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The Contrast Media Market size is estimated to grow by USD 946.31 million between 2022 and 2027 exhibiting a CAGR of 3.36%. Contrast media is a type of chemical that is used in imaging techniques to enhance the differences between body tissues on /images. Thus, the application of contrast media enhances the medial diagnosis /image quality and gives a better understanding to healthcare professionals.
The growth of the market depends on several factors, including the increasing geriatric population and chronic and infectious diseases and the rise in healthcare spending.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Rise in healthcare spending is the key factor driving the growth of the global contrast media market. In recent years, there has been a significant increase in medical spending in various countries, which is expected to contribute to the global contrast media market. For instance, with the increase in disposable income, the spending on healthcare facilities is expected to increase, which, in turn, will drive the demand for contrast media in various diagnostic imaging during the forecast period.
For instance, in 2022, healthcare spending accounted for 18.3% of the US gross domestic product (GDP), higher than 17.6% in 2019. Also, healthcare expenditure is increasing in various nations, such as India and Brazil. Thus, the growing healthcare expenditure will significantly drive the adoption of advanced medical facilities. Therefore, the increase in healthcare spending by countries to enhance the healthcare infrastructure, meet the growing demands of patients, and offer advanced medical treatment is likely to drive the growth of the market during the forecast period.
Increasing R&D focus on contrast media injectors is the primary trend in the global contrast media market growth. Several vendors operating in the market are increasing their R and D focus to develop novel contrast media injectors. Guerbet is increasing its R and D focus on connecting contrast media injectors to imaging equipment and developing solutions for tracing of injected contrast media doses. It is also focusing its R and D efforts on ensuring the safety of medical procedures through novel single-use and multi-use devices for safer practices. In November 2022, GE Healthcare announced an agreement with Ulrich Medical for a GE Healthcare-branded contrast media injector in the US.
Moreover, the CT motion multi-dose syringeless injector, which delivers iodinated contrast media for CT imaging procedures, reduces procedure setup time, and increases patient throughput by eliminating time-consuming preparation steps. It also helps optimize patient dosing of contrast and reduce wasted contrast media. Thus, increasing developments in contrast media injectors will help in the proper usage of contract media, as a contrast media injector is used to inject contrast media into patients. This will give better results of diagnostic imaging and, in turn, leverage the application of contrast media and, therefore, will drive the growth of the market in focus during the forecast period.
The shortage of radiologists is a major challenge to the growth of the global contrast media market. There is a severe shortage of radiologists in developed economies such as the US. For instance, according to the Association of American Medical Colleges (AAMC), the US is projected to have a shortage of 17,000 to 42,000 radiologists, pathologists, and psychiatrists by 2033. In addition, there is also a severe shortage of trained radiologists and technologists, especially in underdeveloped and developing countries. Increasing demand for imaging studies and COVID-related burnout have exacerbated a global shortage of radiologists.
Even developed countries such as New Zealand, Japan, and Italy also have a significant shortage of full-time diagnostic radiologists and technologists. The waiting time for individuals undergoing diagnostic radiology services has significantly increased at hospitals and diagnostic centers in several parts of the world. As a result, medical imaging examinations have been experiencing negative impacts. This, in turn, is expected to restrict the growth of the global contrast media market during the forecast period.
This contrast media market report extensively covers market segmentation by modality (X-ray/CT, MRI, and ultrasound), application (neurological disorders, cardiovascular disorders, cancer, gastrointestinal disorders, and others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
The market share growth by the X-ray/CT segment will be significant during the forecast period. The growing prevalence of chronic conditions such as cancer and CVD has increased the procedure volumes of X-ray/CT scan examinations across the world. In addition, iodine-based contrast media was injected into a vein (intravenously) to enhance X-ray visibility (including fluoroscopic /images). Various vendors, such as GE Healthcare and Bayer, offer contrast media for X-ray /CT scans. Furthermore, the increasing X-rays/CT scans will drive the demand for contract media, thereby driving market growth during the forecast period.
