The contrast media agents market is projected to reach US$ 8,391.1 million by 2028; registering at a CAGR of 7.0% from 2022 to 2028, according to a new research study conducted by The Insight partners
Iodinated Contrast Media Segment Dominated Contrast Media Agents Market in 2022
The increasing prevalence of chronic disease, rising number of approvals for contrast agents, and developments in diagnostic imaging modalities are among the key factors contributing to the market growth. However, the side effects associated with contrast media agents restrict the market growth.
Increasing Number of Approvals for Contrast Agents Drive Market Growth
Leading manufacturers in the contrast media agents market focus on developing new products and receiving approvals for their sales. In 2022, the US Food and Drug Administration (FDA) approved a new gadolinium-based contrast agent for magnetic resonance imaging (MRI) examinations. Its announcement in September 2021 states that Gadopiclenol Injection—a highly stable macrocyclic gadolinium-based contrast agent (GBCA)—has been approved for use during MRI examinations in adult and pediatric patients (aged two and above). Compared to other GBCAs available in the US, gadopiclenol injection has shown superior relaxivity. The product will be independently commercialized by both Bracco Diagnostics (as VUEWAY) and Guerbet, as both companies were involved in its development.
Fresenius Kabi has recently launched two contrast agents for the healthcare company specialized in medicines and technologies for infusion, clinical nutrition and transfusion. Gadoterate Meglumine Injection, USP, a bioequivalent and therapeutic equivalent substitute for the contrast agent Dotarem from Guerbet, was launched in the US in October 2022. This was followed by the launch of Iodixanol Injection, USP, a bioequivalent and therapeutic equivalent to Visipaque from GE Healthcare, in the US in July 2020, during a nationwide shortage. Iodixanol Injection, USP is the first US FDA-approved generic iso-osmolar, dimeric iodinated contrast media agent used during diagnostic X-ray-based imaging, such as computed tomography (CT) scans.
Based on type, the contrast media agents market is segmented into iodinated contrast media, gadolinium-based contrast media, barium-based contrast media, and microbubble contrast media. The iodinated contrast media segment held the largest market share in 2022. However, the microbubble contrast media segment is expected to register the highest CAGR during the forecast period. The growth of the market for the iodinated contrast media segment is attributed to the rising preference for enhanced CT and X-ray images in diagnosis. Iodinated contrast media aid in improved visualization of the internal organs, GI tract, arteries & veins, soft tissues, and brain. They are applicable in the detection procedures of a broad number of indications, including neurological, nephrological, gastrointestinal, cardiovascular, and musculoskeletal disorders, and cancer.
General Electric, Bayer AG, Bracco, Guerbet, Lantheus Medical Imaging Inc, nanoPET Pharma GmbH, Unijules Life Science Ltd, Magnus Health Management Pvt Ltd, JB Chemical and Pharmaceuticals Ltd, and Jodan Expoim are among the key companies operating in the contrast media agents market.
Contrast Media Agents Market, by Region, 2018 (%)
Contrast Media Agents Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Iodinated Contrast Media, Gadolinium-Based Contrast Media, Barium-Based Contrast Media, and Microbubble Contrast Media), Imaging Modality (X-Ray/CT, Magnetic Resonance Imaging, and Ultrasound), Indication (Cardiovascular Disorders, Cancer, Gastrointestinal Disorders, Musculoskeletal Disorders, Neurological Disorders, and Nephrological Disorders), and Route of Administration (Intravascular, Oral, and Rectal), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Contrast Media Agents Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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The contrast media agents market has been segmented as follows:
The contrast media agents market is segmented on the basis of type, imaging modality, indication, route of administration, and geography. Based on type, the market is segmented into iodinated contrast media, gadolinium-based contrast media, barium-based contrast media, and microbubble contrast media. In terms of imaging modality, the market is divided into X-Ray/CT, magnetic resonance imaging, and ultrasound. Based on indication, the market is segmented into cardiovascular disorders, cancer, gastrointestinal disorders, musculoskeletal disorders, neurological disorders, and nephrological disorders. The contrast media agents market, by the route of administration, is segmented into intravascular, oral, and rectal. Based on geography, the market is segmented into North America (US, Canada, and Mexico), Europe (The UK, Germany, France, Italy, Spain, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), the Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of the Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).
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