The global contrast agent market size was USD 5.3 Billion in 2022 and is expected to register a revenue CAGR of 6% over the forecast period, according to the latest report by Reports and Data.
The World Health Organization (WHO) estimated that cancer caused 9.6 million deaths in 2018, making it the second leading cause of death globally. The demand for contrast agents is anticipated to increase along with the incidence of cancer because contrast-enhanced imaging methods, like computed tomography (CT) and magnetic resonance imaging (MRI), are widely used for cancer diagnosis.
The advancement of imaging technologies has also greatly aided the market's growth. High-resolution imaging systems and novel contrast agents with enhanced properties like stability, biocompatibility, and specificity have helped to increase the accuracy and efficacy of diagnostic techniques. A further factor driving the growth of global revenue is the complete transformation of the contrast agent market brought about by the incorporation of artificial intelligence (AI) into imaging technologies.
The FDA's Center for Drug Evaluation and Research (CDER) establishes regulatory requirements for the approval of new contrast agents.
The FDA requires contrast agent manufacturers to conduct clinical trials and provide information on product labels, such as indications for use and contraindications.
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Some of the prominent players profiled in the global contrast agent market include Guerbet SA, Lantheus Medical Imaging Inc, Bayer AG, Bracco Imaging S.p.A, JB Chemicals & Pharmaceuticals Ltd, GE Healthcare, Mallinckrodt Pharmaceuticals, Subhra Pharma Private Limited, Beekley Medical, DAIICHI SANKYO COMPANY LIMITED, and Shenzhen Anke High-tech Co. Ltd.
Some Key Highlights from the Report
- In 2021, the gadolinium-based segment held the largest market share. Gadolinium-based contrast agents are frequently used during Magnetic Resonance Imaging (MRI) procedures due to their excellent image contrast qualities. The market for gadolinium-based contrast agents is growing due to the increasing prevalence of chronic diseases such as cancer, neurological disorders, and cardiovascular diseases, all of which require the use of contrast agents for proper diagnosis.
- In 2021, the X-ray/CT segment secured the predominant portion of the revenue share. This outcome can be attributed to the prevalent utilization of X-ray and CT scans in diagnosing and monitoring various medical conditions. The market has been categorized into distinct segments including X-ray/CT, MRI, ultrasound, and others, categorized by modality.
- In terms of revenue, the North American market dominated the global contrast agent market in 2021. Due to the rising prevalence of chronic diseases, the rising demand for early diagnosis, and the accessibility of cutting-edge imaging techniques, the market in this region is expected to grow at the quickest rate in terms of revenue over the forecast period. The rising adoption of diagnostic imaging procedures and the existence of significant market players in this area are further factors that are expected to support the expansion of the North American contrast agent market.
- In 2021, GE Healthcare and VUMC (Vanderbilt University Medical Center) announced a new research collaboration with the goal of developing safer and more effective contrast agents for medical imaging. The development of new MRI contrast agents will be the primary focus of this collaboration, which will aid in disease detection and treatment.
- Shanghai Pharmaceuticals Holding Co., Ltd. (SPH) and Bracco Imaging S.p.A. formed a strategic partnership in 2020 to expand Bracco's presence in China. The main focus of this collaboration will be the development, production, and marketing of contrast agents for medical imaging in China.
- Lantheus Medical Imaging, Inc. announced the release of a novel contrast agent, DEFINITY® microbubble contrast agent, in 2021. It is recommended to use DEFINITY® during echocardiography procedures to improve visibility of the left ventricular chamber and delineation of the endocardial border.
- JB Chemicals & Pharmaceuticals Ltd. introduced OmnipaqueTM, a novel contrast agent, in 2020. OmnipaqueTM, a non-ionic iodinated contrast agent, is recommended for use in radiography treatments to make bodily organs and tissues more visible.
For the purpose of this report, Reports and Data has segmented the global contrast agent market on the basis of Product Type Outlook, Modality Outlook, Route of Administration Outlook, and Regional Outlook:
Product Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Iodinated Contrast Agent
- Gadolinium-based Contrast Agents
- Microbubble Contrast Agents
- Others
Modality Outlook (Revenue, USD Billion; 2022 - 2032)
- X-ray/CT Contrast Agents
- Intravenous Contrast Agents
- Rectal Contrast Agents
- Others
Route of Administration Outlook (Revenue, USD Billion; 2022 - 2032)
- Oral Contrast Agents
- Intravenous Contrast Agents
- Rectal Contrast Agents
- Others
Regional Outlook (Revenue, USD Billion; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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