Global Contrast Media Market 2024-2031

Global Contrast Media Market 2024-2031

Global Contrast Media Market Size, Share & Trends Analysis Report by Type (Iodinated Contrast Media, Gadolinium-based Contrast Media, Microbubble Contrast Media, and Barium-based Contrast Media), by Procedure (X-Ray/ Computed Tomography, Magnetic Resonance Imaging (MRI), and Ultrasound), by Indication (Cardiovascular Diseases, Oncology, Gastrointestinal Disorders, and Neurological Disorders) Forecast Period (2024-2031)

Global contrast media market is anticipated to grow at a considerable CAGR of 6.5% during the forecast period. Contrast media (CM) are chemical substances used in medical imaging techniques to enhance the differences between body tissues in images. The global market is driven by the increasing incidences of chronic diseases, rising demand for image-guided procedures and diagnostics, and a large number of approvals for contrast agents.

To meet the growing demand for contrast agents, key players are investing in their production capacity expansion. For instance, in November 2022, GE Healthcare’s Pharmaceutical Diagnostics business announced an $80 million investment to increase manufacturing capacity by 30.0% at its Active Pharmaceutical Ingredients (API) site in Lindesnes, Norway. The investment is part of GE Healthcare’s broader commitment to address significant future global demand for iodinated contrast media, used in X-ray and Computed Tomography (CT) procedures around the world to enhance visualization of organs, blood vessels, and tissues across disease pathways.

According to a scientific published in November 2023, the harmful effect of repetitive intravenous iodinated contrast media administration has been noticed on the long-term renal function of patients with early gastric cancer. Such side effects of these chemicals may restrain their market growth. In January 2024, Scientists with Case Western Reserve University (CWRU) scored a four-year, $1.125 million grant from the National Science Foundation to develop an artificial intelligence-based alternative to chemical imaging contrast agents. They hope to create a new approach during CT, MR, and X-ray exams, enhancing images without injecting substances such as gadolinium. Such developments may also have a negative impact on the growth of the global market.

Segmental Outlook

The global contrast media market is segmented based on type, procedure, and indication. Based on type, the market is segmented into iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barium-based contrast media. Based on procedure, the market is segmented into X-ray/ Computed Tomography, Magnetic Resonance Imaging (MRI), and ultrasound. Based on indication, the market is segmented into cardiovascular diseases, oncology, gastrointestinal disorders, and neurological disorders.

Iodinated Contrast Media Held a Considerable Share in the Global Contrast Media Market

Iodinated contrast media are drugs containing iodine that are given to patients to enhance the ability to see blood vessels and organs on medical images such as X-rays or computed tomography (CT) scans. ICM products can be given as injections into the veins, by mouth as a drink, or rectally. The high demand for these contrast media owing to its offered advantages along with rising FDA approvals for its new indications is a key contributor to the high share of this market segment. For instance, in June 2023, Bayer announced today that Ultravist (iopromide)-300, -370, its iodine-based contrast agent, has been approved by the US FDA for contrast-enhanced mammography (CEM) – making it the only contrast agent approved for this indication. The product can be used to visualize known or suspected lesions of the breast in adults, as an adjunct to mammography and/or ultrasound.

Regional Outlooks

The global contrast media market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Asia-Pacific is anticipated to exhibit considerable growth in the global market.

North America Held Considerable Share in the Global Market

The regional market share is driven by growing demand for contrast media and funding for R&D in the field of contrast media. For instance, in October 2022, Inlighta Biosciences, LLC, a start-up company was awarded a National Institute of Health grant to accelerate the development of a magnetic resonance imaging contrast agent to detect liver fibrosis, formation of scar tissue in the liver caused by alcoholic and non-alcoholic fatty liver disease.

The presence of key players across the region is further aiding the regional market growth. For instance, in November 2022, GE Healthcare announced an agreement with Ulrich Medical for a GE Healthcare branded contrast media injector in the US. The CT motion multi-dose syringeless injector, which delivers iodinated contrast media for Computed Tomography (CT) imaging procedures, reduces procedure setup time and increases patient throughput by eliminating time-consuming preparation steps while helping to optimize patient dosing and reducing wasted contrast media.

Market Players Outlook

The major companies serving the global contrast media market include Bayer AG, Bracco Diagnostic Inc., GE Healthcare, Guerbet Group, and Lantheus Medical Imaging Inc. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, distribution network expansion, and production capacity expansion to stay competitive in the market. For instance, in October 2022, GE Healthcare’s Pharmaceutical Diagnostics business announced a long-term agreement with Chile-based mining company, Sociedad Quimica y Minera de Chile S.A. (SQM), to secure its supply of iodine, a key ingredient for contrast media products used in X-Ray and Computed Tomography (CT) procedures globally. The agreement will see SQM increase the supply of iodine raw material year-on-year and is part of GE Healthcare’s broader commitment and investment plan to enable the production of 30 million more patient doses of iodinated contrast media annually by 2025.

The Report Covers

Market value data analysis of 2023 and forecast to 2031.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global contrast media market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.