Contrast Media Market Size, Share, Growth Analysis, By Type(Iodinated Contrast Media, Gadolinium-based Contrast Media, Microbubble Contrast Media, Barium-based Contrast Media), By Form(Liquid Contrast Media, Powder Contrast Media, Other Forms), By Modality(X-RAY, CT, MRI, Ultrasound), By Route of Administration(Intravascular Route [Intravenous (IV) route, Intra-arterial (IA) route], Oral Route, Rectal Route), By Indication(Cardiovascular Disease, Cancer, Gastrointestinal Disorders, Musculoskeletal Disorders), By Application(Radiology, Interventional Radiology, Interventional Cardiology), By End User(Hospitals, Clinics, And Ambulatory Surgery Centers, Diagnostic Imaging Centers), By Region - Industry Forecast 2024-2031

Global Contrast Media Market size was valued at USD 6.10 billion in 2022 and is poised to grow from USD 6.55 billion in 2023 to USD 11.60 billion by 2031, growing at a CAGR of 7.4% during the forecast period (2024-2031).

Diagnostic imaging procedures, such as ultrasound, X-rays, and cutting-edge imaging equipment like MRI & CT scans, are becoming more common due to the rising frequency of complicated comorbidities and chronic illnesses. For instance, GE Healthcare's Clariscan, a contrast agent used for macrocyclic MRI, was approved by the U.S. FDA in November 2019. These goods aid in determining the necessity of perioperative scans before operations and therapy in interventional procedures, which is projected to promote market expansion. According to the National Health Council, 81 million Americans had several chronic ailments in 2019, which indicates a high frequency of chronic conditions. Nearly 157 million Americans were expected to be impacted by chronic diseases in the U.S.

Older persons are more likely to have chronic diseases with many comorbidities. According to the National Council on Aging, about 80% of adults 65 and older have at least one chronic illness, and nearly 70% of Medicare recipients have more than two. By 2034, it is predicted that approximately 77.0 million Americans will be 65 and older.

Furthermore, heart failure is one of the major causes of mortality in the United States and is becoming increasingly common there, according to a report from the American Heart Association. About 659,000 Americans will pass away in 2019 as a result of cardiovascular disorders. According to estimates, 46% more people will have heart disease by 2031. These factors will drive the demand for contrast media in the global market during the forecast period.

US Contrast Media Market is poised to grow at a sustainable CAGR for the next forecast year.