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Global Contrast Media/Contrast Agent Market to Grow at a CAGR of 3.9% During 2021-2026, Aided by the Growing Demand for Image-Guided Diagnostics

According to a new report by EMR titled, ‘Global Contrast Media/Contrast Agent Market Report and Forecast 2021-2026’, the market attained a value of nearly USD 4.7 billion in 2020. It is expected to witness a healthy growth in the forecast period, growing at a CAGR of 3.9% between 2021 and 2026 to reach USD 6 billion by 2026.

The global contrast media/contrast agent industry is being driven by the rising demand for image-guided diagnostic procedures. The increasing cases of gastrointestinal issues are leading to a spike in demand for barium-based contrast agents, thus, propelling the market growth. In addition, the rising incidences of chronic diseases caused by unhealthy lifestyles are also expected to aid the market growth. Moreover, the increased benefits such as improved imaging precision through the usage of contrast agents are predicted to significantly contribute to the market growth in the forecast period.

There has been a rise in efforts by the leading industry players to develop efficient and safe contrast agents for a variety of diagnostic procedures. For instance, in December 2020, GE Healthcare (NYSE: GE) announced that the company has received the FDA approval for its macrocyclic gadolinium-based MRI contrast agent Clariscan in 5ml vials, also ready for use in 10, 15, and 20ml vials, which completes the Macrocyclic MRI Contrast Agent Clariscan portfolio for GE. Furthermore, another leading manufacturer of contrast agents, Lantheus Medical Imaging, Inc., a subsidiary to Lantheus Holdings Inc (NASDAQ: LNTH), in a press release dated September 2021, announced the addition of its prostate-specific membrane antigen (PSMA) positron emission tomography (PET) imaging agent with piflufolastat F 18 in the National Comprehensive Cancer Network guidelines for prostate cancer. The PYLARIFY (piflufolastat F18) injection is the first and only commercially available and FDA-approved imaging agent for prostate cancer. These developments are expected to positively impact the growth of the contrast media/contrast agent industry in the forecast period.

Market Breakup by Type, Modality, Indication, End Use, and Region:

  • The market is divided based on type into iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barium-based contrast media. 
  • Based on modality, the market can be distributed into X-ray/CT, magnetic resonance imaging, and ultrasound. 
  • On the basis of indication, the industry is segregated into cardiovascular disorders, cancer, gastrointestinal disorders, musculoskeletal disorders, neurological disorders, and others.
  • The industry is segmented, on the basis of end use, into hospitals, clinics and ambulatory surgery centres, and diagnostic imaging centres.
  • Region-wise, the global market for contrast media/contrast agent can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for contrast media/contrast agent is being driven by the increasing incidences of chronic disorders.
  • The growing demand for image-guided diagnostic tools has significantly contributed to the market expansion. 
  • The rising geriatric population, which is more susceptible to severe diseases, is also aiding the industry growth. 
  • The rising investments in the healthcare industry and the improvement of existing healthcare infrastructure are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for contrast media/contrast agent for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the types, modalities, indications, end uses, and regions of contrast media/contrast agent.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global contrast media/contrast agent market are GE Healthcare, Bracco Imaging S.P.A, Bayer AG, Guerbet, Nano Therapeutics Pvt. Ltd., and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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