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(Medical-NewsWire.com, November 23, 2021 ) According to the new market research report 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 growth in this market can be attributed to 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. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, the high cost and inaccessibility of advanced therapeutics may restrict market growth to a certain extent. The contrast media/ contrast agents market is segmented based on type, modality, route of administration, indication, application, end user, and region.
Based on type, the contrast media/ contrast agents 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 contrast media/ contrast agents market. The large share of this segment can be attributed to the growing number of angioplasty procedures performed globally.
Based on indication, the contrast media/contrast agents market has been segmented into cardiovascular disorders, cancer, gastrointestinal disorders, musculoskeletal disorders, neurological disorders, and nephrological disorders. Cardiovascular disorders accounted for the largest market share and highest growth rate. The large share of this segment can be attributed to the rising geriatric population and the increasing prevalence of CVD across the globe.
Opportunity: Generic Contrast Media
In the coming years, competition is expected to intensify greatly in the contrast media market due to the patent expiry of branded contrast media products. This will pave the way for the entry of generic counterparts, which are relatively lower-priced as compared to commercially available branded agents.
In developing countries, APIs are manufactured locally, which brings the overall production costs of manufacturing contrasts agents down. Hence, the patent expiry of various branded products and decreasing costs of manufacturing contrast agents are likely to offer lucrative opportunities for generic players.
Challenges: Dearth of trained professional
A high degree of technical skill and expertise is required to handle advanced and sophisticated diagnostic imaging systems. According to the US Bureau of Labor Statistics, radiology technicians may witness employment growth of about 7% between 2019 and 2029. Although this is significant, the dearth of specialists and radiologists will challenge market growth.
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 Contrast Agent 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 Contrast Agent 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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