Global Contrast Media Market Outlook, Landscape and Illumination Report to 2030
Contrast Media Industry Overview
The global contrast media market size was estimated at USD 6.28 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.98% from 2024 to 2030. The growing prevalence of complex comorbidities and long-term diseases has led to an increase in diagnostic imaging tests including ultrasound, X-rays, and advanced imaging technology such as MRI & CT scans. In September 2022, Gadopiclenol, an MRI contrast agent with high relativity and lower gadolinium dosage for adults and pediatric patients two years of age and up, was approved by the U.S. FDA. A macrocyclic GBCA called gadopiclenol helps identify lesions in the brain, spine, abdomen, and other parts of the body that have aberrant vascularity. According to the National Association of Chronic Disease Directors, in 2022, nearly 45% of people in America were affected by multiple chronic conditions.
The adult population poses a greater risk of chronic conditions with multiple comorbidities. The National Council on Aging report suggests that nearly 80% of people aged 65 and above suffer from at least one chronic condition, with almost 70% of Medicare beneficiaries suffering from more than two chronic conditions, and nearly 77.0 million people in the U.S. are estimated to be aged 65 & above by 2034. According to a report by the American Heart Association, the incidence of heart failure is increasing in the U.S., and it is one of the leading causes of death in the country. In 2020, approximately 659,000 people died due to cardiovascular diseases in the U.S. By 2030, the number of people with heart diseases is estimated to increase by 46%.
Gather more insights about the market drivers, restrains and growth of the Contrast Media Market
The American College of Radiology (ACR), which signifies over 40,000 radiologists in the U.S., has issued advice that X-rays and CT scans should not be used as a first-line approach to diagnose or test for COVID-19 since it is exceedingly contagious. As a result, several radiology departments saw a significant decrease in the number of imaging cases. Except for the COVID-19 diagnosis, all diagnostic procedures exhibited a considerable fall in 2020, affecting the growth of the contrast media industry.
Market players adopt strategies that aid them in increasing their presence with a wider geographic reach and stronger portfolios. Disease indication extension is popular in this market as it enables firms to gain confidence in select population subsets. With approvals for specific indications, companies target niche patient cohorts and boost the adoption of products. In March 2022, the initial single-source photon-counting computed tomography (CT) scanner with a single detector acquired FDA 510(k) approval, according to NeuroLogica Corporation. Additionally, OmniTom Elite with PCD is capable of producing spectral CT pictures at various energy levels which are anticipated to boost market growth in the near future.
Furthermore, the introduction of digital solutions that aid in the management of contrast agents is anticipated to drive market growth. For instance, in January 2023, in response to the growing demand for medical imaging services in the face of a radiologists' shortage, Bayer confirmed its purchase of Blackford Analysis Ltd., a developer of imaging artificial intelligence platforms and solutions. This acquisition is in line with Bayer's strategic aim to promote innovation in radiology, which includes advancing AI's integration into clinical workflow. The company's priorities are improving patient care and solidifying its leadership in digital medical imaging.
Browse through Grand View Research's Category Medical Devices Industry Research Reports.
• The global semi-solid dosage contract manufacturing market size was valued at USD 17.57 billion in 2023 and is projected to grow at a CAGR of 11.12% from 2024 to 2030. The rising demand for patient-friendly medications coupled with growing prevalence of chronic diseases such as skin diseases, arthritis, and pain management aids the market growth.
• The retinal laser photocoagulation market size was estimated at USD 240.3 million in 2023 and is projected to grow at a CAGR of 4.4% from 2024 to 2030. The market growth is driven by the rising prevalence of retinal disorders, such as diabetic retinopathy (DR), age-related macular degeneration (AMD), and retinal vein occlusion, necessitating effective treatment methods.
Contrast Media Market Segmentation
Grand View Research has segmented the global contrast media market report based on modality, product, application, route of administration, end-use, and region:
Contrast Media Modality Outlook (Revenue, USD Million, 2018 - 2030)
• Ultrasound
• Magnetic Resonance Imaging
• X-ray/Computed Tomography
Contrast Media Product Outlook (Revenue, USD Million, 2018 - 2030)
• Microbubble
• Gadolinium-Based
• Iodinated
• Barium-Based
Contrast Media Application Outlook (Revenue, USD Million, 2018 - 2030)
• Cardiovascular Disorders
• Neurological Disorders
• Gastrointestinal Disorders
• Cancer
• Nephrological Disorders
• Musculoskeletal Disorders
• Others
Contrast Media Route Of Administration Outlook (Revenue, USD Million, 2018 - 2030)
• Intravenous
• Oral Route
• Rectal Route
Contrast Media End-use Outlook (Revenue, USD Million, 2018 - 2030)
• Hospitals
• Diagnostic Imaging Centers
• Others
Contrast Media Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
o U.S.
o Canada
• Europe
o UK
o Germany
o France
o Italy
o Spain
o Denmark
o Sweden
o Norway
• Asia Pacific
o Japan
o China
o India
o Australia
o Thailand
o South Korea
• Latin America
o Brazil
o Mexico
o Argentina
• Middle East & Africa
o South Africa
o Saudi Arabia
o UAE
o Kuwait
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Key Companies profiled:
• Bayer AG
• General Electric Company
• Guerbet
• Bracco Diagnostic, Inc.
• Nano Therapeutics Pvt. Ltd.
• Lantheus Medical Imaging, Inc.
• iMax
• Trivitron Healthcare