Contrast Media Agents Market: Growing Applications of Contrast Media Agents in Healthcare to Drive Contrast Media Agents in Healthcare Market Growth
The Contrast Media Agents market was valued at US$ 2,099.9t million in 2018 and it is projected to reach US$ 2,886.3 million by 2027; it is expected to grow at a CAGR of 3.7% from 2029 to 2027.
Contrast media agents are also known as contrast materials or contrast media. These are generally used for the radiology practices as these have abilities to improve quality or visualization of images inside the body. The images are produced by the x-rays, computed tomography (CT) scans, magnetic resonance (MR) imaging and ultrasound. The growth of the Contrast Media Agents in healthcare market is attributed to the rising prevalence of the chronic diseases in US and Canada and rising developments done by the market players. In addition, the market for the contrast media agents in Mexico is likely to grow significantly due to the rise in the medical tourism which raises the demand for the diagnostic and treatment procedures across the country.
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Key Findings from The Contrast Media Agents Market
- In terms of type, the Contrast Media Agents in healthcare market is segmented into iodinated contrast media, gadolinium based contrast media, barium-based contrast media, microbubble contrast media. In 2018, the iodinated contrast media segment held a largest market share of 54.9% of the contrast media agents market, by type.
- In terms of imaging modality, the Contrast Media Agents in healthcare market is segmented into x-ray/ct, magnetic resonance imaging, ultrasound. In 2018, the X-ray/CT held a largest market share of 64.6% of the contrast media agents market, by imaging modality
- Based on indication, the Contrast Media Agents in healthcare market is segmented into cardiovascular disorders, cancer, gastrointestinal disorders, musculoskeletal disorders, neurological disorders, nephrological disorders. In 2018, the cardiovascular disorders held a largest market share of 41.1% of the contrast media agents market, by indication.
- In terms of Route of administration, the Contrast Media Agents in healthcare market is segmented into intravascular, oral, rectal. In 2018, the intravascular held a largest market share of 80.3% of the contrast media agents market, by route of administration.
- The major players operating in the contrast media agents market include, General Electric, Bayer AG, Bracco, Guerbet, Lanthus Medical Imaging Inc., nanoPET Pharma GmbH, Unijules Life Sciences Ltd., Magnus Health Management Pvt. Ltd, j. B Chemicals and Pharmaceutical Ltd and Jodas Expoim. The market has carried out various organic growth strategies in the market which has assisted in strengthening their product offering in the market.
Growing Applications of Contrast Media Agents in Healthcare to Drive Contrast Media Agents in Healthcare Market Growth
In an aging society where chronic diseases is a leading factor in the health system, technical advancements are necessary to preserve the quality of life through keeping the affordable prices. Chronic diseases can be defined as medical conditions that lasts for one year or more and requires ongoing medical attention or limit activities of daily living.
Chronic diseases such as cancer, heart diseases, musculoskeletal diseases, and others are the leading causes of death and disability that requires several imaging modalities for diagnostic and treatment monitoring purposes. According to the National Center for Chronic Disease Prevention and Health Promotion, chronic diseases takes up US$3.3 trillion in annual health care costs.
The rising prevalence of musculoskeletal diseases are the major factors of the market growth. For instance, according to Arthritis Foundation, in 2017, approximately 54 million adults have been diagnosed with arthritis. Almost 300,000 babies and children have arthritis or a rheumatic condition. The common type of arthritis is osteoarthritis, which affects approximately 31 million Americans. By the end of 2040, number of people expected to have doctor-diagnosed arthritis will be above 78 million.
Medical imaging has become essential to medical care and treatment across the globe. Rising awareness regarding early diagnosis of diseases have led to increase in the total number of diagnostic tests procedures performed across the globe. In 2012, Canadians underwent 1.7 million magnetic resonance imaging (MRI) exams and 4.4 million computed tomography (CT) exams. This represents nearly double the number of such exams performed in 2003. In 2014-15, the national rate for CT scans was 126 per 1,000 people. Rates ranged from highs of 209 (New Brunswick) and 170 (Newfoundland and Labrador) to lows of 88 (Alberta) and 93 (Prince Edward Island). Moreover, according to the National Health Services (NHS) UK, there were 4.1 million imaging tests reported in England in the 12 months from February 2016 to January 2017. Of these, 3.49 million imaging tests were reported to have taken place in January 2017.
According to the World Health Organization (WHO), with improved health care policy and increasing availability of medical equipment, the number of global imaging-based procedures is increasing considerably. Thus, the increasing number of diagnostic imaging procedures performed across the globe resulting in increasing requirement of consumables for tests are likely expected to drive the growth of the global contrast media agents over the coming years.
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