The Rising prevalence of chronic diseases, growing approvals of contrast agents, rising volume of CT and MRI examinations performed, growing number of diagnostic centers and hospitals, and availability of reimbursement are the major factors driving the growth of the contrast agents market.
According to the new market research report Contrast Media Market
by Type (Iodinated Contrast Media), Modality (X-Ray/CT, MRI, and
Ultrasound), Application (Radiology), End User (Hospitals), Indication
(Cancer), Route of Administration (Oral), Region - Global Forecast to
2026, published by MarketsandMarkets™, the global Contrast Media Market
is projected to USD 5.9 billion by 2026 from USD 4.9 billion in 2021, at
a CAGR of 3.7% during the forecast period.
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The
microbubble contrast media segment is expected to grow at the highest
CAGR during the forecast period and iodinated contrast media accounted
for the largest share in 2020.
Based on type, the contrast media
market is segmented into iodinated contrast media, gadolinium-based
contrast media, microbubble contrast media, and barum-based contrast
media. Iodinated contrast media account for the largest share of the
market. The large share of this segment can be attributed to the growing
number of angioplasty procedures performed globally.
North America was the largest regional market for the contrast agents market in 2020
The
contrast media market is segmented into five major regions, namely,
North America, Europe, Asia Pacific, Latin America and the Middle East
& Africa (MEA). North America was the largest regional market in
2020. The large share of the North American market can be attributed to
presence of major players in the region, high prevalence of chronic
disorders, growing geriatric population, and the increasing adoption of
minimally invasive procedures.
However, the Asia Pacific contrast
media market is estimated to grow at the highest CAGR during the
forecast period. The rising prevalence of chronic diseases, the growing
demand for quality medical care, increasing healthcare spending and
government initiatives, rising disposable income, growth in the medical
device industries, and improvements in healthcare infrastructure in
Southeast Asian countries are the major factors driving the growth of
the market in the Asia Pacific.
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The
global contrast media market is consolidated. The prominent players
operating in this market include GE Healthcare (US), Bracco Imaging SPA
(Italy), Bayer AG (Germany), Guerbet (France), J.B. Chemicals and
Pharmaceuticals Ltd. (India), Lantheus Medical Imaging, Inc. (US),
Unijules Life Sciences Ltd. (India), and SANOCHEMIA Pharmazeutika GmbH
(Austria).
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