Contrast Media Market - Forecasts from 2022 to 2027

The global contrast media market is projected to grow at a CAGR of 6.03% to reach US$7,824.905 million by 2027, from US$5,195.155 million in 2020.

According to the World Health Organization, cancer is considered a disease that significantly impacts society and is considered the second leading cause of death globally. Furthermore, according to the WHO, approximately 70% of cancer deaths occur in low and middle-income nations due to the absence of awareness and knowledge, and most often, they do not get regular checkups done. Individuals in the US, for example, lead a sedentary and unhealthy lifestyle; indulge in the use of tobacco and alcohol, which increases their chances of contracting some form of cancer. However, these trends are changing as they are changing as some individuals prefer to go for full body checkups or routine checkups once or twice annually to detect any serious diseases such as COPD or a tumor that may result in cancer. This is growing rapidly for contrasting agents since they help doctors analyze the various findings from CT scans, MRIs, and X-ray exams more efficiently and reliably, resulting in a surge in the market growth in the forthcoming years.

Advancing The advancement of exam and testing equipment is encouraging the market players to improve their products.

As the medical industry standards are improving and forced to comply with the ANSI and ISO regulations, the market players are encouraged to provide enhanced and advanced products with better properties. This is done so that the contrast media can ensure clarity of the images acquired by the devices and provide a more actual diagnosis, thereby contributing to market growth.

Major Market Participants And Their Product Offerings in the Contrast Media Market.

Furthermore, to boost the market's growth and accelerate the development of better contrast media, the market players are taking essential steps such as upgrading their portfolios by launching new products and offering a variety of products.

The following are a few examples of core products:

• TAEJOON PHARM, a pharmaceutical company involved in providing different types of drugs and other products for various applications, offers different types of contrast media products under their portfolio. Among the products they offer is the "Gadobrix Injection." This item is a G gadolinium-based contrast medium that comes in a 15ml injectable vial. The product is used to enhance the contrast of cranial and spinal MRIs, the contrast of angiography, and the contrast of hepatic and renal MRI. It can be used for conducting a whole-body MRI. It also supplies Iodine-based contrast media under the brand name "Iobrix Inj 240." This item has 240 mg of iodine and is also obtainable in 300 mg and 350 mg doses. It has a colourless or light yellow appearance and is slightly viscous. It is used for myelography, A angiography, and body cavity imaging such as arthrography, and herniorrhaphy, among others.
• Trivitron Healthcare is considered among one of the leading companies involved in the provision of medical technology products and solutions, including contrast media. It offers products like "Iopamiro," "KScan," and "Mutlihance." Iopamiro is a contrast medium used in x-ray application areas. It is a non-ionic compound soluble in water and is available in 300 mg and 370 mg iodine concentrations in a vial of either 50 ml or 100 ml. In addition, it is used in cardiac angiography, radiology, CT, and urography, among others. The scan is a product that is a non-ionic contrast medium that is available in 300 mg or 370mg iodine concentration with 61.2g/100 ml Iopamidol and 75.5g/100ml Iopamidol. Lastly, Multihance is a product used in MRI applications and is a combination of Gadolinium-BOPTA molecule, which can facilitate double relaxivity and dual-route of elimination. It is FDA approved and comes in 10ml, 15ml, and 20ml vials.

The North American region to hold a significant share over the forecast period owing to rising cases of different types of cancer in the high-income countries such as the US and the Asia Pacific region. It is estimated to increase its share over the forecast period due to the investments made into the healthcare sector.

Due to the overwhelming healthcare industry and infrastructure in countries such as the United States, the North American region is believed to maintain a significant share for the projected period. Furthermore, the rapid adoption of strategies and reagents can improve clinical scanning images in the region due to the rising cases of cancer and other diseases among Americans, which is credited to their sedentary lifestyle.

Over the projected timeframe, the Asia Pacific is anticipated to show promising growth potential owing to the fact that the government is taking several initiatives and investing heavily in fostering the growth of the healthcare sector in nations such as India to make quality offerings available to the public.

COVID-19 Impact

As an outcome of the COVID-19 pandemic, the health sector has faced enormous difficulties. During the COVID-19 disease outbreak, all outpatient procedures were temporarily halted or confined to minimize the chances of viral transmission because most chronic pain treatments were deemed non-urgent. In contrast, a chest CT scan is a popular technique for diagnosing COVID-19. In January 2020, the Lancet published the first research on CT diagnosis of COVID-19 patients. Since then, chest CT for pulmonary embolism has been progressively used as a disease prognosis because it is effective in both alternative diagnoses and identifying COVID-19 troubles. As a result, the market for contrast media is expected to grow during the forecast period.

Key Development

In December 2021, Bracco Imaging S.p.A., a global leader in diagnostic imaging, announced a major collaboration with Guerbet, a global leader in medical imaging, to develop a next-generation magnetic resonance imaging (MRI) contrast, agent. This next-generation, macrocyclic gadolinium-based contrast agent with high relaxivity is created to enhance lesion detection and visualization in MRI scanning while using lower gadolinium doses than other agents on the market.

In March 2020, The four imaging agents, which were previously operated by Daiichi Sankyo, are now owned and operated by GE Healthcare Pharma Limited, who would be in charge of all aspects of their commercial viability for Japanese hospitals and clinics.

Segmentation:

By Media Type

• Iodine-based
• Barium-based
• Gadolinium
• Saline

By Administration Route

• Swallowed
• Enema
• Intravenously/Intra arterially

By Application

• X-Rays
• Computed Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Ultrasound

By End-User

• Hospitals and Clinics
• Diagnostic Centres

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Europe
• UK
• Germany
• France
• Spain
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Australia