San Francisco, 23 April 2024: The Report Contrast Media Market Size, Share & Trends Analysis Report By Modality (Ultrasound, MRI), By Product (Microbubble, Gadolinium-based), By Application, By Route Of Administration, By End-use, By Region, And Segment Forecasts, 2024 - 2030

The global contrast media market size is expected to reach USD 10.74 billion by 2030, registering a CAGR of 7.98% from 2024 to 2030, according to a new report by Grand View Research, Inc. The rising prevalence of chronic diseases is fueling the demand for diagnostic imaging treatments, which is propelling the market forward. Imaging studies, such as MRI, have become an important aspect of most disease diagnoses, and the widespread use of imaging technologies in healthcare has boosted the demand for contrast media globally.

Chronic diseases like cancer and diabetes are quickly becoming a major public health concern and are among the leading causes of mortality worldwide, necessitating the development of early detection techniques and effective treatment alternatives. As a result, one of the key drivers of imaging tests and contrast agents is the rising prevalence of complicated comorbidities and long-term disorders, thus boosting the market worldwide.

Due to fewer patient visits to hospitals, the COVID-19 pandemic had a detrimental influence on the global contrast media market. The number of imaging cases in several radiology departments dropped dramatically. Many countries worldwide have begun to rebuild their economy, but it will take time for contrast media utilization rates to return to pre-pandemic levels. Furthermore, with the launch of COVID-19 vaccines and the relaxation of restrictions, raw material imports and exports have begun, indicating that the market will develop at a high rate throughout the projection period.

The growing prevalence of complex comorbidities and long-term diseases has led to an increase in diagnostic imaging tests including ultrasound, X-rays, and advanced imaging technology such as MRI & CT scans. In September 2022, Gadopiclenol, an MRI contrast agent with high relativity and lower gadolinium dosage for adults and pediatric patients two years of age and up, was approved by the U.S. FDA. A macrocyclic GBCA called gadopiclenol helps identify lesions in the brain, spine, abdomen, and other parts of the body that have aberrant vascularity. According to the National Association of Chronic Disease Directors, in 2022, nearly 45% of people in America were affected by multiple chronic conditions.

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The adult population poses a greater risk of chronic conditions with multiple comorbidities. The National Council on Aging report suggests that nearly 80% of people aged 65 and above suffer from at least one chronic condition, with almost 70% of Medicare beneficiaries suffering from more than two chronic conditions, and nearly 77.0 million people in the U.S. are estimated to be aged 65 & above by 2034. According to a report by the American Heart Association, the incidence of heart failure is increasing in the U.S., and it is one of the leading causes of death in the country. In 2020, approximately 659,000 people died due to cardiovascular diseases in the U.S. By 2030, the number of people with heart diseases is estimated to increase by 46%.

Contrast Media Market Report Highlights

• On the basis of modality, the X-ray/Computed Tomography segment held the largest market share in 2023, accounting for 69.64%. Wide acceptance and cost-efficiency of the X-ray/CT modality boost the adoption of contrast agents used for this modality
• Based on product type, the iodinated contrast media segment held the largest market share in 2023, accounting for 65.37%. This is due to their excellent radio-opacity and low toxicity than other agents
• Based on application, the neurological disorders segment dominated the market and held the largest revenue share around 28.59% in 2023. Diagnostic evaluation of CNS for neurological disorders boosts the adoption of MRI contrast agents, as they provide better images of neural structures than CT

The American College of Radiology (ACR), which signifies over 40,000 radiologists in the U.S., has issued advice that X-rays and CT scans should not be used as a first-line approach to diagnose or test for COVID-19 since it is exceedingly contagious. As a result, several radiology departments saw a significant decrease in the number of imaging cases. Except for the COVID-19 diagnosis, all diagnostic procedures exhibited a considerable fall in 2020, affecting the growth of the contrast media industry.

Market players adopt strategies that aid them in increasing their presence with a wider geographic reach and stronger portfolios. Disease indication extension is popular in this market as it enables firms to gain confidence in select population subsets. With approvals for specific indications, companies target niche patient cohorts and boost the adoption of products. In March 2022, the initial single-source photon-counting computed tomography (CT) scanner with a single detector acquired FDA 510(k) approval, according to NeuroLogica Corporation. Additionally, OmniTom Elite with PCD is capable of producing spectral CT pictures at various energy levels which are anticipated to boost market growth in the near future.

Contrast Media Market Report Scope

Furthermore, the introduction of digital solutions that aid in the management of contrast agents is anticipated to drive market growth. For instance, in January 2023, in response to the growing demand for medical imaging services in the face of a radiologists' shortage, Bayer confirmed its purchase of Blackford Analysis Ltd., a developer of imaging artificial intelligence platforms and solutions. This acquisition is in line with Bayer's strategic aim to promote innovation in radiology, which includes advancing AI's integration into clinical workflow. The company's priorities are improving patient care and solidifying its leadership in digital medical imaging.

List of Key Players in the Contrast Media Market

• Bayer AG
• General Electric Company
• Guerbet
• Bracco Diagnostic, Inc.
• Nano Therapeutics Pvt. Ltd.
• Lantheus Medical Imaging, Inc.
• iMax
• Trivitron Healthcare