MRI Contrast Media Market to Hit $1.99B by 2028: Market Trends, Dynamics, Rising Demand And Future Outlook 2024-2033

The MRI contrast media market size has grown exponentially in recent years. It will grow from $1.48 billion in 2023 to $1.56 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to rising demand for early diagnosis, increasing demand for diagnostic accuracy and patient outcomes, increased public awareness, development of combination imaging modalities, identification of novel use cases for contrast agents.

The MRI contrast media market size is expected to see exponential growth in the next few years. It will grow to $1.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to rise in cancer cases, growing prevalence of chronic diseases, increasing research and development investment and activities, increasing healthcare expenditure, expanding applications of MRI. Major trends in the forecast period include advancement with collaborative research, technological advancements, product innovation, development of safer and more effective contrast agents, product innovations by pharmaceutical and biotechnology companies.

Market Overview -
MRI contrast media refer to substances used in magnetic resonance imaging (MRI) to enhance the visibility of internal body structures. These contrast agents work by altering the magnetic properties of tissues, thereby improving the contrast in the resulting images.

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Rising Cancer Cases Fueling Growth Of MRI Contrast Media Market
The rise in cancer cases is expected to propel the growth of the MRI contrast media market going forward. The rise in cancer cases is multifactorial, influenced by a combination of demographic, lifestyle, environmental, genetic, and healthcare-related factors. Contrast agents containing gadolinium-based compounds, when administered during MRI scans, enhance visualization by altering tissue magnetic properties, aiding in the detection, sizing, and characterization of tumors, as well as assessing their invasion into surrounding tissues. For instance, in February 2024, according to a report published by the World Health Organization (WHO), a Switzerland-based intergovernmental organization, the global estimated number of new cancer cases reached 20 million in 2022, resulting in 9.7 million deaths. This projections suggest a significant rise in cancer cases by 2050, with over 35 million new cases anticipated, marking a 77% increase from the estimated 20 million cases in 2022. Therefore, the rise in cancer cases is driving the growth of the MRI contrast media market.

Competitive Landscape -
Major companies operating in the MRI contrast media market are Bayer AG, GE Healthcare Technologies Inc., Fresenius Kabi AG, Fujifilm Holdings Corporation, JB Chemicals and Pharmaceuticals Ltd., Jiangsu Hengrui Pharmaceutical Co. Ltd., Bracco S.p.A., Miltenyi Biotec B.V. & Co. KG, Lantheus Medical Imaging Inc., Guerbet LLC, Curium Pharma, Spago Nanomedical AB, AMAG Pharmaceuticals Inc., Nanopet Pharma GmbH, Trivitron Healthcare, Beijing Beilu Pharmaceuticals Company Limited, Unijules Life Sciences Ltd., Taejoon Pharm Co. Ltd., Mediso USA LLC, Nano Therapeutics Pvt. Ltd., Livealth Biopharma Pvt Ltd., BioPAL Inc., Vitalquan LLC, Shubhra Biotech Pvt Ltd, Rege Imaging & Cine Films Private Limited, Polarean Inc.

Innovative Products Driving Advancements In MRI Contrast Media Market
Major companies operating in the MRI contrast media market are focusing on developing and distributing advanced products, such as macrocyclic gadolinium-based contrast agents (GBCA), to enhance the diagnostic capabilities and safety profile of MRI imaging procedures. A macrocyclic gadolinium-based contrast agent (GBCA) is a type of contrast agent used in medical imaging, particularly in magnetic resonance imaging (MRI). For instance, in February 2023, Guerbet, a France-based provider of MRI contrast media, launched the Elucirem (gadopiclenol) injection. The unique feature of Elucirem (gadopiclenol) injection lies in its highly stable macrocyclic gadolinium-based contrast agent (GBCA), which has the highest relaxivity in its class for MRI. This innovative formulation of gadopiclenol is particularly noteworthy for its ability to detect and visualize lesions with abnormal vascularity in various regions of the central nervous system (including the brain, spine, and associated tissues) as well as the body (encompassing the head and neck, thorax, abdomen, pelvis, and musculoskeletal system).

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Key Segments -
The MRI contrast media market covered in this report is segmented -
1) By Product: Extracellular Contrast Agents, Blood-Pool Agent, Hepatobiliary Agents
2) By Application: Neurological Disorders, Musculoskeletal Disorders, Cardiovascular Disorders, Cancer Detection, Other Applications
3) By End-User: Hospitals, Diagnostic And Imaging Centers, Research Institutes, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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