Contrast Media Market To Generate $7,647.7 Million Revenue by 2030

Growing at a CAGR of 4.9% between 2022 and 2030, the contrast media/agent market value is expected to reach USD 7,647.7 million by 2030.

Minimally invasive procedures and image-guided techniques are gaining significant traction among patients and healthcare professionals worldwide. Thus, ultrasonography has experienced a significant transformation from being a standard diagnostic modality for OB/GYN imaging to being a therapeutic option for cancers, kidney stones, and other ailments. These endeavors are projected to widen the new revenue generation potential for the producers of such agents.

Essentially, the global market for contrast agents has promising growth prospects because of the increasing demand for diagnostic imaging services and the rising accessibility of different modalities.

Additionally, the expiration of company-issued patents in the coming years will allow generics to enter the market, thus drastically lowering the cost of this technology and allowing more people to benefit from its potential advantages. This could present a further opportunity for the global contrast media market.

In the same vein, there has been a significant rise in the investments in research activities for contrast agents, which has led to an increase in the count of partnerships and product launches.

Intravascular Route Category Dominates Route of Administration Segment

The intravascular route accounted for the largest share, around 40%, in 2022. This is because IV contrast media are highly preferable for the identification of infections due to kidney stones. Additionally, they make the identification of masses or inflammatory/infectious processes substantially easier and enhance tissue contrast, the factor that differentiates one organ from the other.

Any type of vascular disease evaluation requires IV contrast because it makes it simple to identify the blood vessel lumen. It is also advised for abdominal imaging most of the times. Moreover, their ability to prevent the bitterness of the imaging agents, unlike the oral route of administration, is an added advantage. Due to this reason, this ROA witnesses high patient compliance.

The oral ROA is forecast to show significant growth as well. This is because of the capacity of oral contrast media to distend the bowel and make it easier to be differentiated from the nearby abdominal tissues. In addition, they are advantageous for examining the gastrointestinal lumen.

Diagnostic Imaging Centers Dominate End User Segment

The diagnostic imaging centers category is expected to hold the largest share, globally, during the forecast period. Diagnostic imaging centers use cutting-edge radiography and pathologic testing to diagnose patients' ailments at an affordable price. Such a facility now also has a trained staff, variety of imaging machines, and better imaging media, to carry out a range of screening exams.

Asia-Pacific To Register Fastest Growth during Projection Period

Regional analysis ascertains APAC to witness the highest growth rate during the forecast period. This is because of the rising number of fractures, spinal issues, and other kinds of health problems among the elderly population. For instance, according to a study, in Asia and the Pacific, one in four individuals will be older than 60 by 2050. In addition, because of the growing patient base, the demand for medical imaging services is rising, which, in turn, is fostering the regional market expansion.

Moreover, the growing expenditure on healthcare services, booming medical tourism industry, and large population in India and China are all contributing to the market growth in the region. This has led to an increased inclination of the major players in these countries, where their investments continue to rise. For instance, GE HealthCare operationalized its manufacturing unit in Bengaluru, India, on March 31, 2022.

Furthermore, in Japan, the main drivers contributing to the growth of the industry are the country's advanced healthcare system, sizable and expanding senior population, and high prevalence of chronic diseases.

Key players in the market are Bayer AG, Bracco S.p.A., GE HealthCare, Guerbet, iMAX Diagnostic Imaging Limited, Lantheus, Nano Therapeutics Pvt. Ltd., and Trivitron Healthcare.