Global Contrast Media Market
Contrast Media Market: Contrast media are the agents used in the medical imaging techniques for improving the contrast of structures or fluids in the body to help the better image of anatomical structures. Contrast media are commonly used in the various imaging techniques such as Computerized Tomography (CT), X-ray, MRI scans, and ultrasound techniques. The most commonly used contrast media are iodine and gadolinium-containing contrast media.
Increase in the prevalence of cardiovascular, neurological, cancer, and other chronic diseases, a rise in technological advancements in Contrast Media Market such as syringeless power injectors, and growing usage of MRI, CT, and echocardiogram in a diagnosis of various diseases are anticipated to fuel the contrast media market over the forecast period. Moreover, approvals of the novel contrast agents, a rise in the public-private partnership for establishing diagnostic centres, product pipeline (In May 2016, Dotarem sponsored by Guerbet is in Phase 3 clinical trials), an increase in R&D activities for developing various contrasting agents also expected to boost the contrast media market. However, the adverse effects associated with the contrast media, lower adoption in underdeveloped economies, and lack of reimbursement policies are the factors hindering the growth of contrast media market.
Contrast media market is segmented on the basis of product type, imaging technique, route of administration, indication, application, and end user
Based on the product type, contrast media market is segmented into the following:
- Gadolinium-based contrast media
- Iodinated contrast media
- Barium-based contrast media
- Microbubble contrast media
Based on the imaging technique, contrast media market is segmented into the following:
- Ultrasound techniques
- Magnetic resonance imaging (MRI)
- Computerized tomography (CT)
Based on the route of administration, contrast media market is segmented into the following:
- Oral contrast media
- Rectal contrast media
- Injectable contrast media
- Urethral contrast media
Based on the indication, contrast media market is segmented into the following:
- Neurological disorders
- Cardiovascular disorders
- Gastrointestinal disorders
- Musculoskeletal disorders
Based on the application, contrast media market is segmented into the following:
- Interventional Cardiology
- Interventional radiology
Based on the end user, contrast media market is segmented into the following:
- Diagnostic Centres
Contrast media market is growing at a significant CAGR owing to increase in the prevalence of chronic diseases and upsurge in the adoption of various diagnostic techniques such as CT, MRI, X-ray and ultrasound in the wide range of applications. Companies are focusing on the R&D activities for the development of newer contrast agents for improving the contrast of the images. Acquisitions and mergers, product approvals, and product launchings are the strategies followed by the companies for increasing their revenue. For instance, in May 2016, FDA approved the Gadavist injection manufactured by Bayer used with magnetic resonance angiography of the supra-aortic artery. Moreover, in 2015, Guerbet has acquired Mallinckrodt’s contrast media and delivery systems for the diversification of business segment.
Geographically, contrast media market is segmented into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Increase in the R&D activities for the innovation of newer contrast agents and rise in the prevalence of cancer and cardiovascular disorders are driving North America market in global contrast media market. Europe contrast media market is growing at a significant CAGR owing to increase in the adoption of various diagnostic techniques for diagnosis of cancer, neurological, and cardiovascular diseases, launching of newer contrast agents in the Europe region, an increase in healthcare expenditure are the factors driving the contrast media market in the region. Moreover, increase in geriatric population in India, China, and Japan, improving healthcare infrastructure, the rise in demand for medical tourism in Asia Pacific region are anticipated to propel the revenue growth of contrast media market in the Asia Pacific region.
Some of the players in contrast media market are GE Healthcare (U.S.), Bayer AG (Germany), Guerbet Group (France), Daiichi Sankyo (Japan), Bracco Imaging S.p.A. (Italy), Medtronic plc. (Ireland), Spago Nanomedical AB (Sweden), nanoPet Pharma GmbH (Germany), and Lantheus Medical Imaging Inc. (U.S.) to name a few.
- In March 2017, GE Healthcare launched the Clariscan a contrast media agent in Europe which helps in effective visualizations spine and brain
- In May 2017, GE Healthcare received FDA approval for Visipaque injection used in the coronary CT angiography
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