally, in September 2019 Bayer AG launched the Medrad Stellant Flex CT injection system that enables contrast dose management.
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The kay factors driving the market growth are the increasing prevalence of cancer, cardiac disease, and also accidental cases, which require medical imaging to examine patient conditions at different stages of treatment increase the demand for global contrast medical market.
However, factors such as side effects, adverse or allergic reactions such as stomach cramps, diarrhea, nausea, vomiting, and constipation hamper the market growth.
Segmentation
The global contrast media market has been segmented into type, form, procedures, application, and route of administration.
The global market, based on type, has been segmented into iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barium-based contrast media. On the basis of form, the global contrast media market has been segmented into tablet, powder, liquid, and paste. On the basis of procedures, the market has been segmented into X-ray/computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, and others.
Based on application, the market has been segmented into cardiovascular disease, oncology, gastrointestinal disorders, neurological disorders, and other indications.
The global market, by route of administration, has been segmented into rectal, oral, and injectable.
The contrast media market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The contrast media market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada.
The European contrast media market has been segmented into Western Europe and Eastern Europe. Western Europe has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
The Asia-Pacific contrast media market has been segmented into Japan, China, India, Latin Korea, Australia, and the rest of Asia-Pacific.
The contrast media market in the Middle East & Africa has been segmented into the Middle East and Africa.
Key Players
DAIICHI (Japan), NANOSCAN IMAGING (US), Bayer AG (Germany), Bracco Diagnostic Inc. (US), GE Healthcare (US), Guerbet Group (France), Jodas Expoim (India), Lantheus Medical Imaging Inc. (US), Magnus Health (US), Spago Nanomedical AB (Germany), and Taejoon Pharm (Korea) are some of the key players in the global contrast media market.
Regional Market Summary
Geographically, the market has been segmented, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is anticipated to dominate the global contrast media market owing to the increasing demand for medical imaging, for the diagnosis of various health condition and people suffering from spinal injury, brain problem, intestinal diseases, cancer and other diseases requiring medical imaging. The American Cancer Society, Inc estimated the 1,762,450 people will be diagnosed with cancer in the US in 2019. Such as huge patient population diagnosed with cancer increases the market growth.
Europe is expected to hold the second-largest position in the global contrast media market. The growing economy, increasing healthcare expenditure, and the presence of a large number of medical device companies in this region drive market growth. According to the diagnostic imaging dataset published by The National Health Service (NHS) England it was reported that 41.4 million imaging tests were reported in England from December 2016 to November 2017, in which, plain radiography, that is X-ray, was most common with 1.87 million, followed by diagnostic ultrasonography, ultrasound, computerized axial tomography, and magnetic resonance imaging.
Asia-Pacific is expected to be the fastest-growing region owing to the increasing geriatric population with spinal problems, fractures, and health issues. The increasing patient pool increases the demand for medical imaging, which boosts the contrast media market in this region.
The Middle East & Africa is estimated to hold the least share of the market. But increasing diagnostic centers, hospitals, and clinics may drive the market growth.
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