The threats associated with the rise in the number of patients suffering from chronic diseases are propelling growth in the contrast media market. According to the latest report published by Market Research Future (MRFR), the Contrast Media Market will grow extensively throughout the forecast period with a CAGR of 6.3%.
The major driver of the market acceleration is the wide range of imaging tests that fuel the demand for contrast media. The imaging tests such as Magnetic Resonance Imaging (MRI), x-rays, Computed Tomography (CT), etc. have become an inevitable part of the diagnosis for most of the diseases. The large-scale penetration of imaging technology in healthcare has catalyzed the demand for contrast media in the market. The incidences of cardiovascular diseases, cancer, etc. have been on a steep rise which creates a need for the availability of better healthcare imaging tests. In 2012, the U.S. witnessed an inclusion of 14.1 Million new cancer patients with the death count of cancer patients reaching a mark of 8.2 Million.
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The regulatory initiatives taken by the government in checking the health hazards related to residue amount of contrast media in body restricts the market to some extent but also opens up avenues for new inventions and discoveries. Some of the other factors that might hinder market growth are rising awareness about adverse effects, clinical trials for alternative methods, etc.
Global Contrast Media Market – Key Players
GE Healthcare (US), Daiichi (Japan), Bayer Healthcare Pharmaceuticals (Germany), AMAG Pharmaceuticals (US), NanoScan Imaging (US), Medrad Inc (US), Targeson (US), Guerbet (Japan), Bracco Diagnostic Inc. (Italy), Guerbet Group (France), Covidien (Ireland), Lantheus Medical Imaging (U.S.), ), Bracco Imaging S.p.A. (Italy), Subhra Pharma Private Limited (India), nanoPET Pharma GmbH (Germany), CMC Contrast AB (Sweden), Mallinckrodt Pharmaceuticals (UK)
Industry News:
GE Healthcare an American multinational company headquartered in the U.S., is one of the leading players in the contrast medium market with manufacturing and distribution of diagnostic imaging agents with more than 100 countries. OMNISCAN and VISIPAQUE are the major products of the company. Recently in March 2017, the company showcased its MRI contrast media product range at the European Congress of Radiology (ECR) 2017 meeting by launching Clariscan, which is a macrocyclic agent and is a gadolinium-based contrast agent (GBCA). Clariscan is intended to support effective visualization of abnormalities in the brain, spine, and associated tissues. The launch of this product will be provided alongside GE Healthcare’s comprehensive support services and solutions to healthcare physicians across the globe. The demand for contrast media has altogether expanded over the previous decade because of increasing advancement in procedures in MR imaging, raising the significance of uninterrupted and sustainable product supply, and in addition meeting the individual needs of patients undergoing diagnostic techniques. Knowing the demand for contrast medium, GE healthcare invested over USD 65 million in its overall supply across the globe from 2013 and 2016, to increase its manufacturing capacity. GE contrast media products are utilized as a part of more than 70 million systems for every year, identical to infusion in two patients for each second. In 2015, 62 million patients diagnosed using GE contrast media and acquired major share for the global contrast media market.
Daiichi a global pharmaceutical company and the second largest pharmaceutical company headquartered in Japan. Sonazoid an ultrasound contrast medium is widely used product of the company. In 2014, company has acquired Ambit Biosciences.
Bayer Healthcare Pharmaceuticals Inc. is headquartered in Germany. It is a multinational chemical, pharmaceutical, and life sciences company. In April 2016, the company announced the approval of, Gadavist injection that is the first contrast agent used with magnetic resonance angiography. Gadavist MRA significantly improved the visualization, or assess ability when compared to unenhanced MRA. This approval of the advanced product will enhance the revenue growth which will further boost the growth of the market. Ultravist, Eovist and Magnevist are the some of the major products of the company.
Global Contrast Media Market – Segmentation
By type, the Market for Contrast Media has been segmented into intravenous contrast materials, iodine-based, and, other.
By procedures, the market has been segmented into X-ray, computed tomography, magnetic resonance imaging, ultrasound, and, other.
By application, the global contrast media has been segmented into X-ray, computed tomography, magnetic resonance imaging, ultrasound, and, other.
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Global Contrast Media Market – Regional Analysis
On regional basis, contrast media market is dominated by North America which is followed by Europe. Presence of major players in North America and Europe and increasing prevalence of GI disease are the major factor for the growth of the market in this region. Asia Pacific is the third largest market and the fastest growing contrast media market. Rising awareness regarding product benefits among consumers and a huge population base in this region is the major factor for the growth of the market.
Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Continued….
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