Contrast Media Market Trends

Global Contrast Media Market Overview

Contrast Media Market Size was valued at USD 6.36 Billion in 2023. The Global Contrast Media industry is projected to grow from USD 6.74 Billion in 2024 to USD 18.23 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.76% during the forecast period (2024 - 2032). A growing number of diagnostics procedures and the increasing popularity of minimally invasive procedures are the key market drivers enhancing market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The expanding prevalence of diagnostic procedures and demand for less intrusive treatments are the key forces fueling market expansion. To keep up with the increasing need for high-quality surgical imaging, it's important to have a thorough understanding of imaging and its therapeutic uses. Therefore, new methods of information accumulation, processing, and presentation are required. Image-guided treatments have done an excellent job of fulfilling the rising demand for diagnosis and treatment around the world in recent years. As a result, the CAGR of the contrast media market has increased.

Iodine-based contrast chemicals are commonly used in CAT scans and X-rays to enhance image clarity. They enhance visualization of the central nervous system, digestive tract, and other interior organs. Iodinated contrast agents are used to treat a wide variety of neurological, renal, gastrointestinal, cardiovascular, musculoskeletal, and oncological disorders. This has led to a surge in demand for contrast-enhancing media.

Both doctors and patients are increasingly interested in minimally invasive therapies and image-guided procedures. The use of ultrasonography has spread beyond its initial application in obstetrics and gynecology to include the treatment of kidney stones, cancer, and other clinical disorders. Manufacturers of Contrast Media agents will certainly gain from these endeavors by opening up new markets and developing new products. 

July 2023,Researchers have developed an abiological copper binding site that binds exclusively to oxygen donor atoms within a protein scaffold, disproving the notion that copper is unsuitable for use in contrast media. This discovery could be useful in producing MRI contrast with fewer risks than those of traditional gadolinium-based agents. Researchers at Diamond Light Source worked with their peers at the Universities of Birmingham and St. Andrews to make this groundbreaking discovery. 

Contrast Media Market Trends

• 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.

Contrast Media Market Segment Insights

Contrast Media Type Insights

In the Contrast Media market segmentation, based on type, iodinated contrast media, gadolinium-based contrast media. The iodinated contrast agents segment accounted for the largest market share in 2022, which can be attributed to the high penetration rate of X-ray and C.T. procedures and the availability of non-ionically stable iodinated agents for improved diagnosis. Iodine-containing contrast agents are usually given intravenously; however, in some cases, they are replaced by barium-based contrast agents for oral and rectal administration. Iodine-based contrast agents are used to enhancing C.T. and X-ray images.

They enhance visualization of the gastrointestinal tract, internal organs, arteries and veins, soft tissues, and the brain. Iodinated contrast agents are used in various indications, including neurological, renal, gastrointestinal, cardiovascular and musculoskeletal disorders and cancer. Thus, the  contrast media market revenue is increasing.

Figure 2:  Contrast Media Market, by Type, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Contrast Media Form Insights

The Contrast Media market segmentation, The market has been segmented based on form into liquid, tablet, powder, and paste. The target audience prefers all these forms according to the requirements of the product.

Contrast Media Procedures Insights

The Contrast Media market data, based on procedures, X-ray/Computed Tomography (CT), Magnetic Resonance Imaging (MRI). Among these, the X-ray/C.T. contrast agents help generate high-resolution 3D images of structures. Barium-based and iodinated contrast agents are used in X-ray and C.T. techniques. When barium and iodine contrast agents are administered/injected into the body, they block X-rays and don't allow them to pass through. As a result, organs, blood vessels, and other body tissues that temporarily contain barium-based or iodinated contrast media change in appearance. X-ray and C.T. are widely used in several diseases and are expected to stimulate market growth.

Contrast Media Application Insights

The application-based market data of contrast media includes cardiovascular disease, oncology, and gastrointestinal disorders. The fertilizer category holds the major market share. The cardiovascular diseases (CVD) segment is expected to account for a large revenue share during the forecast period. This is due to the increasing prevalence of cardiovascular diseases worldwide. According to the National Center for Biotechnology Information (NCBI), the disease is expected to affect 6 to 12 Billion people worldwide by 2050 and 17.9 Billion in Europe by 2060. Moreover, the increasing prevalence of cardiovascular diseases generates a huge demand for innovations in the contrast media industry.

News

April 2023, Japanese researchers investigated if switching the ICM that initially triggered an adverse reaction in a patient to a different agent could lessen the chance of a further adverse reaction. Data analysis showed that patients who had experienced an ICM-induced hypersensitive reaction before were 61% less likely to experience a repeat reaction if they switched ICMs. Independent efforts have been made to enhance reaction documentation at the Mayo Clinic and elsewhere. Adoption by other hospitals would be aided by standardizing this procedure.

According to a preliminary analysis that was carried out by the firm in June 2023, the magnetic resonance imaging (MRI) contrast agent SN132D that was developed by Spago NanoMedical was shown to be well tolerated in patients who suffered from endometriosis. Spago Nanomedical claims that the drug has an excellent safety profile, despite the fact that further study of its MRI contrast-enhancing characteristics in lesions indicative of deep endometriosis is required.

Contrast Media Regional Insights

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, MRFR 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.

Contrast Media Key Market Players & Competitive Insights

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.

• Bayer AG (Germany)


• Bracco Diagnostic Inc (U.S.)


• NANOSCAN IMAGING (US)


• Jodas Expoim (India)


• E. Healthcare (U.S.)


• Guerbet Group (France)


• DAIICHI (Japan)


• Lantheus Medical Imaging Inc (U.S.)


• Taejoon Pharm (Korea)


• Magnus Health (U.S.), among others

Contrast Media Industry Developments

October 2022: G.E. Healthcare's pharmaceutical diagnostics company announced a long-term agreement with the Chilean mining company Sociedad Quimica y Minera (SQM) de Chile S.A. to guarantee its supply of iodine, which is used in X-ray contrast media products. Vital components and computed tomography procedures around the world. As part of G.E. Healthcare's larger commitment and investment plan, this will help SQM expand its supply of iodine raw material year-on-year, producing an additional 30 Billion doses of iodine contrast media per year by 2025.

December 2021: The previously announced G.E. Healthcare acquisition of B.K. Medical was finalized. With this acquisition, G.E. Healthcare has enhanced its pre- and post-operative ultrasound capabilities to cover real-time surgical observation, a fast-growing and relatively new discipline.

Contrast Media Market Segmentation

Contrast Media Type Outlook

• Iodinated Contrast Media


• Gadolinium-Based Contrast Media

Contrast Media Form Outlook

• Tablet


• Powder


• Liquid


• Paste

Contrast Media Procedure Outlook

• X-ray/Computed Tomography (C.T.)


• Magnetic Resonance Imaging (MRI)


• Swine

Contrast Media Application Outlook

• Cardiovascular Disease


• Oncology


• Gastrointestinal Disorders

Contrast Media Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America