USD 5.22 billion
Contrast Agents Market Size, Share, Growth Analysis, By Application(Hospitals, Clinics), By Product(Iodinated Contrast Media, Microbubble Contrast Media), By Modality(Ultrasound, X-ray/CT), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG15A2297 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
87
|Figures:
72
Contrast Agents Market Insights
Contrast Agents Market size was valued at USD 5.36 Billion in 2023 and is poised to grow from USD 5.51 Billion in 2024 to USD 6.82 Billion by 2032, growing at a CAGR of 2.71% during the forecast period (2025-2032).
The rise in complex comorbidities and chronic illnesses has prompted a surge in diagnostic imaging procedures such as ultrasound, X-rays, and advanced technologies such as MRI and CT scans. A significant development occurred in September 2022 with the U.S. FDA's approval of Gadopiclenol, an MRI contrast agent designed with high relativity and a reduced dosage of gadolinium. This approval marks a pivotal step in enhancing imaging precision while prioritizing patient safety, especially for adults and pediatric patients aged two years and above. Gadopiclenol's lower gadolinium dosage aligns with the imperative to minimize potential risks associated with contrast agents, signaling a promising advancement in diagnostic imaging for a diverse range of healthcare needs.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Ultrasound
Fastest Growth
X-ray/CT
Growth Rate
2.71% CAGR
Global Contrast Agents Market ($ Bn)
Country Share for North America Region (%)
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Contrast Agents Market Segmental Analysis
The global contrast agents market is segmented on the basis of application, product, modality and region. Based on application the market is segmented as, hospitals, clinics. Based on product the market is segmented as iodinated contrast media, microbubble contrast Media. Based on modality the market is segmented as ultrasound, X-ray/CT. Based on region the market is segmented as, North America, Europe, Asia-Pacific,MEA, and Latin America.
Analysis By Modality
The projected trajectory for the ultrasound segment reveals a notable surge in growth within the forecast period, marking it as the fastest-growing domain in medical imaging. This expansion is largely attributed to the development and utilization of contrast agents specifically tailored for ultrasound imaging. These agents cater to visualizing microcirculation within tissues, predominantly relying on microbubbles to augment the echogenicity of blood. This enhancement significantly amplifies the capacity for visualizing and evaluating tissue vascularity, large vessels, and cardiac cavities.
The X-ray/CT segment has emerged as the dominant player, holding a substantial market share of approximately 69.64% in 2023. Central to this segment's effectiveness are the contrast agents specifically designed for X-ray and CT techniques. These agents play a pivotal role in generating high-resolution 3D images of anatomical structures within the body. Barium-based and iodinated contrast media stand out as the primary choices for these imaging procedures. When administered or injected into the body, these contrast agents act by obstructing X-rays, thereby preventing their passage through the targeted tissues.
Analysis By Product
The iodinated contrast media segment emerged as the dominant force, commanding a substantial market share of approximately 65.37% in 2023. This notable position owes much to the widespread utilization of X-ray and CT procedures and the accessibility of nonionic stable iodinated agents, heralding improved diagnostic capabilities. Typically administered intravenously, iodinated contrast media play a crucial role in enhancing the clarity and detail of CT and X-ray images, facilitating more precise diagnoses.
The forecast trajectory for the microbubble contrast media segment indicates a notable surge in growth over the upcoming period. These specialized contrast agents consist of minute bubbles containing an injectable gas, primarily utilized for ultrasound imaging, particularly in cardiac examinations. Their predominant use lies in enhancing the clarity and precision of ultrasound imaging of the heart. Designed specifically for visualizing microcirculation within tissues, microbubble contrast media play a pivotal role in augmenting the echogenicity of blood. This enhancement significantly amplifies the capability to visualize and evaluate tissue vascularity, large vessels, and cardiac cavities.
Global Contrast Agents Market By Modality
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Contrast Agents Market Regional Insights
North America emerged as the predominant force in the market, commanding the largest share, accounting for approximately 36.18%. This stronghold owes much to strategic maneuvers executed by major manufacturers, focusing on specialized patient subsets, poised to drive accelerated growth within the industry. Notable market players such as Bayer, GE Healthcare, Guerbet, Lantheus, and Bracco Diagnostics play pivotal roles in shaping this landscape.
