Global Contrast Media Market to Reach US$ 6.5 Billion by 2032, Fostered by Surging Incidences of Chronic Medical Ailments

October 10, 2022 | Healthcare

The latest report by IMARC Group, titled “Contrast Media Market Report by Type (Iodinated Contrast Media, Gadolinium-based Contrast Media, Microbubble Contrast Media, Barium-based Contrast Media), Modality (X-ray/Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound), Application (Radiology, Interventional Radiology, Interventional Cardiology), Route of Administration (Intravenous/Intrarterial, Oral Route, Rectal Route, and Others), End User (Hospital, Clinics and Ambulatory Surgery Centers, Diagnostic Imaging Centers), and Region 2024-2032,” finds that the global contrast media market reached a value of US$ 4.7 Billion in 2023. Contrast media, or contrast agents or dye, are chemical substances introduced into the body before an imaging exam to facilitate pathology characterization. They assist in improving the quality of images by increasing the contrast resolution of an imaging modality. They are either injected into a blood vessel, taken orally, or administered by enema. They are commonly used in medical X-rays, magnetic resonance imaging (MRI), computed tomography (CT), angiography, and ultrasound imaging. They help enhance the visibility of the targeted body organs, tissues, and blood vessels, enabling radiologists to differentiate between normal and aberrant body tissues in images. As a result, contrast media are widely utilized across the healthcare industry, especially in diagnostic imaging centers, radiology, interventional cardiology, and ambulatory surgical centers.

Global Contrast Media Market Trends:

The surging incidences of chronic medical ailments, including cancer, cardiovascular diseases (CVDs), and neurological disorders, that require image-guided procedures and diagnostics represent the primary factor driving the market growth. This is further supported by the expanding global geriatric population, which is highly susceptible to developing such health conditions. Additionally, there has been a significant shift toward minimally invasive (MI) procedures and surgeries among patients and healthcare professionals as they involve smaller incisions, less postoperative pain, shorter hospital stays, and faster recovery. In line with this, the escalating demand for radiopharmaceuticals due to the rising medical tourism trend is contributing to market growth. Furthermore, several leading players are focusing on developing more efficient, accurate, and safe agents and innovative products to minimize waste generation during contrast media manufacturing. Along with this, the introduction of digital solutions for precise and effective contrast media injection management has catalyzed market growth. Other factors, including the rising regulatory approvals for contrast agents, extensive research and development (R&D) activities, improving healthcare infrastructure, and continual technological advancements, are also providing a positive impact on the market growth. Looking forward, IMARC Group expects the market value to reach US$ 6.5 Billion by 2032, expanding at a CAGR of 3.7% during 2024-2032.

Market Summary:

  • Based on the type, the market has been categorized into iodinated, gadolinium-based, microbubble, and barium-based contrast media. 
  • On the basis of the modality, the market has been segregated into X-ray/computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound. 
  • The market has been divided based on the application into radiology, interventional radiology, and interventional cardiology. 
  • Based on the route of administration, the market has been classified into intravenous/intraarterial, oral route, rectal route, and others. 
  • On the basis of the end user, the market has been bifurcated into hospitals, clinics and ambulatory surgery centers, and diagnostic imaging centers. 
  • Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being Bayer AG, Beijing Beilu Pharmaceuticals Company Limited, Bracco S.p.A., General Electric Company, Guerbet, iMAX Diagnostic Imaging Limited, J.B. Chemicals & Pharmaceuticals Limited, Jodas Expoim Pvt. Ltd., Lantheus, Nano Therapeutics Pvt Ltd, SANOCHEMIA Pharmazeutika GmbH, TAEJOON PHARM Co. Ltd., and Trivitron Healthcare.

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Global Contrast Media Market to Reach US$ 6.5 Billion by 2032, Fostered by Surging Incidences of Chronic Medical Ailments
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