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The X-ray/CT segment was valued at USD 3,275.96 million in 2017 and continued to grow until 2021. The global X-ray systems segment is currently in a high-growth phase and is expected to remain the same during the forecast period. The market has substantially benefitted from the increasing adoption of digital radiography (DR) systems in developed regions such as North America and Europe. The increase in the adoption of DR systems can be attributed to the demand for digital X-ray systems, which is primarily driven by the growing need for the diagnosis of chronic diseases, such as cancer and spinal disorders. CT scan provides several X-ray /images to generate cross-sectional views of internal organs and structures of the body. It enables physicians to accurately diagnose and treat chronic diseases such as cancer, neurological disorders, and cardiovascular diseases. Such factors will increase segment growth during the forecast period.
Based on the application, the market is classified into neurological disorders, cardiovascular disorders, cancer, gastrointestinal disorders, and others
North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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In this region, government and non-profit organizations are creating awareness regarding the need for the early diagnosis of chronic diseases, including lung cancer, breast cancer, and cardiovascular diseases, in the region. Various institutions, such as the Centers for Disease Control and Prevention (CDC) and the Canadian Cancer Society, are creating awareness regarding the need for regular breast cancer screening.
For instance, the CDC conducts the National Breast and Cervical Cancer Early Detection Program, under which it provides breast and cervical cancer screening and diagnostic services to low-income, uninsured, and underserved women. Such initiatives are expected to increase the demand for diagnostic procedures for chronic diseases such as cancer and, in turn, will drive the growth of the regional market during the forecast period.
The lockdowns imposed due to the outbreak of COVID-19 in 2020 across North America resulted in the increased demand for X-ray and CT scans for diagnostic imaging of COVID-19 patients. Moreover, by January 2021, lockdown restrictions in various countries were relaxed due to the initiation of large-scale vaccination drives, which helped in the resumption of various medical procedures, such as medical diagnosis for cancer and heart disease. Also, increasing preclinical studies and pharmaceutical operations are expected to boost the growth of the contrast media market in North America during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Contrast Media Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Beijing Beilu Pharmaceutical Co. Ltd.: The company offers contrast media such as Gadopentetate Dimeglumine Injection. Also, the company engages in the research and development of contrast media, anti-anxiety traditional Chinese medicine, and anti-diabetic drugs.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Bayer AG, Beijing Beilu Pharmaceutical Co. Ltd., Blue Jet Healthcare Ltd., Bracco Spa, Covis Pharma GmbH, GE Healthcare Technologies Inc., Guerbet, iMAX Diagnostic Imaging Ltd., Interpharma Praha as, JB Chemicals and Pharmaceuticals Ltd., Jodas Expoim Pvt. Ltd., Lantheus Holdings Inc., Livealth Biopharma Pvt. Ltd., M.Biotech Ltd., Nano Therapeutics Pvt. Ltd., Novalek Pharmaceuticals Pvt Ltd., SANOCHEMIA Pharmazeutika GmbH, Spago Nanomedical AB, Taejoon Pharm Co. Ltd., and Unijules Life Sciences Ltd.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The contrast media market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Contrast Media Market Scope |
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Report Coverage |
Details |
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Page number |
175 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.36% |
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Market growth 2023-2027 |
USD 946.31 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
2.95 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 44% |
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Key countries |
US, Japan, China, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bayer AG, Beijing Beilu Pharmaceutical Co. Ltd., Blue Jet Healthcare Ltd., Bracco Spa, Covis Pharma GmbH, GE Healthcare Technologies Inc., Guerbet, iMAX Diagnostic Imaging Ltd., Interpharma Praha as, JB Chemicals and Pharmaceuticals Ltd., Jodas Expoim Pvt. Ltd., Lantheus Holdings Inc., Livealth Biopharma Pvt. Ltd., M.Biotech Ltd., Nano Therapeutics Pvt. Ltd., Novalek Pharmaceuticals Pvt Ltd., SANOCHEMIA Pharmazeutika GmbH, Spago Nanomedical AB, Taejoon Pharm Co. Ltd., and Unijules Life Sciences Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Modality
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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