Contrast Media Market worth $8.68 billion by 2027
According to research report the global contrast media market is expected to reach USD 8.68 billion by 2027 from USD 4.56 billion in 2018, at a CAGR of 3.9%. The major factors driving the growth of the contrast media/contrast agents market include increasing number of research and funding activities for research of contrast agents and their applications.
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By type, the iodinated contrast media segment is expected to account for the largest share of the market in 2017
On the basis of type, the contrast media/contrast agents market is segmented into iodinated contrast media, gadolinium-based contrast media, barium-based contrast media, and microbubble contrast media. In 2017, the iodinated contrast media segment is estimated to account for the largest share of the contrast media/contrast agents market, by type. However, the microbubble contrast media segment is expected to grow at the highest CAGR during the forecast period. The high growth of the microbubble segment can be attributed to the large number of on-going academic researches that are exploring various attributes of microbubbles in off-label indications for diagnosis as well as drug delivery.
By modality, the X-ray/CT segment is expected to account for the largest share of the market in 2017
On the basis of modality, the market is segmented into X-ray/CT, MRI, and ultrasound procedures. In 2017, X-ray/CT procedures are expected to command the largest share of the global contrast media market. However, the ultrasound segment is expected to grow at the highest CAGR from 2017 to 2022. Growth in the ultrasound segment can largely be attributed to several advantages offered by ultrasound contrast agents over other contrast agents and the rising number of approvals for ultrasound contrast agents in the US, Europe, and Japan.
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North America to dominate the market in 2017
North America, Europe, Asia-Pacific, and Rest of the World (RoW) are the regions considered for a geographic analysis of the global contrast media/contrast agents market. North American contrast media/contrast agents market is expected to account for the largest share of the global contrast media/contrast agents market. However, the Asia Pacific contrast media/contrast agents market is expected to grow at the highest CAGR in the forecast period. This growth can be attributed to the increasing R&D investments and favorable demographic scenario in China, rising aging population and cancer incidence in Japan, growing investments in the Indian radiology market, and growing focus of market players & increasing government support in other APAC countries.
The prominent players in the global contrast media/contrast agents market include GE Healthcare (US), Bracco Imaging S.p.A. (Bracco) (Italy), Bayer HealthCare (Bayer) (Germany), and Guerbet Group (Guerbet) (France).