Contrast Media API Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product Type (Iohexol, Iopamidol, Iodixanol, Iopromide, Ioversol, Diatrizoic Acid, Gadoterate Dimeglumine, Gadobutrol, Gadobenate Dimeglumine, Gadoxetic Acid, and Gadobemedeglumine), and Region

Contrast Media API Market size was valued at US$ 1,798.3 million in 2023 and is expected to grow at a CAGR of 4.2% from 2024 to 2030. In terms of volume, the contrast media API sales accounted for 11,127 tons (2023) of APIs in the global market. The increase in the prevalence of chronic diseases, technological advancements in medical imaging, and the increase in demand of invasive techniques are the key factors driving the contrast media API market.  Furthermore, the rising awareness about early disease diagnosis and the growing number of medical imaging procedures performed globally also drive the market growth of the contrast agents API market.

Contrast Media API market has very few market players even though their application across various disease diagnosis. The limited players coupled with the tight supply of contrast media API is predicted to create huge demand for the APIs in the last two years. For instance, In April 2022, GE healthcare shut their Shanghai manufacturing facility due to the COVID 19 outbreak that led to drug shortages of iohexol, and iodixanol formulations. To meet the growing demand company invested US$ 80 million to manufacture iodinated contrast agents API in their Norway facility in 2023 to produce 30 million more patient doses annually by 2025. In addition to that, company also opened new production line in Cork, Ireland facility.

The contrast media API market reached an all-time high in 2022 and reached US$ 1.8 Billion owing to the tight supply and increase in the raw material iodine prices. The price level of iodine has increased from 2022, increased from US$ 35.88/kg at the starting of the year to a maximum of US$ 71.28/kg in August. In July 2023, the iodine price remained at a high level of more than US$ 60 /kg.

The contrast media API market is mainly dominated by the innovator companies like GE, Bracco, Bayer, and Guerbet. In the generic space, most of the production takes place in Asia Pacific region mainly in China, followed by India, and South Korea. Currently, the major generic API manufacturers are Starry Pharma, Hichi Pharmaceutical, Brother Technology, Haizhou Pharmaceutical, Divis Laboratories, and others. Starry Pharma is the only contrast API manufacturer with large scale manufacturing of iodinated contrast agents across the globe. The company have manufacturing capacity close to the innovator companies.

Contrast Media API Market Key Developments:

• In July 2022, Starry Pharma received the seventh batch of national centralized drug procurement bid for Iodixanol injection (100ml:37g(I)). The procurement bid winning reflects the company’s focus on the development, production, and quality management of contrast agent products.