Contrast Media Market worth $5.9 billion by 2026

According to the new market research report Contrast Media Market by Type (Iodinated Contrast Media), Modality (X-Ray/CT, MRI, and Ultrasound), Application (Radiology), End User (Hospitals), Indication (Cancer), Route of Administration (Oral), Region - Global Forecast to 2026, published by MarketsandMarkets™, the global Contrast Media Market is projected to USD 5.9 billion by 2026 from USD 4.9 billion in 2021, at a CAGR of 3.7% during the forecast period.

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The Rising prevalence of chronic diseases, growing approvals of contrast agents, rising volume of CT and MRI examinations performed, growing number of diagnostic centers and hospitals, and availability of reimbursement are the major factors driving the growth of the contrast agents market.

The microbubble contrast media segment is expected to grow at the highest CAGR during the forecast period and iodinated contrast media accounted for the largest share in 2020.

Based on type, the contrast media market is segmented into iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barum-based contrast media. Iodinated contrast media account for the largest share of the market. The large share of this segment can be attributed to the growing number of angioplasty procedures performed globally.

North America was the largest regional market for the contrast agents market in 2020

The contrast media market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America and the Middle East & Africa (MEA). North America was the largest regional market in 2020. The large share of the North American market can be attributed to presence of major players in the region, high prevalence of chronic disorders, growing geriatric population, and the increasing adoption of minimally invasive procedures.

However, the Asia Pacific contrast media market is estimated to grow at the highest CAGR during the forecast period. The rising prevalence of chronic diseases, the growing demand for quality medical care, increasing healthcare spending and government initiatives, rising disposable income, growth in the medical device industries, and improvements in healthcare infrastructure in Southeast Asian countries are the major factors driving the growth of the market in the Asia Pacific.

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The global contrast media market is consolidated. The prominent players operating in this market include GE Healthcare (US), Bracco Imaging SPA (Italy), Bayer AG (Germany), Guerbet (France), J.B. Chemicals and Pharmaceuticals Ltd. (India), Lantheus Medical Imaging, Inc. (US), Unijules Life Sciences Ltd. (India), and SANOCHEMIA Pharmazeutika GmbH (Austria).

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Contrast Media Market – Recent Developments | Industry Report 2027

According to research report the global contrast media market is expected to reach USD 8.68 billion by 2027 from USD 4.56 billion in 2018, at a CAGR of 3.9%. The major factors driving the growth of the contrast media/contrast agents market include increasing number of research and funding activities for research of contrast agents and their applications.

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North America to dominate the market in 2017
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the regions considered for a geographic analysis of the global contrast media/contrast agents market. North American contrast media/contrast agents market is expected to account for the largest share of the global contrast media/contrast agents market. However, the Asia Pacific contrast media/contrast agents market is expected to grow at the highest CAGR in the forecast period. This growth can be attributed to the increasing R&D investments and favorable demographic scenario in China, rising aging population and cancer incidence in Japan, growing investments in the Indian radiology market, and growing focus of market players & increasing government support in other APAC countries.

The prominent players in the global contrast media/contrast agents market include GE Healthcare (US), Bracco Imaging S.p.A. (Bracco) (Italy), Bayer HealthCare (Bayer) (Germany), and Guerbet Group (Guerbet) (France).

By modality, the X-ray/CT segment is expected to account for the largest share of the market in 2017
On the basis of modality, the market is segmented into X-ray/CT, MRI, and ultrasound procedures. In 2017, X-ray/CT procedures are expected to command the largest share of the global contrast media market. However, the ultrasound segment is expected to grow at the highest CAGR from 2017 to 2022. Growth in the ultrasound segment can largely be attributed to several advantages offered by ultrasound contrast agents over other contrast agents and the rising number of approvals for ultrasound contrast agents in the US, Europe, and Japan.

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By type, the iodinated contrast media segment is expected to account for the largest share of the market in 2017
On the basis of type, the contrast media/contrast agents market is segmented into iodinated contrast media, gadolinium-based contrast media, barium-based contrast media, and microbubble contrast media. In 2017, the iodinated contrast media segment is estimated to account for the largest share of the contrast media/contrast agents market, by type. However, the microbubble contrast media segment is expected to grow at the highest CAGR during the forecast period. The high growth of the microbubble segment can be attributed to the large number of on-going academic researches that are exploring various attributes of microbubbles in off-label indications for diagnosis as well as drug delivery.

Contrast Media Market Key Players and Global Forecast 2022

According to research report the global contrast media market is expected to reach USD 5.53 Billion by 2022 from an estimated USD 4.57 Billion in 2017, growing at a CAGR of 3.9% during the forecast period. Growth in the contrast media market can primarily be attributed to factors such as increasing number of approvals for contrast agents and growing number of public & private diagnostic centers. The increasing number of research and funding activities for research of contrast agents and their applications provides immense opportunities for players in the contrast media market

The key players in this market are continuously striving to gain product approvals to secure larger shares and expand their existing product portfolios. The overall market was dominated by Bayer HealthCare (Germany), GE Healthcare (U.S.), Guerbet Group (France), Bracco Imaging S.p.A (Italy), Lantheus Medical Imaging (U.S.), nanoPET Pharma GmbH (Germany), CMC Contrast AB (Sweden), Daiichi Sankyo (Japan), and Subhra Pharma Private Limited (India).

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Bayer HealthCare (Germany) was the leading player in the contrast media/contrast agents market with a share of ~24% in 2015. The company continuously strives to strengthen its market position in various geographies by focusing on getting approvals for contrast media products across the world. Gadovist injection, a gadolinium-based contrast agent by Bayer, has received FDA approval in the U.S. and Japan. Gadovist is the first FDA-approved contrast agent for pediatric patients less than 2 years of age, including term neonates. The company’s major share in the market can be attributed to its broad product portfolio, several years of experience, extensive distribution channel, and various growth strategies, such as product approvals, collaborations, and expansions. The company focuses on developing innovative healthcare products with a positive cost-benefit ratio.

Bayer HealthCare invested 5.8%, 5.5%, and 5.5% of its total healthcare revenue in 2013, 2014, and 2015, respectively, in R&D activities. The company has gained a major share in the contrast media/contrast agents market on account of its comprehensive product portfolio, wide geographical reach; focus on organic growth strategies, as well as constant focus on research and developmental activities.

GE Healthcare (U.S.) held the second-largest share of ~21% in the contrast media/contrast agents market in 2015. The firm has a strong customer base in approximately 175 countries, primarily operating in North America, Europe, the Pacific Basin, the Americas, and the Middle East & Africa. Some subsidiaries of the firm include GE Healthcare USA Holdings, Inc., GE Healthcare Ltd. (Japan), GE Healthcare Biosciences AB (U.S.), and GE Healthcare AS (Norway). GE Healthcare received the Norwegian Medicines Agencys (NOMA) approval for SONAZOID, a contrast agent used in ultrasound imaging of focal liver lesions. However, with competition in the market and the entry of new companies, it is necessary for GE to innovate continuously in order to keep its technology at the forefront and maintain its position in the market. The company’s robust product portfolio, large number of subsidiaries, focus on customers, and new product launches have also helped expand its share in the contrast media/contrast agents market.

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Players operating in the contrast media/contrast agents market adopted strategies such as product approvals, which was the most-preferred strategy (43.6% of the total strategic developments in the market during 2013 to 2016). The key players that have adopted this strategy include Bayer HealthCare (Germany), GE Healthcare (U.S.), Guerbet Group (France), Bracco Imaging S.p.A (Italy), Spago Nanomedicine AB (Sweden), and CMC Contrast AB (Sweden).