Contrast Media/Contrast Agent Market Size, Share, Trends, Growth 2030

Contrast Media/Contrast Agent Market Size:

The global contrast media/contrast agent market size was worth around USD 4.1 Billion in 2021 and is predicted to grow to around USD 5.6 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 3.5% between 2022 and 2030.

The report analyzes the global contrast media/contrast agent market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the contrast media/contrast agent market.

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Contrast Media/Contrast Agent Market: Overview

A patient will frequently be asked to have an imaging examination when a doctor needs to comprehend what is happening inside the body. The selection of imaging tests, including x-rays, ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), and fluoroscopy, is based on the exams' capacity to reveal precise details about bodily structures. The diagnostic value of those imaging tests is increased by the introduction of contrast materials, often known as contrast agents or contrast media. Contrast materials are not dyes that alter interior organs permanently. They are drugs that momentarily alter how the body reacts to x-rays or other imaging devices.

Key Insights

• As per the analysis shared by our research analyst, the global contrast media/contrast agent market is estimated to grow annually at a CAGR of around 3.5% over the forecast period (2022-2030).
• In terms of revenue, the global contrast media/contrast agent market size was valued at around USD 4.1 billion in 2021 and is projected to reach USD 5.6 billion, by 2030.
• The rise in the prevalence of chronic diseases, the rising need for image-guided treatments and diagnostics, and the significant number of approvals for contrast agents are the main drivers of the expansion of the contrast media market.
• Based on the modality, the X-ray/CT segment accounted for the largest market share in 2021.
• Based on the product type, the iodinated segment is projected to hold the largest market share over the forecast period.
• Based on the application, the neurological disorders segment is expected to dominate the market during the forecast period.
• Based on region, North America is expected to dominate the market during the forecast period.

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Contrast Media/Contrast Agent Market: Growth Drivers

The need for contrast test agents is growing significantly to drive the market growth

The global contrast media/contrast agent market is projected to rise as a result of an increase in MRI, CT, and ultrasound exams as well as a strengthening of the healthcare system by hospitals and diagnostic facilities. The contrast media sector is expected to see a considerable increase in competition as a result of the patent expiration of branded contrast media products. This will enable the market entry of generic analogs, which are less expensive than commercially available branded agents.

Local production of APIs in developing countries reduces the overall cost of making contrast agents. The market will develop since more technicians are working in this area. The US Bureau of Labor Statistics projects that between 2019 and 2029, employment for radiology technologists will increase by roughly 7%. As a result, the patents on some branded pharmaceuticals are about to expire, and decreased production costs for contrast agents would likely open up lucrative opportunities for generic players.

Contrast Media/Contrast Agent Market: Restraints

The price of contrast media devices is very high that limiting the market growth

Moderate-to-severe immediate ADRs contributed to increased expenses of USD 1657 and USD 6285 for low-osmolar contrast media, respectively, which restrained market expansion. The high price of contrast media injectors, the minor and unfavorable side effects of contrast media, and a lack of skilled professionals to operate the newest imaging technology are projected to restrain global market growth over the projection period.

Contrast Media/Contrast Agent Market: Opportunities

Expanding the use of contrast agents provides a lucrative opportunity

The need for diagnostic imaging treatments and, consequently, contrast media, are increasing as the prevalence of chronic diseases increases worldwide. Contrast media producers have made significant R&D investments as a result of the rising demand for imaging procedures to launch new products and acquire approval for novel indications. For instance, in 2021, Bracco received FDA approval for the 20-vial pack design of the ultrasound contrast agent Lumason. Growing technological advancements in prenatal genetic screening would enhance the contrast media/contrast agent industry.

Contrast Media/Contrast Agent Market: Challenges

Side effects and allergic reactions act as a major challenge

Contrast agents can be used safely in a variety of diagnostic techniques, including MRI and CT scans. However, some of the adverse effects and allergic responses linked to their use could somewhat restrain market expansion. Serious allergic reactions to contrast material are extremely rare, and adverse reactions can range from moderate to severe, which act as a major challenge for market expansion.

Contrast Media/Contrast Agent Market: Segmentation

The global contrast media/contrast agent market is segmented based on modality, product type, application, route of administration, end-use, and region.

Based on the modality, the global market is bifurcated into X-ray/CT, MRI, and Ultrasound. The X-ray/CT segment accounted for the largest market share in 2021 and is expected to show its dominance during the forecast period. High-resolution 3D pictures of structures are produced with the aid of X-ray/CT contrast agents. In X-ray and CT procedures, barium-based and iodinated contrast fluids are used. When supplied or injected into the body, barium, and iodine contrast agents block X-rays and prevent the rays from passing through. Images of the body's organs, blood vessels, and other tissues that momentarily contain barium- or iodinated-based contrast agents alter as a result.

The widespread use of X-rays and CT for a variety of disorders is anticipated to propel market expansion. On the other hand, the ultrasound segment is expected to grow at the fastest CAGR during the forecast period. To see tissue microcirculation, contrast agents for ultrasound imaging have been created. Microbubbles are typically used as the modality's agents because they improve the blood's echogenicity, allowing for better imaging and evaluation of tissue vascularity, major veins, and heart cavities. The significant advantages that ultrasound contrast agents have over other imaging modalities are expected to drive the market's expansion.

Based on the product type, the global contrast media/contrast agent market is categorized into iodinated, barium-based, gadolinium-based, and microbubble. The iodinated segment is projected to hold the largest market share over the forecast period. The segment growth is attributed to the availability of nonionic stable iodinated chemicals as well as the strong penetration of X-ray and CT techniques that allow for enhanced diagnosis.

