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The contrast media market size is forecast to increase by USD 946.31 Million between 2022 and 2027, accelerating at a CAGR of 3.36%. In 2017, the US held the largest market share, projecting an annual revenue of USD 1,122 Million. In recent years, there has been a significant increase in medical spending in various countries. This boost in medical expenses is expected to help the global contrast media market grow even more. The report provides market size, historical data spanning from 2017 to 2021, and future projections, all presented in terms of value in (USD Million) for each of the mentioned segments.
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The rise in healthcare spending is the key factor driving the growth of the global market. In recent years, there has been a significant increase in medical spending in various countries, which is expected to contribute to the global 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.
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.
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.
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. 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.
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This market is fragmented in nature. Some significant players include Bayer AG, Beijing Beilu Pharmaceutical Co. Ltd., Blue Jet Healthcare Ltd., Bracco Spa.
This market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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.
The Contrast Media Market is vital for various medical procedures, including Outpatient treatments and Image-guided procedures. It facilitates Diagnostics for conditions like Pulmonary embolism and Cancer diagnosis, distinguishing between Malignant and Benign tissues. Important entities like the Medicare Payment Advisory Commission (MedPAC) and the Center for Medicare and Medicaid Services (CMS) influence market dynamics.
Image-guided surgeries (IGS) rely on contrast agents for enhanced visualization of Vascular structures during Image-guided surgeries. The market encompasses various types of contrast media, including Iodinated Contrast Media and Ionic contrast media, utilized in Chest CT scans and Radiographic procedures. These media contain Tri-iodinated benzene rings and exhibit specific Imaging characteristics crucial for accurate diagnosis and treatment planning.
This market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2021 - 2027.
Contrast Media Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.36% |
Market growth 2023-2027 |
USD 946.31 Million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
2.95 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 44% |
Key countries |
US, Japan, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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. |
Market dynamics |
Market trends, 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 |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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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
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