Global Contrast Media Market Evaluation 2019: Bayer AG, Bracco Diagnostic , Daiichi Sankyo Company Limited, GE Healthcare, Guerbet Group, Lantheus Medical Imaging are Top Key Players

The major factors for the growth of the contrast media market include the increase in the incidences of chronic diseases, rising demand for image-guided procedures and diagnostics, and a large number of approvals for contrast agents.cancer screening and laboratory tests.

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Image-guided procedures can help determine if a cancer is malignant or benign. With the increased prevalence and the increase in the number of cancer cases in both developing and developed economies of the world, it is necessary to provide procedures that can help patients get a diagnosis at the earlier stages.
- The demand for diagnostics imaging is at an all-time high, with multiple types of chronic diseases prevalent, globally.
- According to a report by the Medicare Payment Advisory Commission (MedPAC) to the Center for Medicare and Medicaid Services (CMS), the rise in the volume of imaging services per medicare beneficiary is highest among all other services provided by the physicians.
- Image-guided surgeries (IGS) are gaining acceptance with time. These procedures are useful for diagnosis as well as treatment of multiple conditions.
- The rising need, as well as demand, for refinement of imaging during surgeries, requires unique methods of data acquisition, processing, and display, and the full understanding of the process of imaging and its applications to therapy. This need is very well served by image-guided procedures and it has resulted in an increased demand for image-guided procedures for diagnostics, as well as treatment, and hence has served as a factor for the market growth.

Top Players:
The contrast media market is a consolidated market, owing to the presence of a few major players in the market. The barriers to the entry are high, owing to the safety issues of contrast media products. Some of the market players are Bayer AG, Bracco Diagnostic Inc., Daiichi Sankyo Company Limited, GE Healthcare, Guerbet Group, Lantheus Medical Imaging Inc., Spago Nanomedical AB, and Taejoon Pharm.

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As per the scope of the report, contrast media is the substance used to enhance the contrast of an image, and hence, making an image more detailed and clearer. Contrast media is increasingly being used in various medical imaging technique, such as MRI and CT. The contrast media market is segmented by type, procedure, indication, application, and geography.

Ionizing Radiation-based Radioimaging Segment is Expected to Hold the Largest Market Share During the Forecast Period
Various types of media are used for the examination of different body parts based on disease and diagnosis requirements. The general population has higher chances of ionizing radiation exposure, when undergoing medical diagnostic procedures. The ionizing radiation is employed in X-rays, mammography, CT scans, fluoroscopic procedures, and nuclear medicine examinations. These are occasionally used in angiography and radiography. The applications are varied based on the contrast material, such as iodine-based contrast agent is used in computed tomographic (CT), to enhance the visualization of vascular structures in the body. The barium-based compounds, such as barium sulfate, are used largely in X-rays. In nuclear medicine, the ionizing radiation-based radioimaging is useful in multiple scans, such as bone imaging, cerebral perfusion, lung ventilation and perfusion, myocardial perfusion and imaging, thyroid imaging, and hepatobiliary imaging, among others. The reimbursement scenarios associated are complicated. The cost of contrast material is non-reimbursable for primary diagnostic procedures, as per the insurance planning companies in the United States. During the forecast period, the demand is expected to rise geometrically for ionizing-based radiation, owing to technological advancements and increasing disease complexities.

North America Accounted for the Largest Share in the Global Market
North America holds a major share in the contrast media market and is expected to show a similar trend over the forecast period, without significant fluctuations. The first gadolinium-based contrast agent was approved in the United States. Four agents were approved in the United States in the past decade and they have set a string trend in the industry to continue to find more efficient, more accurate, and safe agents. The contrast media sales are expected to increase in the United States in the coming years. Among the different imaging modalities, sales of contrast media for ultrasound market may have a considerable growth rate. The United States is the largest consumer market for contrast media in North America. Increase in chronic diseases, such as cardiovascular and neurological diseases, is the major driving factor for the market growth in the United States.

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