Global MRI Contrast Agents Market Set to Reach USD 2.41 Bn by 2031, With a Sustainable CAGR Of 4.30% | Growth Market Reports

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May 11, 2023, 06:38 ET

PUNE, India, May 11, 2023 /PRNewswire/ -- According to a recent market study published by Growth Market Reports, titled, "Global MRI Contrast Agents Market by Products (Paramagnetic Contrast Agents and Superparamagnetic Contrast Agents), Types (Preclinical and Clinical), Application( Gastrointestinal, Intravenous, Hepatobiliary, Neurological Imaging, and Others), Route of Administration (Intravascular and Oral), End-users (Hospitals, Ambulatory Surgical Centers, and Diagnostic Centers), Modality (X-ray, CT scan, Ultrasound, and MRI scan), and Regions: Size, Share, Trends, and Opportunity Analysis, 2023-2031", the market was valued at USD 1.65 Bn in 2022 and is expected to reach USD 2.41Bn expanding at a CAGR of 4.30% by the end of 2031. The market growth is attributed to the increasing awareness about early diagnosis of health complications and the rising need for advanced imaging techniques in the healthcare sector.

Key Market Players Profiled in the Report

Bayer AG
Bracco Diagnostics
Guerbet
Jiangsu Hengrui Pharmaceutical Co. Ltd
Lantheus Medical Imaging, Inc
General Electric Company
LIVEALTH
Nano Therapeutics Pvt. Ltd
Spago Nanomedical AB
Magnus Health
Trivitron Healthcare
Beijing BeiLu Pharmaceutical Co., Ltd
Rege Imaging & Cine Films Private Limited
Unijules Life Sciences Ltd
Megapro Biomedical Co. Ltd.
J B Chemicals and Pharmaceuticals Ltd.

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The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that change the market dynamics of the industry. It provides an in-depth analysis of the market segments, which include products, applications, and competitor analysis.

This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping market players to expand their market share.

Highlights on the Segments of the Global MRI Contrast Agents Market

On the basis of product type, the global MRI contrast agents market is divided into paramagnetic contrast agents and superparamagnetic contrast agents. The paramagnetic contrast agents segment is expected to expand at a significant growth rate during the projection period, due to its easy availability and administration techniques. These agents provide good clinical outcomes with enhanced imaging of organs.

Based on type, the global MRI contrast agents market is bifurcated into preclinical and clinical. The clinical segment is expected to register robust growth during the forecast period, due to its use before and during surgeries for enhanced visibility of the organs. MRI contrast agents improve the signal intensity of tissues by reducing the time taken by water protons to level up with the magnetic field created by the imaging machine. This characteristic of the contrast agents helps in improving the clinical outcome by helping surgeons in clear imaging.

In terms of application, the global market is segregated into gastrointestinal, intravenous, hepatobiliary, neurological imaging, and others. The neurological imaging segment is projected to expand at a considerable CAGR during the forecast period, owing to the rising use of MRI contrast agents in studying complex neurological abnormalities with the help of imaging. Contrast agents used in MRI during neurological scanning provide high-precision imaging to help doctors plan a suitable line of treatment for patients.

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On the basis of the route of administration, the global MRI contrast agents market is segmented into intravascular and oral. The intravascular segment is expected to register robust growth during the forecast period, owing to enhanced visibility of body structures such as blood vessels, tracts, and issues. The intravenous type of administration is effective, as it leads to immediate and improved imaging results.

Based on end-user, the global MRI contrast agents market is segmented into hospitals, ambulatory surgical centers, and diagnostic centers. The hospital segment is projected to expand at a considerable CAGR during the forecast period, owing to the substantial rise in the installed base of MRI units in hospitals and the high patient visit rate at these medical institutions. Other factors propelling the hospital segment are the growing rate of chronic diseases such as colon cancer, diabetes, and heart failure.

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On the basis of modality, the global MRI contrast agents market is segregated into X-ray, CT scan, ultrasound, and MRI scan. The CT scan segment is expected to register a robust growth rate during the forecast period, due to high-resolution 3D images provided by contrast agents. The use of contrast agents for CT scans enhances the visibility of organs, body tissues, and blood vessels by blocking the X-rays and highlighting the tissues in the body.

In terms of region, the global MRI contrast agents market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, owing to growing investments in research activities and the presence of well-established healthcare infrastructure to develop effective MRI contrast agents. Growing incidences of cancer and cardiac disorders and rising advancements in diagnostic imaging technology are expected to fuel the MRI contrast agents market in Europe during the forecast period.

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Key Takeaways from the Study:

Increasing demand for accurate imaging in clinical practices for the diagnosis and treatment of diseases and health complications elevates the growth of the MRI contrast agents market.
Rising prevalence of complex chronic diseases and health complications and the subsequent requirement of high-quality imaging for the purpose of choosing an optimum line of treatment is fueling the market.
Health concerns associated with the health complications of contrast agents hamper the market growth.
Improvements in the healthcare infrastructure and technical innovations in the medical equipment to facilitate efficient health services boost the demand for MRI contrast agents.
Rising awareness about conducting preventive diagnosis for suitable treatment methods and high acceptance of high-quality imaging in the healthcare sector drives the market.

Read 239 Pages Research Report with Detailed TOC on "Global MRI Contrast Agents Market by Product (Paramagnetic Contrast Agents and Superparamagnetic Contrast Agents), Type (Preclinical and Clinical), Application( Gastrointestinal, Intravenous, Hepatobiliary, Neurological Imaging, and Others), Route of Administration (Intravascular and Oral), End-users (Hospitals, Ambulatory Surgical Centers, and Diagnostic Centers), Modality (X-ray, CT scan, Ultrasound, and MRI scan), and Regions: Size, Share, Trends, and Opportunity Analysis, 2023-2031"

Key Segments Covered

Product

Paramagnetic Contrast Agents
Superparamagnetic Contrast Agents

Type

Preclinical
Clinical

Application

Gastrointestinal
Intravenous
Hepatobiliary
Neurological Imaging
Others

Route of Administration

Intravascular
Oral

End-user

Hospitals
Ambulatory Surgical Centers
Diagnostic Centers

Modality

X-ray
CT scan
Ultrasound
MRI scan

Region

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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