Contrast Media Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Contrast Media Market Size

Contrast Media Market Trends & Drivers

Rise in Chronic Disease Incidence To Drive Industry Growth

There has been significant growth in the incidence of chronic conditions in recent years due to the increasingly sedentary lifestyles of people. Moreover, there has been significant consumption of high-calorie foods and prevalence of inadequate physical activity, which, in turn, are contributing to the development of chronic ailments.

The number of cancer patients has significantly increased across the globe. According to the WHO, cancer is one of the biggest causes of death around the world, resulting in almost 10 million fatalities in 2020, or almost one in every six deaths. Therefore, it is utilizing techniques that can aid patients in receiving diagnoses as soon as possible has become imperative, as cancer prognosis becomes grimmer the later it is diagnosed.

Contrast agents are utilized to improve the visibility of body structures and organs during imaging procedures. The demand for these agents will, thus, be driven by the rising prevalence of chronic diseases, including cancer and cardiovascular diseases (CVDs), which will lead to a rise in the need for enhanced diagnostic imaging procedures.

High Number of Research Studies on Contrast Agents To Result in Exponential Rise in Market Revenue

Players in the industry have a ton of chances due to the growing research and development activities in novel contrast agents and the creation of newer applications for them. For instance, to substitute the often-used gadolinium-based imaging agents, Gang Han, PhD, professor of biochemistry and molecular pharmacology, has received seed funding from the UMass Technology Development Fund to investigate a novel, safer, biogenic family of contrast agents for magnetic resonance imaging.

Contrast Media Market Analysis

X-Ray/CT Category Dominates Modality Segment

On the basis of modality, the X-ray/CT category accounted for the largest share, around 50%, in 2022. This is majorly attributed to the rise in the incidence of infectious and non-infectious diseases over the past few years. According to a study, there has been a significant rise in the volume of CT scans during the COVID-19 pandemic.

Moreover, the ultrasound category is predicted to hold a notable share as well. This is because contrast sonograms offer major advantages over other imaging modalities. They are carried out without ionizing radiation and are less expensive, safer, better, faster, and more convenient than other types of diagnostic imaging.

During the projection period, the MRI category is expected to expand with the highest CAGR. Gadolinium contrast agents are now employed in almost one out of every three MRI scans, which shows how widely used they are in these examinations. The best option for imaging soft tissues, to find malignancies, is usually a contrast MR scan. Additionally, during such scans for the diagnosis of neurological disorders, aortoiliac occlusive disease, and liver diseases, these media are used to detect lesions.

Iodinated Category Dominates Product Type Segment

On the basis of product type, the iodinated category accounted for the largest share, around 60%, in 2022, credited to the increasing application of X-ray and CT. Additionally, stable, non-ionic iodinated compounds are readily available for better diagnoses, which significantly contributes to the industry expansion.

The GI tract, blood vessels, soft tissues, brain, and all other internal organs can be better seen with iodinated contrast media. This agent is commonly used for a range of indications, including cancer and conditions related to the nervous system, the kidneys, the GI tract, the heart, and the musculoskeletal system.

Additionally, the microbubble division is projected to witness fast growth because contrast media have the potential to reflect high-pitched sound waves, thus making the structures seem brighter on a sonogram. It is a beneficial alternative for people who are allergic to CT or magnetic resonance imaging contrast agents or who have kidney problems. Additionally, they are a practical and reasonably priced agent to enhance blood flow visibility.

Cardiovascular Disorders Dominate Application Segment

On the basis of application, cardiovascular disorders accounted for the largest share, approximately 40%, in 2022, because of the growing number of older people. As per a study done by the WHO, the biggest cause of death worldwide is cardiovascular diseases (CVD), which claim 17.9 million lives annually. Further, the rate at which the elderly population is growing is significantly higher than in the past.

Moreover, the adoption of sedentary lifestyles, characterized by a lack of physical activity and high consumption of fast food, contributes to the category’s growth. The most-often-utilized technique for examining the cardiovascular system in both adults and children is a contrast-enhanced ultrasound of the heart (echocardiography).

Cancer will also account for a substantial share during the projection time frame. According to a study, cancer accounts for the second-largest proportion of the deaths globally. Alcoholism, poor diet, smoking, and air pollution all contribute to a spike in the cancer rate.

Regional Analysis

North America Is Highest Revenue Contributor

As per regional analysis, North America accounted for the largest share, around 45%, in 2022. The number of inpatient examinations in the region is increasing owing to the established healthcare facilities, comprehensive disease screening programs initiated by federal, state, and provincial governments, easy access to cutting-edge technology, and surging need for better management of the existing diseases. Furthermore, the presence of the top players in the region is a prominent contributing factor to the industry expansion.

The European region is projected to hold a prominent share as well, which is mainly attributable to the considerable geriatric population in the region. Since older people are more prone to chronic diseases, the demand for effective detection technologies continues to escalate. In addition, the strong economy of the region, which leads to the provision of quality healthcare services, is a key contributor.

Market Breakdown

This fully customizable report gives a detailed analysis of the contrast media industry from 2019 to 2030, based on all the relevant segments and geographies.

Based on Modality

• X-Ray/CT
• MRI
• Ultrasound

Based on Product Type

• Iodinated
• Barium-Based
• Gadolinium-Based
• Microbubble

Based on Application

• Cardiovascular Disorders
• Neurological Disorders
• Gastrointestinal Disorders
• Cancer
• Nephrological Disorders
• Musculoskeletal Disorders

Based on Route of Administration

• Intravascular
• Oral
• Rectal

Based on End User

• Hospitals, Clinics, & Ambulatory Surgery Centers
• Diagnostic Imaging Centers

Geographical Analysis

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
• Asia-Pacific
  • Japan
  • China
  • India
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• Middle East and Africa
  • Saudi Arabia
  • South Africa

Top Contrast Media/Agent Companies

Contrast Media Market News

Strategic Collaborations, Acquisition, and Product Launches by Top Players to Gain Competitive Edge

Over time, the frequency of partnerships, collaborations, and approvals for improved media/agents has increased noticeably. This is because these tactics allow firms to hold on to their market share and acquire an advantage over rivals. For instance,

• In March 2020, four imaging agents owned by Daiichi Sankyo were purchased by U.S.-based firm GE Healthcare Pharma Limited, which will also be in charge of managing all facets of their marketing to Japanese hospitals and clinics.
• Gadavist, produced by Germany-based pharmaceutical firm Bayer AG, was granted approval by the U.S. FDA in July 2019. It is a contrast agent for use in cardiac magnetic resonance imaging to evaluate myocardial perfusion and late gadolinium enhancement in adult patients with known or suspected coronary artery disease.