Contrast Media Market in terms of revenue was estimated to be worth $6.3 billion in 2023 and is poised to reach $9.7 billion by 2029, growing at a CAGR of 7.5% from 2023 to 2029 according to a new report by MarketsandMarkets™. Growth in the contrast media market is mainly driven by the rising number of diagnostic centers and hospitals, growing approvals of contrast media, and availability of reimbursement. Increasing research on contrast media and growth opportunities in emerging economies also contribute to the growth of the market. In addition, emerging markets such as India and China are expected to offer growth opportunities for players operating in the contrast media market during the forecast period. However, side effects associated with the use of contrast media are restricting the growth of this market.
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In 2022, the iodinated contrast media segment held the largest share of the contrast media market, by type segment.
Based on type, the global contrast media market is categorized into iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barium-based contrast media. Iodinated contrast media account for the largest share of the contrast media market. The large share of this segment can be attributed to the growing number of procedures that require the use of iodinated contrast media, owing to benefits such as their versatility and their capacity to be used across multiple modalities such as X-ray and CT.
In 2022, the cardiovascular diseases segment held the largest share of the contrast media market, by indication segment.
By indication, the contrast media market has been segmented into cardiovascular diseases, cancer, gastrointestinal disorders, musculoskeletal disorders, neurological disorders, and nephrological disorders. The large share of cardiovascular diseases indication is attributed to factors rising prevalence of CVD diseases across the globe, coupled with the rise in awareness regarding early diagnosis of diseases.
North America dominates the global contrast media market.
Based on the region, the contrast media market is segmented into North America, Europe, Asia Pacific, and Rest of the world. In 2022, North America accounted for the largest contrast media market share. The large share of the region in the global market can be attributed to the increasing prevalence of chronic conditions and rising healthcare spending. Moreover, presence of key players and number of developments undertaken are helping the region gain a reasonable share in the market.
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Contrast Media Market Dynamics:
Drivers:
1. Increasing prevalence of chronic medical conditions
Restraints:
1. Side effects associated with the use of contrast media
Opportunities:
1. Increasing research on contrast media
Challenge:
1. Dearth of trained professionals
Key Market Players of Contrast Media Industry:
The major players operating in this market are GE HealthCare (US), Bracco Imaging S.p.A. (Italy), Bayer AG (Germany), Guerbet (France), Lantheus Medical Imaging (US), Unijules Life Sciences Ltd. (India), JB Pharma (India), Sanochemia Pharmazeutika (Germany), TAEJOON PHARM Co., Ltd. (South Korea), Jodas Expoim (India), iMax Diagnostic Imaging Limited (Ireland), YZJ Group (China), Livealth Biopharma Pvt. Ltd. (India), Unispire Biopharma Private Limited (India), Acro Lifesciences (I) Pvt. Ltd. (India), Stanex Drugs & Chemical Pvt. Ltd. (India), Beijing Beilu Pharmaceutical Co., Ltd. (China), Rege Imaging & Cine Films Private Limited (India), K DIAM EXIM (India), Onko Ýlaç San. ve Tic. A.Þ. (Turkey), Fresenius Kabi (Germany), Biem Ilaç San. ve Tic. A.S. (Turkey), and AdvaCare (US).
The break-up of the profile of primary participants in the contrast media market:
- By Company Type: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
- By Designation: C-level – 45%, D-level – 29%, and Others – 26%
- By Region: North America – 35%, Europe – 27%, Asia Pacific – 32%, Rest of the World- 6%
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