The projected highest CAGR in the forecast period is anticipated for the Asia Pacific region, underscoring its potential as a burgeoning market landscape. This growth trajectory finds its roots in the presence of both local and international manufacturers firmly established within the region. General Electric Pharmaceuticals (Shanghai) Co., Ltd., a branch of GE operating in China, stands out as one of the globe's largest contrast media production centers under GE Healthcare.
Global Contrast Agents Market By Region
- Largest
- Fastest
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Contrast Agents Market Dynamics
Drivers
Rising Demand of Image-Guided Surgeries
- The evolving acceptance of image-guided surgeries (IGS) marks a significant trend in the medical landscape. These procedures, increasingly embraced over time, serve a dual purpose, enabling both diagnosis and treatment across various medical conditions. As the demand escalates for precise, real-time imaging enhancements during surgical interventions, the necessity emerges for novel approaches in data acquisition, processing, and display, coupled with a comprehensive understanding of imaging processes and their therapeutic applications.
Restraints
Side Effects and Allergic Reactions
- Despite significant progress in medical technology and contrast agent formulations, a segment of patients continues to grapple with side effects or allergic reactions associated with these agents. These adverse reactions, though relatively uncommon, can range from mild discomfort to severe conditions, necessitating immediate medical attention. Symptoms may include skin reactions, nausea, shortness of breath, or, in rare cases, more serious issues such as anaphylaxis.
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Contrast Agents Market Competitive Landscape
The competitive environment of the global contrast agents market is characterized by a dynamic interplay of key players and evolving strategies within the food processing industry. Innovation is a key competitive factor. smaller and niche players are making a notable impact by focusing on specialized solutions and offering customizable blends to cater to specific meat processing needs. This diversity within the market allows food processors to select tailored solutions that align with their specific requirements.
Top Player’s Company Profiles
- Bracco Diagnostic, Inc.
- Nano Therapeutics Pvt. Ltd.
- Lantheus Medical Imaging, Inc.
- iMax
- Trivitron Healthcare
- GE Healthcare
- Hengrui Medicine
- YRPG
- BeiLu Pharma
- J.B. Chemicals and Pharmaceuticals Ltd.
- Unijules Life Sciences Ltd.
- SANOCHEMIA Pharmazeutika GmbH
- Taejoon Pharm
Recent Developments
- In 2023, DealRoom's M&A lifecycle management software has become a cornerstone for top-tier organizations, serving as a central platform for orchestrating hundreds of deals spanning virtually every industry. Renowned for its comprehensive suite of tools, this software has garnered adoption by world-class entities seeking to streamline and optimize their merger and acquisition processes.
Contrast Agents Key Market Trends
Growing Prevalence of Multiple Chronic Conditions
- The prevalence of multiple chronic conditions within the adult population, particularly those aged 65 and above, is a pressing concern in healthcare. As highlighted by the National Council on Aging, nearly 80% of individuals in this age group grapple with at least one chronic condition. Furthermore, approximately 70% of Medicare beneficiaries within this demographic contend with two or more chronic health issues, underscoring the complexity and challenges of managing multiple comorbidities simultaneously. Projections indicate a significant demographic shift, with an estimated 77.0 million individuals aged 65 and above in the United States by 2034.
Contrast Agents Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global contrast agents market analyses, the increasing growth of the contrast agents market hinges on several key factors, including the surge in chronic disease cases, escalating demand for image-guided diagnostics and procedures, and a notable influx of approvals for contrast agents. Among the pivotal roles of image-guided procedures is their ability to discern the nature of tumors, distinguishing between malignancy and benignity. This crucial distinction significantly impacts treatment pathways and patient outcomes. With the escalating prevalence of cancer cases across both developed and developing economies globally, there exists an imperative to offer procedures that facilitate early-stage diagnosis.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.22 billion |
| Market size value in 2031 | USD 6.64 billion |
| Growth Rate | 2.71% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Contrast Agents Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Contrast Agents Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Contrast Agents Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Contrast Agents Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Contrast Agents Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Contrast Agents Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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