According to research report the global contrast media market is expected to reach USD 6.0 billion by 2024 from an estimated USD 5.0 billion in 2019, growing at a CAGR of 3.8% during the forecast period.
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Growth in the contrast agent market can primarily be attributed to factors such as the increasing prevalence of cancer & CVD, regulatory approval of a growing number of contrast agents, and the rising volume of CT & MRI examinations. However, the side effects and allergic reactions associated with contrast agents are expected to limit market growth to a certain extent.
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Media/Contrast Agent Market, growth/decline in product type/use cases of
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By type, the iodinated contrast media segment is expected to account for the largest share of the contrast media market in 2019
Based on type, the contrast media market is segmented into iodinated contrast media, gadolinium-based contrast media, barium-based contrast media, and microbubble contrast media. In 2019, the iodinated contrast media segment is estimated to account for the largest share of the contrast media industry. The large share of this segment can be attributed due to its high usage in CT examinations coupled with the fact that it can be used in almost all body parts.
By modality, the X-ray/CT segment is expected to account for the largest share of the market in 2019
Based on modality, the market is segmented into X-ray/CT, MRI, and ultrasound procedures. In 2019, X-ray/CT procedures segment is expected to command the largest share of the global contrast media market. The large share of this segment can be attributed to the increasing number of CT examinations across the globe, coupled with advancements in CT imaging technologies.
North America to dominate the market in 2019
North America, Europe, Asia Pacific, and the Rest of the World (RoW) are the regions considered for geographic analysis of the global contrast agent market study. North America is expected to account for the largest share of the global contrast media industry. The large share of North America is attributed to the increasing number of diagnostic imaging units and examinations, growing aging population & rising prevalence of chronic conditions in the US, significant focus & government investments in the field of medical imaging, and increasing research activities in Canada.
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The prominent players in the global contrast media market include GE Healthcare (US), Bracco Imaging (Italy), Bayer (Germany), and Guerbet (France) are the major players operating in the market. Other prominent players in the market are Lantheus (US), Daiichi Sankyo (Japan), Unijules (India), J.B. Chemicals (India), Sanochemia (Austria), Taejoon Pharm (South Korea), Jodas (India), and Magnus Health (India).