Global Contrast Media Market Size, Growth, Insights and Share Analysis By Procedure (X-ray, Computed Tomography, Magnetic Resonance Imaging, Ultrasound), Type (Intravenous Contrast Materials, Iodine-based), Application (Cardiovascular Disorders, Oncology, Nephrological Disorders), Route of Administration (Rectal, Oral, Injectable), Region and Key Players Forecast till 2023
Global Contrast Media Market size is expected to register a CAGR of 6.3% throughout the forecast period (2017 – 2023). Rising numbers of contrast media approvals is a key driving force behind the growth of the contrast media market. The Global contrast agent market is growing pervasively over the past couple of years. Besides, the burgeoning healthcare sector and advancements in medical imaging technology & techniques, act as a significant tailwind to the growth of the market. Strong headways in terms of product developments and their approvals drive the growth of the contrast media market. These advancements have introduced improved utilization of the existing contrast media while presenting innovative agent.
Extensive uses of contrast media in medical imaging to enhance the visibility of blood vessels and GI tract are supporting the growth of the contrast media market. The augmented market demand led by the expectations of radiologists is helping the market to garner exponential traction, worldwide. Simultaneously, the rising prevalence of various chronic diseases such as GIT, cancer, cardiac conditions, and an increase in the number of public as well as private diagnostic centers are fostering the contrast media market growth.
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Segmentation of Contrast Media Market:
By Type, the global contrast agent market has been segmented into Intravenous Contrast Materials and Iodine-based, among others.
By Procedure, the global contrast media market has been segmented into Computed Tomography, X-ray, Ultrasound, and Magnetic Resonance Imaging, among other procedures.
By Application, the contrast agent market has been segmented into Oncology, Cardiovascular Disorders, and Nephrological Disorders, among others.
By Route of Administration the global contrast media market has been segmented into Injectable, Oral, and Rectal.
By Regions contrast agent market has been segmented into Asia Pacific, North America, Europe, and the Rest-of-the-World.
Geographical Analysis of Contrast Media Market:
With largest contrast media market share North America leads the global market. Advancements in the medical imaging technologies is a key driving force behind the regional contrast media market growth. Moreover, increasing prevalence of GI disease and massive uptake of advanced technologies in medical science, drive the growth of the regional market. The presence of notable players and their increasing emphasis on delivering cost-competitive contrast media foster the growth of the regional market.
Europe stands second in the global contrast media market, becoming a lucratively growing market. Increasing healthcare expenditures and the adoption of advanced technologies boost the growth of the regional contrast agent market. Additionally, the presence of global players fosters the growth of the medical supplies market in the region.
The Asia Pacific, contrast media market, is rapidly emerging as a profitable market. Rapidly increasing healthcare sectors and the developing economy in the region are pushing up the growth in the regional market. APAC countries such as Japan, China, and India, drive the regional contrast agent market growth, majorly. Besides, the rising population and the spreading awareness towards the functionalities of contrast media impact the market growth, positively.
Competitive Analysis:
Highly competitive, the contrast media market appears to be diversified due to the presence of several large and small-scale players. To make a substantially large share of the market, these players incorporate strategic initiatives such as mergers & acquisition, collaboration, expansion, and product & technology launch. They invest heavily in R&D to develop a manufacturing technique that is entirely on a different level compared to their competition.
Top Key Players of Contrast Media Market:
Players driving the global contrast media market include Bayer Healthcare Pharmaceuticals (Germany), Daiichi (Japan), GE Healthcare (US), Medrad Inc. (US), NanoScan Imaging (US), Guerbet Group (France), AMAG Pharmaceuticals (US), Targeson (US), Bracco Diagnostic Inc. (Italy), Covidien (Ireland), Lantheus Medical Imaging (US), nanoPET Pharma GmbH (Germany), CMC Contrast AB (Sweden), Subhra Pharma Private Limited (India), and Mallinckrodt Pharmaceuticals (UK), among others.
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Industry, Innovation & Related News
Bracco Imaging S.p.A. (Italy), a part of the Bracco Group and one of the world’s leading companies in the diagnostic imaging, announced the acquisition of Blue Earth Diagnostics (the UK), a leading molecular imaging diagnostics company to expand its portfolio of personalized diagnostics.
Blue Earth Diagnostics is driven by recognized experts in the clinical development and commercialization of innovative nuclear medicine products. It’s first approved, and the commercially available product is Axumin, a novel molecular imaging agent approved in the US and European Union for use in PET imaging to detect and localize prostate.
Contrast Media Market Drivers and Impact:
- Key Factors responsible for development of market
- Growing Demand from Key Applications and Potential Industries
- Contrast Media Market Challenges and Impact
- Rising Demand from Key Regions
- Contrast Media Market Trends
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