Contrast Media Market

Growing Demand for Diagnostics Imaging to boost the market growth

Chronic diseases of many types are prevalent ly, and the demand for diagnostic imaging is at an all-time high. Imaging services per Medicare beneficiary saw the highest increase in the number of imaging services per Medicare beneficiary of all other services provided by physicians, according to a report from the Medicare Payment Advisory Council (MedPAC) to the Centers for Medicare and Medicaid Services (CMS).

Image-guided surgery (IGS) is gaining acceptance over time. These procedures are useful in diagnosing and treating a variety of conditions. The growing demand for imaging refinement during surgery requires unique data acquisition, processing, display methods, and a comprehensive understanding of the imaging process and its application in therapy. Image-guided procedures are well addressing this need, which has led to an increase in demand for diagnosis and treatment, thus acting as a factor is further enhanced the market CAGR of contrast media across the globe in recent years.

Healthcare professionals and people worldwide are increasingly embracing minimally invasive therapies and image-guided procedures. Ultrasonography has undergone a considerable transformation from traditional diagnostic imaging in obstetrics and gynecology to treating kidney stones, malignancies, and other clinical conditions. These initiatives will likely create new opportunities for manufacturers in the market of contrast media to increase revenue. The market for contrast media has the potential to become more attractive owing to the increasing public demand for diagnostic imaging services and the increasing availability of various diagnostic imaging modalities.

Moreover, marketing companies in the contrast media market are launching new cutting-edge technologies and high-quality products with cutting-edge features.

The increasing use of medical imaging is increasing the market demand for the contrast media and enhancing the market growth of the Contrast Media.

The Global Contrast Media Market Industry experiences a notable surge in demand for diagnostic imaging procedures, driven by the increasing prevalence of chronic diseases and the aging population. As healthcare systems globally prioritize early diagnosis and treatment, the utilization of contrast media in imaging techniques such as MRI and CT scans becomes essential. In 2024, the market is projected to reach 6.74 USD Billion, reflecting the growing reliance on advanced imaging technologies. This trend is expected to continue, with the market potentially expanding to 21.0 USD Billion by 2035, indicating a robust CAGR of 10.86% from 2025 to 2035.

By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America Contrast Media market accounted for USD 1.4 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. Market growth is expected to accelerate due to various strategic initiatives by major manufacturers targeting niche patient subsets in this segment. Key players in the market include Bayer, GE Healthcare, Guerbet, Lantheus, and Bracco Diagnostics.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3:  CONTRAST MEDIA MARKET SHARE BY REGION 2022 (%)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

The European contrast media market region is expected to take second place. The product demand in the region is growing owing to rising healthcare spending, the presence of more medical device companies in the region, and the growing market revenue in the region. Moreover, UK market of contrast media held the largest market share, and the Germany market of contrast media was the fastest-growing market in the European region.

The Asia Pacific contrast media market will also account for a large share in 2022. This can be attributed to well-established local and foreign manufacturers in the Region region. For example, G.E. Pharmaceuticals (Shanghai) Co., Ltd. is a branch of G.E. in China for diagnostic drugs (CT/MR contrast agents), and it is one of the largest production bases of G.E. Healthcare in the world for contrast agents. This factor is expected to continue to drive regional market growth.

Moreover, China market of contrast media held the largest market share, and the India market of contrast media was the fastest-growing market in the region.

Major market players are investing heavily in research and development to increase their product lines, which will help the market of contrast media to grow further. The market players have also undertaken several strategic initiatives to expand their footprints, including key market developments such as new product launches, contractual agreements, mergers and acquisitions, increasing investments, and collaborations with other organizations. Competitors in the Contrast Media industry must offer cost-effective products to expand and survive in the increasingly competitive and rising market environment.

One of the key business strategies adopted by the manufacturers in the Contrast Media agents industry to benefit their customers and expand their market segment is to manufacture locally to reduce operating costs. In recent years, the Contrast Media industry has provided some of the most significant benefits to medicine. Major players in the market of Contrast Media, such as Bayer AG (Germany), Bracco Diagnostic Inc (U.S.), DAIICHI (Japan), NANOSCAN IMAGING (U.S.), Jodas Expoim (India), G.E.

Healthcare (U.S.), Guerbet Group (France), Lantheus Medical Imaging Inc (U.S.), Taejoon Pharm (Korea), Magnus Health (U.S.) are focusing on expanding the market demand by investing in research and development activities.

Beijing Beilu Pharmaceutical Co., Ltd. is engaged in the research and development, production and sales of pharmaceutical products. The company's products include Iopamidol Injection, Iodixanol Injection, Repaglinide Tablets and other contrast agent series, and psychiatric and hypoglycemic products. In February 2022, Hokuri Pharmaceutical's loperamide passed the consistency evaluation of generic drugs. The assessment helps to review the quality and efficacy of generic drugs compared to brand-name drugs.

Also, Bayer AG is a German multinational pharmaceutical and biotechnology company and one of the largest pharmaceutical companies in the world. Headquartered in Leverkusen, Bayer's business areas include pharmaceuticals, consumer healthcare, agrochemicals, seeds and biotechnology products. In July 2020, Bayer and Siemens Healthineers presented a new imaging system interface (ISI) for magnetic resonance imaging. The interface combines Bayer's MRXperion MR injection system with a Siemens Healthineers MR scanner to overcome challenges faced by traditional methods.