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Contrast Media Market Report 2024: Share Analysis, Industry Trends, and Growth Forecast
Contrast Media Global Market Report 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
The increased use of diagnostic procedures is expected to propel the growth of the contrast media market in the coming years. Diagnostic procedures are medical tests, exams, or processes conducted by medical professionals to determine the presence, degree, and type of disease, condition, or damage in a patient. Contrast media are important in diagnostic techniques because they highlight certain locations or structures inside the body, allowing healthcare practitioners to make precise diagnoses and educated choices regarding therapy. For instance, in November 2022, according to the King's Fund, a UK-based health charity that influences social and health care policy and practice, offers NHS leadership education, and sponsors health conferences, the NHS performed over 4 million diagnostic procedures, and CT scans have increased by 21% in the past two years. Therefore, the increased use of diagnostic procedures is driving the contrast media market.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Contrast Media Market 2024 Key Insights:
• 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%.
• Rising Prevalence Of Long-Term Diseases And Comorbidities Fueling Growth In The Contrast Media Market
• Digital Revolution In Contrast Media
• North America was the largest region in the contrast media market in 2023
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