Contrast Media Market: Growth, Size, Share, and Trends

Market Growth Outlook Summary

The global contrast media market growth forecasted to transform from $6.3 Billion in 2023 to $9.7 Billion by 2029, driven by a CAGR of 7.5%. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.

The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Market growth is largely driven by rising number of hospitals and diagnostic imaging centers, awareness regarding early diagnosis and rising prevalence of chronic conditions. On the other hand, the adverse effects associated with the use of contrast media will restrain the growth of this market to a certain extent.

Attractive Opportunities in the Contrast Media Market

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Contrast Media Market Dynamics

DRIVER: Increasing prevalence of chronic medical conditions

Globally, there has been a significant increase in the number of people suffering from cancer. In various countries across the globe, people are adopting a sedentary lifestyle, which is characterized by a high-calorie diet (that is rich in fat, refined carbohydrates, and animal protein) and low physical activity. With such changes in lifestyle, the number of people suffering from cancer is expected to increase.

Over the years, the prevalence of chronic diseases such as cardiovascular disease (CVD) and cancer has increased significantly. Some key statistics in this regard have been mentioned below:

• According to an article published by the Pan American Health Organization (PAHO), globally, there were 20 million new cancer cases and 10 million cancer deaths. Projections indicate a projected 60% increase in the cancer burden over the next two decades. The anticipated worldwide burden is set to rise to around 30 million new cancer cases by 2040, with the most significant increases expected in low- and middle-income countries.
• According to estimates from the International Agency for Research on Cancer (IARC), globally, new cancer cases are expected to grow to 27.5 million, and 16.3 million cancer deaths are expected to occur due to the growing population by 2040.
• According to the JACC Journals’ findings in 2021, elevated systolic blood pressure continues to stand as the primary modifiable risk factor worldwide for premature cardiovascular deaths. It contributed to approximately 10.8 million cardiovascular deaths and a total of 11.3 million deaths globally in 2021.
• According to the American Heart Association (AHA), by 2030, 40.5% of the US population is projected to have some form of CVD.
• According to the Centers for Disease Control and Prevention (CDC), in 2021, heart disease maintained its position as the foremost cause of mortality in the US. Approximately 695,000 individuals in the United States succumbed to heart disease in that year, representing 1 in every 5 deaths.

RESTRAINT: Side effects associated with the use of contrast media

Contrast media are generally considered safe to use for various diagnostic procedures, such as MRI and CT scans. However, their use might be limited in certain patients due to side effects and allergic reactions, which can hinder the growth of the market to a certain extent. Their adverse reactions range from mild to severe; however, severe reactions are very uncommon, and severe allergic responses to contrast materials are rare. For instance, as per an article published by the NIH, the incidence of immediate reactions to nonionic contrast media ranges from 0.01–0.04% (severe) to 3% (mild). Nonionic agents are associated with a decreased risk of adverse reactions.

OPPORTUNITY: Increasing research on contrast media

Rising R&D into novel contrast media, as well as the development of newer applications of contrast media, provide immense opportunities for market players. Companies, research institutes, and universities across the globe are undertaking projects to develop novel contrast media and expand their applications. In October 2022, researcher Stefan Glöggler devised an effective contrast agent technique for MRI, potentially enabling the differentiation between tumors and healthy tissue based on their metabolic activity. The ForTra GmbH für Forschungstransfer of the Else Kröner-Fresenius Foundation (ForTra) and the European Research Council (ERC) are now offering financial support to advance this method for clinical patient trials. Similarly, in 2020, a biochemistry and pharmacology professor, Dr. Gang Han, received USD 25,000 in seed funding from the UMass Technology Development Fund for research on MRI contrast media or gadolinium-based agents with fewer adverse effects.

CHALLENGE: Dearth of trained professionals

A high degree of technical skill and expertise is needed to conduct advanced and sophisticated diagnostic imaging procedures. As per data from the US Bureau of Labor Statistics, radiology technicians are anticipated to witness an employment growth of nearly 6% during between 2022 and 2032. While this growth is significant, the shortage of specialists and trained radiologists will challenge market growth.

• According to the Association of Radiologists of Nigeria, the number of radiologists in Nigeria is about 400 for 200 million people, which is grossly inadequate to meet the requirements of the people in the country.
• According to an article in October 2023, India is facing a concerning healthcare challenge with an inadequate ratio of radiologists to population. With only around 20,000 radiologists catering to a population exceeding 1.4 billion, the country has a striking ratio of one radiologist for every 1,00,000 individuals, significantly below global healthcare standards.
• According to an NIH article published in September 2023, Malaysia faces a pressing need for additional radiologists compared to more developed nations. With just 870 registered radiologists serving a population of 33.57 million, the ratio stands at 3.9 per 100,000 individuals.
• The World Health Organization (WHO) highlights a global challenge, revealing that over two-thirds of the world’s population lacks access to radiology. Developing nations, particularly in Africa, face a critical situation where 14 countries lack access to a single radiologist. Even in developed countries like the UK and Australia, there exists a notable disparity, with major cities having more radiologists compared to rural areas on a per capita basis.

