The global contrast agent market is expected to grow at a compound annual growth rate of 6.76% over the forecast period to reach a market size of US$4.754 billion in 2027 from US$3.007 billion in 2020.
A contrast agent, often known as contrast media, is a substance used in medical imaging to enhance the contrast of structures or fluids within the body. Unlike radiopharmaceuticals, contrast agents absorb or modify external electromagnetic or ultrasound waves, whereas radiopharmaceuticals emit radiation. The patient can be administered these drugs orally, rectally, or intravenously.
The rising prevalence of chronic disorders, increased authorization of contrast agents, the rising number of diagnostic imaging tests including ultrasound, X-rays, and advanced imaging technologies such as Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scans, expanding the number of diagnostic centres and hospitals, and the availability of reimbursement are all factors influencing market expansion. Chronic diseases kill 41 million people each year, accounting for 70% of all deaths worldwide, according to the World Health Organization. According to the Organization for Economic Co-operation and Development (OECD), the United States has 34,540 magnetic resonance imaging (MRI) units per 100,000 inhabitants. With 55.210 units per 100,000 inhabitants, Japan had the largest number of units. The number of computed tomography (CT) scanner units in the United States was 42.430 per 100,000 inhabitants. On the other hand, the high cost and inaccessibility of advanced treatments can limit market expansion.
The global contrast agent market is dominated by the North American region. In North America, the United States is the largest consumer market for the contrast agent. In the United States, the rise in chronic illnesses such as cardiovascular and neurological disorders is the primary driver of market growth. According to the Centers for Disease Control and Prevention in the United States, 6 out of 10 adults in the country have a chronic condition, and 4 out of 10 have two or more. In the United States, chronic conditions such as heart disease, cancer, and diabetes are the major causes of death and disability. They are also the main drivers of the $3.8 trillion in yearly healthcare spending in the United States.
As the global prevalence of chronic disorders rises, the need for diagnostic imaging tests as well as contrast agents increases. Due to the growing demand for medical imaging, contrast agent companies are investing more in R&D in order to bring new products to market and gain approval for new indications. For instance, in 2021, the US Food and Drug Administration (FDA) removed hypersensitivity to blood and blood products from the list of contraindications for GE Healthcare's Optison echocardiography contrast agent. The Siemens Naeotom Alpha, the world's first photon-counting computed tomography (CT) scanner, also received FDA approval in September.
Contrast agents are not dyes that discolour internal organs permanently. They are chemicals that alter the way x-rays and other imaging tools interact with the body for a short period of time. They're generally considered safe for use in diagnostic methods like MRI and CT scans. However, some of the negative side effects and allergic reactions linked to their use may limit the market’s growth. Rashes, skin redness, and skin swelling are common delayed adverse effects, which are frequently accompanied by nausea, vomiting, and disorientation. The reported incidence ranges from 1% to 23%. Following recent allergic reactions to certain ultrasound contrast agents that resulted in 11 cases of anaphylaxis and two fatalities, the US Food and Drug Administration issued a warning to imaging providers in April 2021. There is also a lack of technically skilled experts to handle such advanced and sophisticated diagnostic imaging units.
COVID-19's Impact on the Global Contrast Agent Market
The COVID-19 outbreak had a detrimental impact on the contrast agent's market. Lockdowns imposed due to the pandemic prompted fewer patients to go for health check-ups, severely straining the healthcare industry. To restrict the spread of the disease and save healthcare resources for COVID-19 patients, healthcare institutes and professionals were instructed to stop performing elective surgical operations and medical tests. As a result, the volume of medical imaging patients in many radiology departments rapidly declined.
|Market size value in 2020||US$3.007 billion|
|Market size value in 2027||US$4.754 billion|
|Growth Rate||CAGR of 6.76% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, Modality, Route of Administration, Indication, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Guerbet Group, BIPSO GmbH, Bayer AG, Lantheus Medical Imaging, Inc., Bracco Diagnostic, Inc., GE Healthcare, Curadel, LLC, Daiichi Sankyo Company, Limited, Magnus Health, Spago Nanomedical AB|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the contrast agent market?
A1. The global contrast agent market is expected to grow at a CAGR of 6.76% during the forecast period.
Q2. What will be the contrast agent market size by 2027?
A2. The contrast agent market is expected to reach a market size of US$4.754 billion by 2027.
Q3. What is the size of the global contrast agent market?
A3. Contrast Agent Market was valued at US$3.007 billion in 2020.
Q4. Which region holds the maximum market share in the contrast agent market?
A4. The North American region is expected to hold a significant share of the contrast agent market due to the rise in chronic illnesses such as cardiovascular and neurological disorders.
Q5. What factors are anticipated to drive the contrast agent market growth?
A5. As the global prevalence of chronic disorders rises, the need for diagnostic imaging tests as well as contrast agents rises.
Lantheus Medical Imaging, Inc.
Bracco Diagnostic, Inc.
Daiichi Sankyo Company, Limited
Spago Nanomedical AB
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