Global Contrast Media Market Size Worth $5.33 Billion By 2028 | CAGR: 8.6%: Polaris Market Research

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Jul 07, 2021, 08:30 ET

NEW YORK, July 7, 2021 /PRNewswire/ -- The global contrast media market size is expected to reach USD 5.33 billion by 2028. According to a new study conducted by Polaris Market Research, the market is anticipated to register a CAGR: 8.6% From 2021 – 2028. Increasing cases of chronic diseases, growing demand for image-based procedures, and rising approvals for contrast agents are some of the major factors driving the market growth. In addition to this, increasing diagnostic centers globally has resulted in improved diagnostic imaging services, thereby fostering the growth of the market. Moreover, increasing investments by leading players and major reforms in the radiopharmaceuticals and healthcare sector are further complementing the exponential growth of the contrast media market.

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Key Highlights of Contrast Media Market

Based on product, the iodinated contrast media segment dominated the contrast media market and is expected to keep the same dominance during the forecast period. This dominance is attributed to an increasing preference for contrast media due to its lower toxicity and excellent radio opacity.
By modality insights, the X-ray/CT segment accounted for the largest revenue share and is anticipated to witness a rise in revenue share over the forecast period, owing to wide acceptance for X-ray/CT modality for diagnostic procedures and are less expensive, thereby fostering the adoption of contrast agents.
Based on application, neurological disorders emerged as the major application segment and held the largest market share. The use of MRI contrast media offers high-quality images of neural structures allowing effective diagnostic evaluation of CNS for neurological disorders.

COVID-19 Impact:

The rate of heart disease diagnosis has decreased across the globe during the early stages of the COVID-19 pandemic as governments of COVID-affected countries prioritized treating COVID-19 patients. Numerous research conducted to study COVID-19 has shown that COVID has a fatal effect on health resulting in increased cases of strokes and heart attacks. This factor might help the contrast media market to grow exponentially in the future.

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Regional Developments

North America followed by the Europe region has dominated the contrast media market and is expected to maintain the same trend over the forecast period. A major innovation in MRI procedure, availability reimbursement policies, well-developed healthcare infrastructure, and the presence of prominent players are contributing to these region's market growth. On the other side, the regional market in the Asia Pacific is anticipated to witness substantial growth owing to rapid advancements in the technology field, the increasing rate of cardiac disorders, and the existence of leading manufacturers in the region.

Competitive Outlook

Companies operating in the contrast media market are introducing new contrast agents to increase their portfolio of offerings. Market participants are targeting for higher share by expanding their business in untapped markets. Lantheus Medical Imaging, Inc., Bayer AG, General Electric, Nano Therapeutics Pvt. Ltd., Guerbet, Bracco Diagnostic, Inc., iMax, and Trivitron Healthcare are some of the key players operating in the global market for contrast media.

Target Audience

Supply Side: Developer of Imaging Agents
Demand Side: Hospitals, Medical Institutes, Research Organization
Regulatory Side: World Health Organization

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Polaris Market research has segmented the contrast media market report on the basis of product type, modality, application, and region:

Contrast Media, Product Outlook (Revenue – USD Million, 2016 – 2028)

Iodinated
Barium-based
Gadolinium-based
Microbubble

Contrast Media, Modality Outlook (Revenue – USD Million, 2016 – 2028)

X-ray/CT
MRI
Ultrasound

Contrast Media, Application Outlook (Revenue – USD Million, 2016 – 2028)

Cardiovascular Disorders
Neurological Disorders
Gastrointestinal Disorders
Cancer
Nephrological Disorders
Musculoskeletal Disorders
Others

Contrast Media, Regional Outlook (Revenue – USD Million, 2016 – 2028)

North America

U.S.
Canada

Europe

France
Germany
UK
Italy
Spain
Netherlands
Austria

Asia Pacific

China
India
Japan
Malaysia
South Korea
Indonesia

Central & South America

Mexico
Brazil
Argentina

Middle East & Africa

UAE
Saudi Arabia
Israel
South Africa

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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