Contrast Media Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Contrast Media Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The major factors for the growth of the contrast media market include the increase in the incidences of chronic diseases, rising demand for image-guided procedures and diagnostics, and a large number of approvals for contrast agents. Image-guided procedures can help determine if a cancer is malignant or benign. With the increased prevalence and the increase in the number of cancer cases in both developing and developed economies of the world, it is necessary to provide procedures that can help patients get a diagnosis at the earlier stages.

The demand for diagnostics imaging is at an all-time high, with multiple types of chronic diseases prevalent, globally. According to a report by the Medicare Payment Advisory Commission (MedPAC) to the Center for Medicare and Medicaid Services (CMS), the rise in the volume of imaging services per medicare beneficiary is highest among all other services provided by the physicians.

Image-guided surgeries (IGS) are gaining acceptance with time. These procedures are useful for diagnosis as well as treatment of multiple conditions. The rising need, as well as demand, for refinement of imaging during surgeries, requires unique methods of data acquisition, processing, and display, and the full understanding of the process of imaging and its applications to therapy. This need is very well served by image-guided procedures and it has resulted in an increased demand for image-guided procedures for diagnostics, as well as treatment, and hence has served as a factor for the market growth.

Key Market TrendsIodinated Contrast Media is Expected to Witness a Healthy Growth

Iodinated contrast media is a form of intravenous radiocontrast (radiographic dye) containing iodine, which enhances the visibility of vascular structures and organs during radiographic procedures. The iodinated contrast has helped in the improvisation of the visibility in the diagnosis of diseases, such as cancer. The iodinated contrast media that are being used now are made up of the chemical modifications of the 2, 4, 6 tri-iodinated benzene ring.

The ability of an iodinated contrast media to attenuate X-rays depends on the number of iodine molecules present in the tissue to be imaged and is inversely related to the X-ray energy used for imaging. Therefore, the type and amount of contrast media used for a given purpose also depend on the imaging characteristics needed. The segment is expected to expand in the future, due to the increasing usage of Ionic contrast media.

North America Accounted for the Largest Share in the Global Market

North America holds a major share in the contrast media market and is expected to show a similar trend over the forecast period, without significant fluctuations. The first gadolinium-based contrast agent was approved in the United States. Four agents were approved in the United States in the past decade and they have set a string trend in the industry to continue to find more efficient, more accurate, and safe agents. The contrast media sales are expected to increase in the United States in the coming years. Among the different imaging modalities, sales of contrast media for ultrasound market may have a considerable growth rate. The United States is the largest consumer market for contrast media in North America. Increase in chronic diseases, such as cardiovascular and neurological diseases, is the major driving factor for the market growth in the United States.

Competitive Landscape

The contrast media market is a consolidated market, owing to the presence of a few major players in the market. The barriers to entry are high, owing to the safety issues of contrast media products. Some of the market players are Bayer AG, Bracco Diagnostic Inc., GE Healthcare, Guerbet Group, Lantheus Medical Imaging Inc., and Taejoon Pharm.

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• The market estimate (ME) sheet in Excel format
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Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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