Contrast Media Market – Snapshot
The global contrast media market is growing at a rapid pace, driven by increase in incidence of cancer and cardiovascular diseases. The global contrast media market was valued at US$ 4,600 Mn in 2017 and is projected to expand at a CAGR of 4% from 2018 to 2026 to reach over US$ 6,500 Mn by 2026. The global market is witnessing relatively higher growth owing to increase in technological advancements in contrast agents, increase in number of installed base of CTs and MRIs, and rise in prevalence of chronic disease across the globe.
Contrast agent/media is a substance used to enhance the contrast of fluids and structures of the body during medical imaging. These agents are used in X-ray, CT scan, angiography, and ultrasound imaging. The major types of contrast agent are iodine-based compounds, barium sulfate-based compounds, and gadolinium-based compound. These compounds are injected with the help of contrast media injectors through different routes of administration.
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The global contrast media market is witnessing significant growth and is expected to expand at steady CAGR during the forecast period from 2018 to 2026. Increase in number of installations of imaging devices such as CT and MRIs globally, rise in prevalence of cancer and cardiovascular diseases, and surge in awareness about pre-diagnosis of diseases such as cancers and other cardiovascular diseases are expected to boost the growth of the global contrast media market during the forecast period. Furthermore, rise in awareness about diseased conditions and increase in health care expenditure are the other factors likely to propel the global market during the forecast period. Adverse effects of contrast agents and stringent regulatory scenario in several developing regions are the factors projected to hamper the growth of the global contrast media market during the forecast period.
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The global contrast media market has been segmented based on type, route of administration, imaging modality, application, and region. In terms of type, the market has been classified into iodine-based compounds, barium sulfate-based compounds, gadolinium-based compounds, and microbubbles/microspheres. The iodine-based compounds segment held major market share in terms of revenue in 2017. Iodinated contrast media are low osmolar and can be non-ionic, and hence, can be used in several applications. This is expected to fuel the growth of the segment.