The report predicts the global Contrast Media/Contrast Agents Market to grow with a CAGR of 6.8% over the forecast period from 2022 to 2031.
Contrast agents have evolved significantly over the past century, from barium and iodine-based agents that were used initially by medical practitioners and radiologists, to the more advanced agents like radiopharmaceuticals and gold nanoparticles that are currently in use. Sophisticated techniques such as targeted MRI imaging and gas microbubble technology in ultrasound will prove to be essential drivers in the widespread use of contrast agents in the future.
The global contrast media market is broadly segmented into barium-based, iodinated, and gadolinium-based contrast media. These products are further categorized based on the medical procedure (X-ray, CT, MRI, ultrasound, and catheterization laboratory), route of administration (oral, injection, rectal, and urethral), medical indication (cardiovascular, respiratory, musculoskeletal, gastrointestinal, and neurology, nephrology, and oncology) and finally application (radiology, interventional radiology, and interventional cardiology). The global contrast media market is worth $6.2 billion in 2012, and is estimated to grow at a CAGR of 6.8% to reach $8.6 billion by 2031.
The global contrast media market, though fairly mature at present (2012), still shows potential to grow over the next five years. It is propelled by the increasing demand for diagnostic imaging and image-guided surgical procedures, technological advances in diagnostic imaging, and the ever-increasing incidence rates of cancer and cardiac disorders. However, a few pivotal factors affecting the growth of this market are major economies of the world undergoing healthcare reforms, thereby affecting contrast media sales and the economic slowdown restricting the overall growth of this market.
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The U.S. represents the largest contrast media market worldwide, followed by Europe and Japan. However, the economic slowdown has augmented opportunities for emerging markets like India and China to strengthen their position in the global arena. Advances in medical technology coupled with huge foreign investments from developed nations, allow these emerging markets to compete with global market leaders in this segment. Investment firms are increasingly focusing on expansion in developing markets of Asia, Latin America, and Eastern Europe since the U.S. is on the brink of embracing healthcare reforms and major economies in Europe are still recovering from huge financial deficits.
The global marketplace is highly competitive, with several small players specific to particular geography challenging major ones. Owing to the recession and the emerging opportunities in developing countries, many small companies have similar product offerings at competitive prices. Some of the major players profiled in this report are GE Healthcare (U.K.), Bracco Diagnostic, Inc. (Italy), Bayer Healthcare Pharmaceuticals (Germany), Covidien (Ireland), and Guerbet Group (France).
The scope of the report spans the global contrast media market which comprises:
Global Contrast Media Market, by Product
Barium-based contrast media
Iodinated contrast media
Low-osmolar contrast media (LOCM)
High-osmolar contrast media (HOCM)
Gadolinium-based contrast media
Global Contrast Media Market, by Route of Administration
Oral
Injection
Intravenous (I.V.)
Intra-arterial (I.A.)
Rectal
Urethral
Global Contrast Media Market, by Medical Procedure
X-ray
Computed tomography (CT)
Magnetic resonance imaging (MRI)
Ultrasound
Catheterization laboratory (cath lab)
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Global Contrast Media Market, by Indication
Cardiovascular disorders
Neurological disorders
Gastrointestinal disorders
Respiratory diseases
Musculoskeletal anomalies
Nephrological disorders
Oncology (tumor detection)
Global Contrast Media Market, by Application
Radiology
Interventional radiology
Interventional cardiology
Contrast Media Market, by Geography
North America
U.S.
Canada
Europe
United Kingdom (U.K.)
Germany
France
Italy
Spain
Scandinavian countries (Sweden, Denmark, Finland, and Norway)
Rest of Europe
Asia-Pacific (APAC)
Japan
China
India
Rest of Asia-Pacific
Rest of the world (RoW)
Latin America
Middle East & Africa
Russia
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Each section of the report offers market data for the various market segments and geographies. It also provides in-depth information on market trends with respect to drivers, restraints, opportunities, and technology trends.
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