Contrast Agent Market Forecasts from 2023 to 2028

The global contrast agent market is estimated to grow at a CAGR of 5.77% to reach US$4.652 billion in 2028 from US$3.142 billion in 2021 owing to the rising prevalence of complicated comorbidities and long-term disorders which has increased the scope of medical imaging procedures such as ultrasonography, X-rays, MRI and CT scans.

Moreover, Image-guided procedures (IGS) are becoming popular over time. Numerous ailments can be identified and treated using these techniques.

Higher Prevalence of Chronic Conditions

According to the National Health Council, 81 million Americans had several chronic ailments in 2020 signifying a high prevalence of chronic conditions. Additionally, as per the American Cancer Society, the estimated number of cancer cases increased from 983, 160 in 2022 to 1, 010, 310 in 2023 in males whereas it increased from 934, 870 to 948, 000 in females. A thorough understanding of the imaging process and its therapeutic applications, as well as new methods of data gathering, processing, and display, are all necessary to meet the growing need for improved imaging during surgeries. The image-guided procedures meet all such requirements owing to which their demand for diagnostic and therapeutic purposes has increased which has contributed to the expansion of the market.

Increasing Demand for Diagnostic Imaging

The prevalence of chronic diseases is increasing which is leading to unprecedented demand for diagnostic imaging. The rising public demand for diagnostic imaging services and the growing accessibility of various diagnostic imaging modalities has provided a positive outlook for contrast agents market growth. Additionally, firms operating in the contrast media industry are introducing cutting-edge innovations in product design and technology. For instance, the FDA granted 510(k) approval to NeuroLogica Corporation in March 2022 for their single-source photon-counting computed tomography (CT) scanner. The ability of OmniTom Elite with PCD to provide spectral CT images at different energy levels is another feature that is projected to accelerate market expansion shortly.

Rising R&D Inititaitves

Rising R&D for the creation of newer contrast agent applications provides market participants with tremendous prospects. Businesses, research institutions, and academic institutions are collaborating to broaden the use of contrast agents. For instance, in June 2020, the UMass Technology Development Fund granted initial funding of USD 25, 000 for the study of a new biogenic class of MRI contrast agents with fewer adverse effects.

North America is Expected to Grow Considerably

North America is expected to hold a significant share of the global contrast agent market during the forecast period. The well-established healthcare sector coupled with new product launches and collaboration is driving the regional market growth. The increasing number of diseases coupled with the rising investment in the healthcare industry in the United States is providing an edge to the market growth of contrast agents in the country. For instance, in 2022, the American Cancer Society recorded that there were 1.9 million new cancer cases diagnosed and 6, 09, 360 cancer deaths in the United States. The number of cancer patients is expected to increase in the coming year and the need for these devices is expected to grow in the projected period. Companies are intending to launch various products in the country and trying to get them approved by the USDA. For instance, Fresenius Kabi launched a generic iodixanol contract agent in the market in the United States. The iodixanol introduced by the company is the first U.S. FDA- approved generic iso-osmolar dimeric iodinated contrast media agent.

Key Market Developments

• In February 2021, US FDA approved Bracco's ultrasound contrast agent product “Lumason” for intravesical use on a 20-vial pack configuration.

Segmentation:

By Type

• Iodinated
• Barium-based
• Microbubble
• Gadolinium-based

By Modality

• X-ray/CT
• MRI
• Ultrasound

By Route of Administration

• Intravascular
• Oral
• Rectal
• Others

By Indication

• Oncology
• Cardiovascular Disease
• Neurological Disorders
• Gastrointestinal Disorders
• Nephrological Disorders
• Musculoskeletal Disorders
• Others

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others