The Contrast Media Market will grow extensively throughout the forecast period with a CAGR of 6.3%. The threats associated with the rise in the number of patients suffering from chronic diseases are propelling growth in the contrast media market. —
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.
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.
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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)
Global Contrast Media Market - Regional Analysis
By region, the market has been segmented into North America, Europe, Asia, and, Middle East & Africa. The investments and developments have been multiplying in North America market which when coupled with the presence of established healthcare services providers are the key drivers responsible for catalyzing the expansion of the market. The demand for better healthcare facilities, initiatives taken by government institutions such as FDA (U.S. Food and Drug Administration), escalating prevalence of devices requiring imaging technologies, etc. are also stimulating revenue generation from the region. The rising count of cancer patients has intensified a fear among the population leading to an increase in pre-diagnosis treatments which is expected to escalate the demand in the market throughout the projection period.
Europe market accounts for the second largest share of the global market. The increased expenditure in healthcare, growing awareness about diseases, availability of efficient healthcare services, etc. have led to development in revenue generation from the market. An increase in the incidence of gastrointestinal diseases has also catalyzed the expansion of the market in the region. Asia Pacific region trails Europe and will be the fastest growing market during the projection period. The huge population base of Asia is the key market growth driver. Other factors responsible for the growth in this region are developments in the healthcare sector, increased awareness and healthcare spending, large-scale penetration by major market players, etc. The rising demand will infuse growth in Middle East & Africa market.
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.
In November 2018, the U.S. Food and Drug Administration (FDA) approved the clinical use of a magnetic resonance imaging (MRI) scanner which allows spotting pituitary tumors in crushing's patients. The new ultra-high field 7T Terra MRI scanner allows more reliable images of the brain and facilitates identification of very small tumors which standard MRI fails to spot.
In October 2018, Israeli startup iNNOGING innovated breakthrough in sonography technology. The innovation will enable physicians to manipulate captured ultrasound video and allow virtual dynamic examination by conversion of the video clip into a 3D model without the presence of the patient.
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