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Global Contrast Media Market to Reach $5.4 Billion by 2026
SAN FRANCISCO, April 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Contrast Media - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 7; Released: February 2022
Executive Pool: 763
Companies: 45 - Players covered include AMAG Pharmaceuticals, Inc.; Bayer AG; Daiichi Sankyo Co., Ltd.; GE Healthcare; Guerbet Group; Starpharma Holdings Limited and Others.
Coverage: All major geographies and key segments
Segments: Application (Radiology, Interventional Radiology, Interventional Cardiology); Imaging Modality (X-ray/Computed Tomography (CT), Magnetic Resonance Imaging (MRI), Ultrasound); Type of Media (Barium-based Contrast Media, Iodinated Contrast Media, Gadolinium-based Contrast Media, Microbubble Contrast Media)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Contrast Media Market to Reach $5.4 Billion by 2026
Contrast agents help in advanced visualization of biological structures; and helps capture hard-to-image anatomical regions. They help eliminate errors caused by radiologist's perception which tends to influence interpretation of the true structure of the underlying anatomy. Oral, intravenous, rectal, and intrathecal contrast agents are indispensable today in the practice of radiology for their most primary benefit which is enhanced visibility of internal structures. Efficiency of contrast media over the years have evolved from high-osmolar contrast media (HOCM) which have limited utility and higher side-effects to low-osmolality contrast agents which are safer and preferred for pediatric patients. Amid the COVID-19 crisis, the global market for Contrast Media estimated at US$4.8 Billion in the year 2022, is projected to reach a revised size of US$5.4 Billion by 2026, registering a compounded annual growth rate (CAGR) of 2.9% over the analysis period. The United States represents the largest regional market for Contrast Media and is projected to reach US$2.1 Billion by 2026. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 4.3% over the analysis period.
Growth in the global market is set to be driven by prevalence of chronic diseases among the growing global population, aging population, and rise of nuclear medicine. There is strong demand for radioactive contrast agents, also known as radioactive agent, radioactive dye or radiopharmaceutical. Demand is hugely supported by the rise of nuclear medicine. These radioactive materials help diagnose and treat a wide variety of diseases and disorders. There is strong demand for newer and safer contrast agents that can be safely administered to patients with acute kidney injury (AKI), chronic kidney disease (CKD) Stage 4 or 5 without the risk of developing Nephrogenic Systemic Fibrosis (NSF). In this regard, macrocyclic and newer linear GBCA (Gadolinium based contrast agents) are being used and are growing in demand. The constantly rising demand for MRI imaging procedures will thus continue to fuel demand for MRI contrast agents. The application of ultrasound contrast agent for liver imaging is expected to widen the use of contrast-enhanced US (CEUS) in ablative therapy for hepatocellular carcinoma. Another potential area for CEUS is evaluation of the malignant potential of kidney lesions.
Growing concerns over side effects, allergic and adverse reactions, and overall safety of contrast agents remain a major challenge to market growth. Increased access to highly-sensitive digital imaging equipment and development of 3D and 4D visualization technologies although not an immediate threat nevertheless pose challenges to future long-term growth in the market. Further, growing competition from immunoconjugates and radiopharmaceuticals also remains a concern. More
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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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SOURCE Global Industry Analysts, Inc.
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