Contrast Media Industry Ecosystem/Market Map

Radiology segment accounted for the largest share of the contrast media industry in 2022, by application.

Based on application, the contrast media market is segmented into radiology, interventional radiology, and interventional cardiology. Radiology accounted for the market’s largest share in 2022, by application. Radiology plays a crucial role in the early detection and monitoring of various medical conditions, contributing to the higher demand for radiology procedures. The large share of radiology applications can be attributed to factors such as the rising geriatric population, increasing prevalence of chronic diseases, and demand for minimally invasive procedures, among others.

Intravascular route segment accounted for the largest share in the contrast media industry in 2022, by route of administration.

On the basis of route of administration, the global contrast media market is categorized into intravascular route, oral route, rectal route, and other routes of administration. In 2022, the intravascular route segment held the largest share in the market, by route of administration. The growth of the segment can be attributed to the fact that most of the contrast media are available in the form of injectable and help in limiting the time needed to administer as compared to a powdered one.

Hospitals, Clinics, and Ambulatory Surgical Centers segment accounted for the largest share in the contrast media industry in 2022, by end user.

Based on end user, the contrast media market is segmented into hospitals, clinics, and ambulatory surgical centers and diagnostic imaging centers. In 2022, the hospitals, clinics, and ambulatory surgical centers segment accounted for the largest share of the global market. Hospitals usually invest more and maintain a broad range of advanced imaging equipment, such as CT scanners, MRI machines, and interventional radiology suites, hence accelerating the demand for contrast media.

North America accounted for the largest share of the contrast media industry in 2022.

The contrast media market is segmented into four major regions: North America, Europe, the Asia Pacific, and the Rest of the World. In 2022, North America emerged as the leading contributor, accounting for the largest share of the market. With the presence of major players in the region, the region has witnessed an increase in the number of product approvals. These companies based in North America have expertise, resources, and well-established sales networks, contributing to the region’s market dominance.

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The major players in contrast media market are GE Healthcare (US), Bracco Imaging SpA (Italy), Bayer AG (Germany), Guerbet (France), and Lantheus Medical Imaging, Inc. (US). These players’ market leadership is due to their comprehensive product portfolios and expansive global footprint. These dominant market players have several advantages, including strong research and development budgets, strong marketing and distribution networks, and well-established brand recognition.

Scope of the Contrast Media Industry

This research report categorizes the Contrast Media Market to forecast revenue and analyze trends in each of the following submarkets:

By Region

• North America
• Europe
• Asia Pacific
• Rest of the World

By Type

• Iodinated Contrast Media
• Gadolinium-based Contrast Media
• Microbubble Contrast Media
• Barium-based Contrast Media

By Form

• Liquid
• Powder
• Other Forms

By Modality

• X-ray
• Computed Tomography
• Magnetic Resonance Imaging
• Ultrasound

By Route of Administration

• Intravascular Route
• Oral Route
• Rectal Route
• Other Routes of Administration

By Indication Split

• Cardiovascular Diseases
• Cancer
• Gastrointestinal Disorders
• Musculoskeletal Disorders
• Neurological Disorders
• Nephrological Disorders

By Application

• Radiology
• Interventional Radiology
• Interventional Cardiology

By End User

• Hospital, Clinics, and Ambulatory Surgical Centers
• Diagnostic Imaging Centers

Recent Developments of Contrast Media Industry:

• In October 2023, The European Commission granted Guerbet marketing authorization (MA) for Elucirem (Gadopiclenol) following the positive opinion from the European Medicines Agency’s Committee for Medicinal Products for Human Use (CHMP).
• In April 2023, GE HealthCare expanded its contrast media portfolio by introducing Pixxoscan (gadobutrol), a macrocyclic, non-ionic magnetic resonance imaging (MRI) gadolinium-based contrast agent (GBCA). Pixxoscan underwent regulatory review via a decentralized procedure (DCP), securing marketing authorization in Austria.
• In September 2022, The company received FDA approval for the VUEWAY Gadopiclenol contrast media injection for use in adult and pediatric patients aged two years and older during magnetic resonance imaging (MRI) scans.
• In December 2021, Bracco Diagnostics entered into a collaboration agreement with Guerbet for the production and research related to Gadopiclenol, a high-relaxivity macrocyclic contrast agent.
• In March 2021, Guerbet and Bracco Imaging entered into a global strategic collaboration agreement for Gadopiclenol. The companies will collaborate on manufacturing, research, and development for potential future indications. Upon regulatory approval, they will independently commercialize Gadopiclenol, an investigational GBCA, under separate brands.

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