According to Custom Market Insights (CMI), The Global MRI Contrast Agents Market has presented a growth of USD 2.2 billion by 2021 and is expected to reach USD 2.8 billion in 2022 and is expected to touch USD 4.54 billion by the end of 2030 at a compound annual growth rate of 6.2% during the future.
The rapidly increasing demand for advanced healthcare facilities among the people has boosted the market for contrast agents to a great extent which is expected to grow further about the huge number of patients suffering from chronic diseases all over the world, which mainly include people belonging to the geriatric population. Using a suitable contrast media makes it possible for the technician to have a better view of the pathological changes that have taken place inside the individual’s body.
The introduction of various advanced imaging techniques in the current healthcare system has boosted the demand and supply of advanced contrast media that helped to provide accurate results. Digital solutions introduced into the market help to administer suitable contrast media, and it has emerged as a major growth factor for the contrast agents market.
Browse the full “Contrast Agents MRI Market Size, Trends and Insights By Modality (X-ray, CT scan, Ultrasound, MRI scan), By Product Type (Barium based, Iodinated, Micro-bubble, Gadolinium-based), By Application (Neurological disorder, Cardiovascular disorder, Cancer, Gastrointestinal disorder, Musculoskeletal disorder, Nephrological disorder, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/mri-contrast-agents-market/
Market Dynamics
Drivers
The increasing acceptance of modern technology in the healthcare system expressed by the people has emerged as a major driving force for the growth of the contrast media market, which is expected to continue similarly in the future. The huge demand for various imaging procedures that help diagnose and hence assist the physician in selecting a suitable line of treatment for the patient has emerged as a major driving force for the market.
The extensive research and development programs carried out by the key market players with the view to introducing modern technologies and imaging methods into the market have helped the contrast media market record considerable growth over the period.
Restraints
Constant radiation exposure proves to be harmful to the health of individuals, which shows its side effects during the later stages of life. The various allergic reactions that are noticed by the use of various contrast media have greatly hindered the market’s growth. Increasing awareness among the people regarding the various side effects that chemically based contrast agents cause has emerged as a major obstruction to market growth. These side effects make it unsafe for patients to opt for such advanced procedures.
Opportunities
Increasing competition among the key market players, along with the generic lane of contrast media, has emerged as a major opportunity for the market’s growth. The lucrative offers provided by the reimbursement facilities and insurance companies have helped the contrast media market to record considerable revenue over the period. The rapidly increasing developments in developing nations regarding the healthcare sector have boosted the use of advanced contrast media for imaging techniques.
Challenges
The lack of skilled professionals in the healthcare sector has emerged as a major challenge for the growth of the contrast media market. A skilled workforce is required to manage the quantity and concentration of contrast media, which directly affects the health of the individual and emerges as a major challenge for the market’s growth. The high cost associated with using advanced contrast media has emerged as another challenge to the market’s growth. These multiple reasons have emerged as the major challenges to the growth of the contrast media market.
Report Highlights
Based on modality, the segment of X-ray and CT scans has emerged as the largest global market for the increased number of cases that require these imaging procedures and techniques for arriving at a suitable diagnosis.
The use of iodine and barium contrast agents has been observed for such procedures, which provide better visualization of the pathological changes that have taken place in the body. Based on product type, the iodinated contrast media segment has emerged as the largest global segment of increased demand for this media among imaging procedures. Based on application, the segment of neurological disorder has emerged as the largest segment of the huge number of cases suffering from neurological diseases.
The cardiovascular disorders segment has also emerged as one of the leading segments of the many cases that have arisen worldwide in recent years. Based on geography, the region of North America has emerged as the leading market player.
Regional Snapshots
The geographical region of North America has emerged as the largest market for contrast agents for MRI Contrast Agents market to the huge number of operative procedures that are carried out in this region that require imaging techniques for confirming the diagnosis of the patient and observing the various pathological changes that have taken place that need to be treated during the operative procedure. The increasing number of orthopaedic surgeries all over the world has also helped boost the market for contrast agents, which is supported by the increasing number of road traffic accidents resulting from rapid modernization.
