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Contrast Media/Contrast Agent Market size is forecast to reach $5.7 billion by 2026, growing at a CAGR of 4.1% during the forecast period 2021-2026. Contrast media/contrast agents improve the internal body images produced during an ultrasound, X-ray, MRI, and CT scans. It helps the radiologists in distinguishing between the abnormal and normal tissues. Radiodensity is the opacity to the X-ray portion of the electromagnetic spectrum. Contrast media/agent changes the way imaging tools interact with the body temporarily and helps in contrasting the selected areas of the body from the surrounding tissue. It improves the visibility of the blood vessels, specific tissues, and organs. Increasing incidences of chronic diseases & gastrointestinal tract and increasing developments by the key market players are the major factors driving the market’s growth. Increasing medical tourism, increasing demand for radiopharmaceuticals, and increasing demand for medical imaging, diagnostic & treatment is set to further enhance the overall market developments of the Contrast Media/Contrast Agent Market for the period 2021-2026.
Contrast Media/Contrast Agent Market Analysis – By Type
Iodinated Contrast Media held the largest share in the Contrast Media/Contrast Agent Market in 2020 and is estimated to grow at a CAGR of 4.6% during the forecast period 2021-2026. This is attributed to the fact that iodine-based contrast media contains radio opacity and has a low toxicity level as compared to other agents. Iodinated contrast media is involved in all the radiological examinations that are performed using injected contrast media. Microbubble contrast media are very small, even smaller than that of a red blood cell. They can reflect the sound waves for a higher degree of echogenicity. Iodinated Contrast Media are estimated to register the higher CAGR over the period 2021-2026.
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Contrast Media/Contrast Agent Market Analysis – By Modality
X-ray held the largest share in the Contrast Media/Contrast Agent Market in 2020 and is estimated to grow at a CAGR of 4.8% during the forecast period 2021-2026. This is owing to the increasing acceptance and cost efficiency of X-rays. X-ray-based contrast media consists of iodinated agents and barium-based contrast agents. It is used in diagnostic procedures for several diseases and is less expensive than other modalities. Contrast media reduces the relaxation time of nuclei within the tissues of the body to modify the contrast in the MRI. MRI contrast media is extensively used in enhancing the contrast difference between the abnormal and the normal tissues.
Contrast Media/Contrast Agent Market Analysis – By Geography
North America dominated the Contrast Media/Contrast Agent Market with a major share of 34.7% in 2020. This is attributed to the increasing government initiatives, rising implementation of the guidelines generated by several healthcare organizations, and technological advancements. Also, the increasing availability of advanced technologies, increasing demand for diagnostic procedures, and the presence of well-established healthcare facilities are increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026, owing to the increasing demand for quality medical care, increasing government initiatives, and increasing demand for medical device industries. The Increasing prevalence of chronic diseases and rising improvements in the healthcare infrastructure is also increasing the market’s growth during the forecast period 2021-2026.
Contrast Media/Contrast Agent Market Drivers
Increasing Prevalence of Chronic Diseases has Led to the Rise in Demand for Diagnostic Imaging Procedures
The increasing prevalence of chronic diseases is augmenting the growth of the Contrast Media/Contrast Agent Market. This is owing to the increasing demand for imaging procedures which has led to extensive research & development by contrast media manufacturers to launch new products. Recently, Bracco acquired FDA approval for the configuration of lumason that is an ultrasound contrast agent. Chronic diseases include heart disease, cancer, chronic lung disease, strokes, diabetes, and chronic kidney disease. It is projected that chronic disease accounts for around 53% of worldwide death. It is estimated that deaths from chronic diseases are set to increase by 18%. According to the World Health Organization, increased body mass index and the prevalence of overweight is set to increase in both men and women over the next 10 years. With increasing chronic diseases, there will be an increasing demand for imaging procedures. Thus, increasing the growth of the market during the forecast period 2021-2026.
Increasing Technological Advancements is Increasing the Demand for Medical Imaging
Increasing technological advancements are augmenting the growth of the Contrast Media/Contrast Agent Market. Medical imaging provides a completely robust solution to radiology that is even secure. Healthcare providers use medical imaging to break down the communication barriers across network providers. It optimizes the patients’ experience by eliminating the need for repeated scans and reduces the patient wait time by enabling the glove consultation services online. Radiologists use medical imaging to diagnose and treat diseases properly and check whether a particular therapy is effective in patients. Owing to the research & technological evolution, there are numerous advancements in medical imaging technology. Technological advances such as open & portable MRIs, big data, and digital mammography have combined the power of IT and digital growth by promoting greater efficiency in the execution and provisions of patient care. Thus, increasing the development of the market during the forecast period 2021-2026.
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Contrast Media/Contrast Agent Market Challenges
High Cost and Stringent Regulatory Requirements
Some of the factors that are set to impede the growth of the Contrast Media/Contrast Agent Market are the lack of professionals and stringent regulatory requirements. The decreasing usage of contrast media/contrast agents is also owing to the decreasing volume of non-essential and elective procedures, less utilization of routine testing, less capital spending by customers, decreased research activity, and less clinical testing. Several governmental agencies and standards make organizations such as U.S. Occupational Safety and Health Administration that play a great role in occupational safety for health care. Recognition of contrast media/contrast agent areas is set to assist in directing the department focus along with the thorough evaluation of the products used along with their respective handling and administration about the patient and workplace safety. All these are set to hinder the growth of the market during the forecast period 2021-2026.
Contrast Media/Contrast Agent Market Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Contrast Media/Contrast Agent Market. In 2020, the Contrast Media/Contrast Agent Market share is consolidated by the top ten players present in the market. The top companies of Contrast Media/Contrast Agent Market include:
In November 2019, Guerbet partnered with InterSystems to optimize the combination of contrast media injection management solutions into IT systems of hospitals and medical imaging centers.
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North America dominated the Contrast Media/Contrast Agent Market in 2020 owing to the increasing incidences of chronic diseases and increasing adoption of minimally invasive procedures. The Contrast Media/Contrast Agent Market scope for different regions will be provided in the final report.
Increasing demand for early disease diagnosis and image-guided procedures are likely to aid the market growth of the Contrast Media/Contrast Agent Market report. The high cost and inaccessibility of advanced therapeutics are poised to create hurdles for the Contrast Media/Contrast Agent Market.
Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be Contrast Media/Contrast Agent Market report.
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