The global contrast media/contrast agent market size was worth around USD 4.1 Billion in 2021 and is predicted to grow to around USD 5.6 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 3.5% between 2022 and 2030.
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➤ The market is experiencing substantial growth due to the increasing demand for contrast test agents.
A rise in the number of MRI, CT, and ultrasound examinations, as well as the strengthening of the healthcare system by hospitals and diagnostic facilities, are anticipated to drive the global contrast media/contrast agent market. The patent expiration of branded contrast media products is anticipated to result in a substantial increase in competition in the contrast media sector. This will facilitate the market entrance of generic analogs, which are less costly than commercially available branded agents.
➤ The market expansion is restricted by the exorbitant price of contrast media devices.
The market expansion was restricted by moderate-to-severe immediate adverse drug reactions (ADRs), which resulted in increased expenses of USD 1657 and USD 6285 for low-osmolar contrast media, respectively. Global market growth is anticipated to be restricted during the projection period due to the high cost of contrast media injectors, the minor and unfavorable side effects of contrast media, and a scarcity of qualified professionals to operate the most recent imaging technology.
➤ A lucrative opportunity is presented by the expansion of the use of contrast agents.
The global prevalence of chronic diseases is driving an increase in the demand for diagnostic imaging interventions and, as a result, contrast media. The increasing demand for imaging procedures has prompted contrast media producers to make substantial R&D investments in order to launch new products and obtain approval for novel indications. For example, in 2021, Bracco obtained FDA approval for the 20-vial pack design of the ultrasound contrast agent Lumason. The contrast media/contrast agent industry would be improved by the increasing technological advancements in prenatal genetic screening.
➤ Allergic reactions and adverse effects pose a significant obstacle.
Contrast agents can be utilized safely in a variety of diagnostic techniques, such as MRI and CT scans. Nevertheless, the market expansion may be somewhat restricted by certain adverse effects and allergic responses associated with their use. There is an exceedingly low incidence of severe allergic reactions to contrast material, and adverse reactions may vary in severity. Consequently, market expansion is significantly hindered.
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The Global Contrast Media/Contrast Agent Market is segmented based on product, application and region
Global Contrast Media/Contrast Agent Market: Product Segment Analysis
● Iodinated
● Barium-based
● Gadolinium-based
● Microbubble
Global Contrast Media/Contrast Agent Market: Application Segment Analysis
● Cardiovascular Disorders
● Neurological Disorders
● Gastrointestinal Disorders
● Cancer
● Nephrological Disorders
● Musculoskeletal Disorders
● Others
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The global Contrast Media/Contrast Agent market profiles key players such as:
● Bracco Imaging Spa
● CMC Contrast AB
● GE Healthcare
● Guerbet Group
● Nanopet Pharma GmbH.
● Sanochemia Pharmazeutika AG
● Subhra Pharma Private Ltd.
● Covidien
● Daiichi Sankyo Co. Ltd.
● Genovis AB
● Lantheus Medical Imaging Inc.
● Nanoscan Imaging LLC.
● Spago Imaging AB
● Taejoon Pharm Co. Ltd
???? Recent Developments:
• Beginning with the sale of Iodixanol Injection, USP, a medicine that has been designated as in low supply by the U.S. Food and Drug Administration (FDA), Fresenius Kabi announced the availability of a portfolio of generic contrast media agents in the United States in July 2022. The FDA has approved Iodixanol Injection, USP as the first generic iso-osmolar, dimeric iodinated contrast media agent for therapeutic use in diagnostic x-ray imaging, including computed tomography (CT) examinations.
• The generic drug Consistency Evaluation was successfully completed by Lopamidal from Beijing Beilu Pharmaceuticals in February 2022. The evaluation facilitates the comparison of the quality and efficacy of generic medications with the brand-name version of the drug.
➤ The market is anticipated to be dominated by North America during the forecast period.
During the projected period, it is expected that the contrast media market will continue to be dominated by North America, with no significant deviations. The initial gadolinium-based contrast agent was authorized in the United States. In the United States, only four agents have been approved in the past ten years. Consequently, there has been a substantial trend in the market to continue searching for agents that are more effective, more accurate, and safer. It is anticipated that the sales of contrast media in the United States will increase in the future years.
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