Press release
Contrast Media Market Size and Demand Forecast 2024-2033
Contrast Media Market Size
Contrast Media Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $403.11 billion In 2028 At A CAGR Of 12.7% :
The contrast media market size has grown steadily in recent years. It will grow from $4.51 billion in 2023 to $4.72 billion in 2024 at a compound annual growth rate (CAGR) of 4.6%. The growth in the historic period can be attributed to aging population and healthcare needs, expansion of radiology and imaging centers, rise in minimally invasive procedures, increasing incidence of cardiovascular diseases, globalization of healthcare services.
The contrast media market size is expected to see steady growth in the next few years. It will grow to $5.65 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to emergence of molecular imaging, expansion of diagnostic imaging modalities, personalized medicine approaches, global burden of cancer, expanding applications in neuroimaging, shift towards outpatient imaging services. Major trends in the forecast period include advancements in imaging technologies, focus on patient safety and reduced nephrotoxicity, increasing utilization in interventional radiology, expanding applications in oncology imaging, introduction of low-osmolality contrast media, adoption of microbubbles in ultrasound imaging.
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Contrast Media Market Major Segments
The contrast media market covered in this report is segmented -
1) By Type: Barium-Based Contrast Media, Iodinated Contrast Media, Gadolinium-Based Contrast Media, Microbubble Contrast Media
2) By Route of Administration: Intravascular Route, Oral Route, Rectal Route, Other Route of Administration
3) By Modality: X-Ray or CT, MRI, Ultrasound
4) By Indication: Cardiovascular Disease, Oncology, Gastrointestinal Disorders, Neurological Disorders, Other Indications
5) By End User: Hospitals, Clinics
Key Driver - Rising Prevalence Of Long-Term Diseases And Comorbidities Fueling Growth In The Contrast Media Market
The increase in prevalence of long-term diseases and complex comorbidities is expected to propel the growth of the contrast media market going forward. Comorbidity refers to the presence of many diseases in one person at the same time. Contrast medium (CM) is a procedure used in imaging to emphasize the distinctions between human tissues in pictures. The optimal contrast medium produces extremely high concentrations in the tissues while causing no side effects, thus increasing the demand. For instance, in May 2022, according to Oxford Academic, a UK-based university press of the university of Oxford data, people with intellectual disabilities (ID), the occurrence of 2 or more comorbidities was higher before age 65, while for people without intellectual disabilities (ID) it has been highest after age 65. The most increased occurrence of 2 or more comorbidities in people with ID or Chronic obstructive pulmonary disease (COPD) occurred at ages 55-59. 17.6% of people with ID and CVD have been aged 60-64 years and had 2 or more comorbidities. Therefore, the increasing prevalence of long-term diseases and complex comorbidities are driving the growth of the contrast media market.
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Prominent Trend - Digital Revolution In Contrast Media
Technological advancement is a key trend gaining popularity in the contrast media market. Major companies operating in the contrast media market are focused on developing new technological solutions to strengthen their position. For instance, in June 2022, Bayer, a Germany-based company operating in contrast media launched Calantic Digital Solutions, a new platform delivering access to digital applications, including artificial intelligence (AI) enabled programs for medical imaging. This aid radiologists and their teams in developing lesion detection, prioritization, quantification, and productivity. The new platform will support healthcare professionals at all stages of their work, from diagnosis to treat their patients.
Contrast Media Market Players
Major companies operating in the contrast media market report are Bayer AG, GE Healthcare, Guerbet Group, Lantheus Medical Imaging Inc., Unijules Life Sciences Ltd., J. B Chemicals and Pharmaceutical Ltd., Trivitron Healthcare Pvt. Ltd., Taejoon Pharm Co Ltd., Nano Therapeutics Pvt. Ltd., iMax Diagnostic Imaging Limited, Jodas Expoim Pvt Ltd., Livealth Biopharma Pvt. Ltd., SANOCHEMIA Pharmazeutika GmbH, Kiran Medical Systems Limited, Unispire Biopharma Private Limited, Daiichi Sankyo Company Limited, Bracco Diagnostics Inc., Jiangsu Hengrui Medicine Co. Ltd., Shanghai Xudong Haipu Pharmaceutical Co. Ltd., Spago Imaging AB, Curium Inc., Poly Pharmaceutical Co. Ltd., Zhejiang Starry Pharmaceutical Co. Ltd., Yangtze River Pharmaceutical Group, Wuhan Grand Hoyo Co. Ltd., China Resources Zizhu Pharmaceutical Co. Ltd., AMAG Pharmaceuticals Inc., Guerbet LLC
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Largest And Fastest Growing Region In The Market
North America was the largest region in the contrast media market in 2023. Asia-Pacific is expected to be the fastest-growing region in the contrast media market report during the forecast period. The regions covered in the contrast media market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Contrast Media Market Report Structure
3. Contrast Media Market Trends And Strategies
4. Contrast Media Market - Macro Economic Scenario
5. Contrast Media Market Size And Growth
…..
27. Contrast Media Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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