The increasing number of chronic diseases among the people belonging to this region has also boosted the requirement for advanced imaging techniques that make use of better contrast agents that provide better visualization to the technician to arrive at a suitable diagnosis for the patient, which assists the physician to select a proper line of treatment for the patient. Asia Pacific has also emerged as a huge market for contrast agents for MRI about the increasing number of operative procedures carried out in this region and the various advanced healthcare facilities that people demand after the pandemic outbreak.
The active support of the government for enhancing the facilities provided by the healthcare sector has also boosted the market for contrast agents to a great extent.
Report Scope
| Feature of the Report | Details |
| Market Size in 2021 | USD 2.2 billion |
| Projected Market Size in 2030 | USD 4.54 billion |
| CAGR Growth Rate | 6.2 % CAGR (2022-2030) |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Prominent Players | GE Healthcare, Bracco Imaging SPA, Bayer AG, Guerbet, Lantheus Medical Imaging, Unijules Life Sciences, J.B. Chemicals and Pharmaceuticals Ltd., SANOCHEMIA Pharmazeutika GmbH, Taejoon Pharm, Jodas Expoim, Nano Therapeutics Pvt. Ltd., Kiran X-ray, iMax Diagnostic Imaging Limited, YZJ Group, Livealth Biopharma Pvt. Ltd., Trivitron Healthcare Pvt. Ltd., Novalek Pharmaceuticals Pvt. Ltd., Unispire Biopharma Private Limited, Acro Lifesciences (I) Pvt. Ltd., Congruent Pharmachem Private Limited, Stanex Drugs & Chemical Pvt. Ltd., Beijing Beilu Pharmaceutical Co. Ltd., Rege Imaging & Cine Films Private Limited, K DIAM EXIM, Subhra Pharma Pvt. Ltd. , and Others |
| Key Segment | By Modality, Product Type, Application, and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Key Players
- GE Healthcare
- Bracco Imaging SPA
- Bayer AG
- Guerbet
- Lantheus Medical Imaging
- Unijules Life Sciences
- B. Chemicals and Pharmaceuticals Ltd.
- SANOCHEMIA Pharmazeutika GmbH
- Taejoon Pharm
- Jodas Expoim
- Nano Therapeutics Pvt. Ltd.
- Kiran X-ray
- iMax Diagnostic Imaging Limited
- YZJ Group
- Livealth Biopharma Pvt. Ltd.
- Trivitron Healthcare Pvt. Ltd.
- Novalek Pharmaceuticals Pvt. Ltd.
- Unispire Biopharma Private Limited
- Acro Lifesciences (I) Pvt. Ltd.
- Congruent Pharmachem Private Limited
- Stanex Drugs & Chemical Pvt. Ltd.
- Beijing Beilu Pharmaceutical Co., Ltd.
- Rege Imaging & Cine Films Private Limited
- K DIAM EXIM
- Subhra Pharma Pvt. Ltd.
Recent developments
- In 2019 – Bayer AG was given permission by Gadavist, for a gadolinium-based contrast agent. It is put into use for cardiac MRI in order to diagnose CAD.
- In 2019 – a merger took place between InterSystems Corporation and Guerbet in order to expand Guerbet’s solutions.
Segments covered in the report
By Modality
- X-ray
- CT scan
- Ultrasound
- MRI scan
By Product Type
- Barium based
- Iodinated
- Micro-bubble
- Gadolinium based
By Application
- Neurological disorder
- Cardiovascular disorder
- Cancer
- Gastrointestinal disorder
- Musculoskeletal disorder
- Nephrological disorder
- Others
On the basis of Geography
North America
- The U.S.
- Canada
- Mexico
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America