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(Health-NewsWire.Net, October 27, 2020 ) Growth in the contrast agent market can primarily be attributed to factors such as the increasing prevalence of cancer & CVD, regulatory approval of a growing number of contrast agents, and the rising volume of CT & MRI examinations. However, the side effects and allergic reactions associated with contrast agents are expected to limit market growth to a certain extent.
According to research report the global contrast media market is expected to reach USD 6.0 billion by 2024 from an estimated USD 5.0 billion in 2019, growing at a CAGR of 3.8% during the forecast period.
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North America to dominate the market in 2019
North America, Europe, Asia Pacific, and the Rest of the World (RoW) are the regions considered for geographic analysis of the global contrast agent market study. North America is expected to account for the largest share of the global contrast media industry. The large share of North America is attributed to the increasing number of diagnostic imaging units and examinations, growing aging population & rising prevalence of chronic conditions in the US, significant focus & government investments in the field of medical imaging, and increasing research activities in Canada.
•Based on modality, the market is segmented into X-ray/CT, MRI, and ultrasound procedures. In 2019, X-ray/CT procedures segment is expected to command the largest share of the global contrast media market.
•Based on type, the contrast agent market is segmented into iodinated contrast media, gadolinium-based contrast media, barium-based contrast media, and microbubble contrast media. In 2019, the iodinated contrast media segment is estimated to account for the largest share of the contrast media industry.
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GE Healthcare (US), Bayer HealthCare (Germany), Bracco Imaging (Italy), and Guerbet (France) are some of the leading players in the contrast media market. Other prominent players in the market are Lantheus (US), Unijules Life Sciences (India), Daiichi Sankyo (Japan), J.B. Chemicals and Pharmaceuticals (India), Sanochemia (Austria) Taejoon Pharm (South Korea), Jodas (India), and Magnus Health (India).
GE Healthcare (U.S.) held the first position in the global contrast media market in 2019. The firm has a strong customer base in approximately 140 countries, primarily operating in North America, Europe, the Pacific Basin, the Americas, and the Middle East & Africa. Some subsidiaries of the firm include GE Healthcare USA Holdings, Inc., GE Healthcare Ltd. (Japan), GE Healthcare Biosciences AB (U.S.), and GE Healthcare AS (Norway). GE Healthcare launched Clariscan, a macrocyclic MRI contrast agent in Europe.
Bracco Imaging was the second-largest player in the contrast media market in 2019. The company continuously strives to strengthen its market position in various geographies by focusing on receiving approvals for its contrast media products. The company invests a significant amount of its revenue in research and development to launch technologically advanced products in the market.
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Bayer HealthCare was the third-largest player in the contrast media market in 2019. The company offers a range of contrast-enhanced diagnostic imaging equipment along with contrast agents under its pharmaceuticals business segment.
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