The Contrast Media Market is projected to reach USD 6.1 billion by 2027, exhibiting a CAGR of 3.7% during the forecast period. The market is primarily driven by the increasing number of diagnostic centers and hospitals worldwide, leading to a rising demand for contrast agents. Additionally, the growing number of research studies on contrast agents presents opportunities for market growth. However, challenges such as a shortage of skilled professionals in contrast media and the recent withdrawal of gadolinium-based contrast media may hinder market development.
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During the forecast period, the microbubble contrast media segment is expected to demonstrate the highest CAGR, while iodinated contrast media accounted for the largest market share in 2020.
The contrast agents market is categorized into four main types: iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barium-based contrast media. Iodinated contrast media holds the largest share in this market, attributed to the increasing number of angioplasty procedures performed globally.
In terms of product, the contrast media market includes barium-based contrast media, iodinated contrast media, gadolinium-based contrast media, and microbubble contrast media. The iodinated contrast media segment is expected to dominate due to its extensive usage in CT examinations and its applicability in various body parts.
North America was the largest regional market for the contrast media market in 2020. This can be attributed to the presence of major players in the region, a high prevalence of chronic disorders, a growing geriatric population, and an increasing adoption of minimally invasive procedures. However, the Asia Pacific market is projected to grow at the highest CAGR during the forecast period, driven by factors such as rising chronic disease prevalence, increasing demand for quality medical care, healthcare infrastructure improvements, and government initiatives.
Germany holds a dominant position in the European contrast media market. The well-developed healthcare infrastructure, high healthcare spending, and government initiatives aimed at strengthening the healthcare system contribute to market growth in Germany.
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Prominent players in the global contrast media market include GE Healthcare, Bracco Imaging SPA, Bayer AG, Guerbet, J.B. Chemicals and Pharmaceuticals Ltd., Lantheus Medical Imaging, Inc., Unijules Life Sciences Ltd., and SANOCHEMIA Pharmazeutika GmbH. The market is consolidated with these key players operating in the industry.
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