Contrast Agents Market Size, Share, Forecast | 2024-2031
The global Contrast Agents Market was valued at $6.2 billion in 2023 and is projected to grow to US$9.86 billion by 2031, with a CAGR of 6.1% during the forecast period from 2024 to 2031.
A contrast agent (or contrast medium) enhances the visibility of structures or fluids within the body during medical imaging. Unlike radiopharmaceuticals, which emit radiation, contrast agents work by absorbing or modifying external electromagnetism or ultrasound. These chemical agents are designed to improve the contrast resolution of imaging techniques, aiding in the detailed characterization of pathology. There are specific contrast agents tailored for various imaging modalities and routes of administration.
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Market Dynamics:
The rise and increase in the number of radiology and diagnostic centers and advancements in the field of radiology and diagnostics
Several factors are driving the demand for the global contrast agents market. Key among them is the increase in the number of radiology and diagnostic centers, along with rising awareness about various diagnostic and radiology procedures.
According to Healthcare Radius, the Indian diagnostic imaging market is projected to grow at a CAGR of 12-15% over the next five years, surpassing the global CAGR of 5%. This growth is attributed to the rising prevalence of chronic diseases, increased adoption of advanced imaging technologies, and an expanding elderly population.
Segment Covered in the Contrast Agents Market
By Type: Barium based contrast media, Iodinated contrast media, Gadolinium-based contrast media, Microbubble-based contrast media, Others
By Application: Oncology, Cardiology, Neurology, Others
By Modality: X-Ray / CT, MRI, Ultrasound, Others
By End-User: Diagnostic Centres, Specialty Clinics, Hospitals, Others
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Major Key players involved in Contrast Agents Market:
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Bayer AG
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GE Health Care
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Bracco diagnostics Inc.,
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Lantheus Medical Imaging
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Nano Therapeutics Pvt Ltd.
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Unijules Life Sciences Ltd.,
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Guerbet SA
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Trivitron Healthcare
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Spago Nanomedical AB
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Taejoon Pharma
Regional Analysis:
The global Contrast Agents Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa.
The Contrast Agents Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter’s five force analysis. The Transradial Access Devices Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.
Key Developments
In September 2022, Bracco Diagnostics Inc., the U.S. subsidiary of Bracco Imaging S.p.A., a leader in diagnostic imaging, announced that the FDA approved Gadopiclenol Injection. This new gadolinium-based contrast agent (GBCA) boasts the highest relaxivity among all GBCAs available in the U.S.
In February 2023, Guerbet, a global leader in medical imaging with over 30 years of experience in MRI, launched Elucirem™ (gadopiclenol) injection. Following its FDA approval in 2022, this next-generation GBCA, known for its high stability and superior relaxivity, is now commercially available and indicated for use in both adults and children aged 2 years and older.
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