Although iodinated contrast agents are often injected intravenously, barium-based agents may rarely be used instead for rectal and oral delivery. CT and X-ray images are enhanced using contrast materials with an iodine base. They are utilized to improve the vision of the brain, GI tract, internal organs, arteries, and veins. Iodinated contrasting media are frequently used for several reasons, including cancer, gastrointestinal, cardiovascular, musculoskeletal, neurological, and nephrological problems.

Based on the application, the global contrast media/contrast agent is divided into cardiovascular disorders, neurological disorders, gastrointestinal disorders, cancer, nephrological disorders, musculoskeletal disorders, and others. The neurological disorders segment is expected to dominate the market during the forecast period. The use of MRI contrast agents is encouraged by the diagnostic assessment of the CNS for neurological disorders because they offer superior images of neural structures than CT. Gadolinium-based contrast agents are used to see demyelinated, inflammatory, and neoplastic lesions.

One in three MRIs include gadolinium-based contrast agents to improve picture quality, which increases diagnostic precision by making blood arteries, inflammation, and tumors more visible. The most frequently utilized macrocyclic gadolinium-based contrast agents in the United States for the diagnosis of neurological diseases are Gadavist, Dotarem, and Prohance. To identify lesions with aberrant vascularity in the brain, spine, and related tissues, they are authorized for intravenous use in adults and pediatric patients, 2 years of age or older.

Based on the route of administration, the global market is segmented into an intravascular route, oral route, rectal route, and others.

Based on the end-use, the market is segmented into hospitals, clinics, ambulatory surgery centers, and diagnostic imaging centers.

Recent Developments:

• In July 2022, Fresenius Kabi announced the availability of a portfolio of generic contrast media agents in the United States, beginning with the sale of Iodixanol Injection, USP, a medicine listed as in low supply by the U.S. Food and Drug Administration (FDA). Iodixanol Injection, USP is the first generic iso-osmolar, dimeric iodinated contrast media agent approved by the FDA for use in diagnostic x-ray imaging such as computed tomography (CT) scans.
• In February 2022, Lopamidal from Beijing Beilu Pharmaceuticals passed the generic drug Consistency Evaluation. The evaluation aids in comparing the quality and efficacy of generic medications to the brand version of the drug.

Contrast Media/Contrast Agent Market: Report Scope:

Contrast Media/Contrast Agent Market: Regional Analysis

North America is expected to dominate the market during the forecast period

The contrast media market is dominated by North America, which is anticipated to maintain a similar pattern without experiencing substantial deviations during the projected period. In the US, the first gadolinium-based contrast agent was authorized. In the past ten years, only four agents have received approval in the United States, and as a result, there has been a significant tendency in the market to keep looking for agents that are more effective, more accurate, and safe. Over the upcoming years, the United States sales of contrast media are anticipated to increase.

Sales of contrast media for the ultrasound industry are anticipated to develop quickly among the various imaging modalities. The greatest consumer market for contrast media in North America is found in the United States. The main reason fueling the market's expansion in the US is the rise in chronic diseases, such as cardiovascular and neurological diseases. For instance, according to the New York State Department of Health, In the United States, heart disease claims the lives of about 697,000 people annually or 1 in every 5 fatalities.

The most prevalent form of heart disease, coronary heart disease (CHD), claims the lives of over 382,820 people each year. Around 805,000 Americans experience a heart attack each year. 605,000 of these result in a first-time heart attack, while 200,000 are caused by previous heart attacks.

Besides, the Asia Pacific is expected to grow at the highest CAGR over the forecast period. The growth in the region is attributed to the presence of both established local and international manufacturers. For instance, one of the largest contrast media production facilities of GE Healthcare is General Electric Pharmaceuticals (Shanghai) Co., Ltd., a division of GE that manufactures diagnostic pharmaceuticals (CT/MR contrast media) in China. Moreover, the growing prevalence of various chronic diseases such as cancer, heart, and others.

For instance, According to research by the Indian Council for Medical Research on the "Burden of cancer in India," seven cancers accounted for more than 40% of the overall disease burden: lung (10.6%), breast (10.5%), esophagus (5.8%), mouth (5.7%), stomach (5.2%), liver (4.6%), and cervix uteri (4.3%). The number of cancer patients in India is expected to rise from 26.7 million in 2021 to 29.8 million in 2025.

The Northeast and the North had the highest incidence last year (2,408 patients per 100,000). (2,177 per 100,000). Men had a higher rate of it. Thus, the aforementioned facts drive the market growth over the forecast period.

Contrast Media/Contrast Agent Market: Competitive Analysis

The global contrast media/contrast agent market is dominated by players like:

• Bracco Imaging Spa
• CMC Contrast AB
• GE Healthcare
• Guerbet Group
• Nanopet Pharma GmbH.
• Sanochemia Pharmazeutika AG
• Subhra Pharma Private Ltd.
• Covidien
• Daiichi Sankyo Co. Ltd.
• Genovis AB
• Lantheus Medical Imaging Inc.
• Nanoscan Imaging LLC.
• Spago Imaging AB
• Taejoon Pharm Co. Ltd.

The global contrast media/contrast agent market is segmented as follows:

By Modality

• X-ray/CT
• MRI
• Ultrasound

By Product Type

• Iodinated
• Barium-based
• Gadolinium-based
• Microbubble

By Application

• Cardiovascular Disorders
• Neurological Disorders
• Gastrointestinal Disorders
• Cancer
• Nephrological Disorders
• Musculoskeletal Disorders
• Others

By Route of Administration

• Intravascular Route
• Oral Route
• Rectal Route
• Others

By End Use

• Hospital
• Clinics
• Ambulatory Surgery Centers
• Diagnostic Imaging Centers

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa