Contrast Media Market

Global Contrast Media Market:

The global contrast media market size reached US$ 4.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 6.5 Billion by 2032, exhibiting a growth rate (CAGR) of 3.7% during 2024-2032. The increasing demand for diagnostic imaging procedures, owing to the growing prevalence of neurological, cancer, and cardiovascular diseases, is one of the key factors stimulating the market growth.

Contrast Media Market Analysis:

• Major Market Drivers: The growing preference for minimally invasive (MI) medical procedures and surgeries, as they cause shorter hospital stays, less postoperative pain, and faster recovery and require smaller incisions, is primarily bolstering the market growth.
• Key Market Trends: The rising trend of medical tourism is one of the emerging trends driving the market. Besides this, the introduction of digital solutions for precise and effective management of contrast media is acting as another significant growth-inducing factor.
• Geographical Trends: North America exhibits a clear dominance in the market. This can be attributed to the escalating demand for radiopharmaceuticals. Additionally, the expanding geriatric population who are highly susceptible to various chronic medical disorders is further positively influencing the contrast media market outlook in North America.
• Competitive Landscape: Some of the prominent companies in the global market include Bayer AG, Beijing Beilu Pharmaceuticals Company Limited, Bracco S.p.A., General Electric Company, Guerbet, iMAX Diagnostic Imaging Limited, J.B. Chemicals & Pharmaceuticals Limited, Jodas Expoim Pvt. Ltd., Lantheus, Nano Therapeutics Pvt Ltd, SANOCHEMIA Pharmazeutika GmbH, TAEJOON PHARM Co. Ltd., and Trivitron Healthcare, among many others.
• Challenges and Opportunities: One key challenge in the contrast media market is mitigating and managing the risk of adverse reactions associated with the usage of contrast agents. However, the rising focus of key players on addressing these regulatory requirements and health risks while ensuring the safe and effective adoption of these agents is anticipated to bolster the market over the forecasted period.
   

Contrast Media Industry Trends:

Rising Nanoparticles Usage

The shifting preference from conventional MRI contrast agents that have low sensitivity, non-specificity, short circulation time, etc., towards nanoparticle-based contrast agents, as they provide prolonged circulation time, exhibit tunable physiochemical properties, and target capability that can facilitate effective cancer diagnosis, is strengthening the market. Moreover, approximately 25% of all MRI exams at clinical field strengths utilize contrast agents, such as magnetic materials, that are injected into patients to improve image contrast, thereby enabling anatomical features to be distinguished by their level of brightness or darkness. Besides this, the efficacy of a contrast agent is directly related to its magnetic and physical properties. For example, in July 2023, lead author Samuel Oberdick, from the University of Colorado Boulder and the National Institute of Standards and Technology, characterized monodispersed carboxylic acid coated SPIONs with diameters ranging from 4.9 to 15.7 nm. In addition to this, nanoparticles can be particularly designed to target specific cells, tissues, or even molecular processes, thereby providing highly detailed and localized imaging that is invaluable in diagnosing cancer and vascular diseases. For instance, in September 2023, researchers at the University of Colorado Boulder, the National Institute of Standards and Technology (NIST), and the University of Florence determined that superparamagnetic iron oxide nanoparticles (SPIONs) significantly outperform a commercial gadolinium-based contrast agent used for exams on 3 T MRI scanners. Furthermore, scientific reports described the properties of iron oxide-based contrast agents during the acquisition of low-field MRI scans. Apart from this, extensive investments in R&D activities to develop nanoparticulate contrast agents that can play a critical role in advancing medical imaging are anticipated to bolster the contrast media market revenue over the forecasted period. For example, in July 2023, various NIST researchers worked on specialized projects that aimed to advance MRI technology that adopts lower-strength magnetic fields and validate its approaches for capturing images with weaker magnetic fields.

Growing Popularity of Multi-modal Imaging

Continuous advancements in medical diagnostics are contributing to the market. Apart from this, key players are focusing on the diagnostic process by providing comprehensive insights from different imaging techniques in a single session, thereby offering a more detailed and complete view of physiological processes and anatomical structures. For example, in September 2023, Bayer and Hologic Inc. announced an international partnership to deliver contrast-enhanced mammography (CEM) solutions to improve the detection of breast cancer among women in various countries, particularly across the Europe and Asia Pacific regions. Similarly, in April 2024, a study published in Clinical Radiology showed contrast-enhanced mammography (CEM) to be a useful tool as an alternative to breast MRI. Besides this, multi-modal imaging is gaining extensive traction in neurology, oncology, and cardiology, where precise imaging is critical for effective disease management. This, in turn, is stimulating the contrast media market demand. For instance, in June 2022, the Journal of Nanobiotechnology reported the advances in MRI contrast agents, including manganese (Mn)-, gadolinium (Gd)-, iron oxide-, 19F- and copper (Cu) that are incorporated in not only nanoplatforms for GBM imaging, but also in dual-modal or triple-modal nanoprobes. In line with this, in October 2023, according to the Journal of Radiation Research and Applied Sciences, a biomedical tomography system for health examination that combines five agents was proposed due to the escalating demand for daily health checks and the shortage of related multi-functional and multi-modal imaging equipment.

Increasing Regulatory Approvals

Regulatory authorities, such as the U.S. Food and Drug Administration (FDA), are approving contrast agents used in medical imaging to enhance the visibility of internal body structures in radiographic procedures, including CT scans, MRI, ultrasound imaging, etc. Additionally, these agents, which may be barium-sulfate, iodine-based, gadolinium-based, or composed of microbubbles for ultrasound, are extensively evaluated for efficacy, safety, and quality before receiving FDA approval. For example, in March 2024, Lantheus announced the U.S. Food and Drug Administration (FDA)’s approval of DEFINITY, a perflutren lipid microsphere, as an ultrasound agent for use in patients those who have undergone heart transplants and have Kawasaki disease or a congenital cardiovascular anomaly. Regulatory bodies also monitor the post-marketing performance of these agents to ensure continued safety in clinical use, which is fueling the contrast media market growth. For instance, in April 2024, according to a press release from Telix Pharmaceuticals Limited, the FDA granted fast-track designation to TLX101-CDx, a PET imaging agent, for use in recurrent or progressive glioma.

Contrast Media Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the contrast media market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the type, modality, application, route of administration, and end user.

Breakup by Type:

• Iodinated Contrast Media
• Gadolinium-based Contrast Media
• Microbubble Contrast Media
• Barium-based Contrast Media
   

Among these, iodinated contrast media currently exhibits a clear dominance in the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barium-based contrast media. According to the report, iodinated contrast media represented the largest segmentation.

Iodinated contrast media refer to contrast agents that contain iodine atoms used for x-ray-based imaging modalities, such as computed tomography (CT). Moreover, they can also be used in angiography, venography, fluoroscopy, and even occasionally, plain radiography. Besides this, key players are launching iodinated contrast media agents, as they enhance the diagnostic capabilities of CT and other radiographic imaging techniques. For example, in July 2022, Fresenius Kabi introduced the generic iodinated contrast media agent to alleviate the shortage. In addition to this, in October 2022, GE Healthcare entered into a long-term agreement with Chile-based mining company Sociedad Quimica y Minera de Chile S.A. (SQM) to secure its supply of iodine, a key ingredient for contrast media products used in computed tomography (CT) procedures globally.

Breakup by Modality:

• X-ray/Computed Tomography (CT)
• Magnetic Resonance Imaging (MRI)
• Ultrasound
   

Currently, X-ray/computed tomography (CT) accounts for the majority of the total market share

The report has provided a detailed breakup and analysis of the market based on the modality. This includes x-ray/computed tomography (CT), magnetic resonance imaging (MRI), and ultrasound. According to the report, x-ray/computed tomography (CT) represented the largest segmentation.

The growth in this segmentation is propelled by the inflating popularity of diagnostic imaging procedures. Additionally, these imaging techniques are fundamental in medical diagnostics due to their ability to provide quick, detailed views of the body's internal structures, thereby making them crucial for the early diagnosis, detection, and management of diseases. Besides this, various technological advancements in X-ray and CT imaging technologies to expand their application in clinical practice are elevating the contrast media market prices. For instance, in September 2023, Smiths Detection developed its HI-SCAN 6040 CTiX, an advanced cabin baggage screening system based on computed tomography (CT) technology, for the market across India. Similarly, in November 2023, Annalise.ai introduced the Annalise Triage software platform for chest X-rays and non-contrast head CT.

Breakup by Application:

• Radiology
• Interventional Radiology
• Interventional Cardiology
   

Among these, interventional cardiology currently holds the largest market share

The report has provided a detailed breakup and analysis of the market based on the application. This includes radiology, interventional radiology, and interventional cardiology. According to the report, interventional cardiology represented the largest segmentation. 

The escalating demand for techniques, such as coronary angiography and percutaneous coronary interventions (PCI), which widely rely on contrast media to visualize the heart's vascular structure and function, is stimulating the segment's growth. Furthermore, the increasing prevalence of cardiovascular diseases, coupled with advancements in cardiac imaging technologies, are increasing the number of these procedures. Apart from this, the launch of medical programs related to interventional cardiology will continue to bolster the market in the coming years. For example, in May 2024, the Society for Cardiovascular Angiography & Interventions (SCAI) started its SCAI scientific sessions in Long Beach, California, bringing together more than 1,800 researchers, clinicians, and innovators in the field of interventional cardiology and endovascular medicine.

Breakup by Route of Administration:

• Intravenous/Intrarterial
• Oral Route
• Rectal Route
• Others
   

Currently, intravenous/intrarterial route exhibits a clear dominance in the contrast media market share

The report has provided a detailed breakup and analysis of the market based on the route of administration. This includes intravenous/intrarterial, oral route, rectal route, and others. According to the report, intravenous/intrarterial route represented the largest market segmentation.

The intravenous and intraarterial routes of administration find widespread applications, owing to their effectiveness in delivering contrast agents directly into the bloodstream, thereby ensuring rapid distribution throughout the targeted organs or body. This method is pivotal for enhancing the clarity of images in several diagnostic imaging procedures, including MRI, CT scans, and angiography. The intravenous route is particularly prevalent because it can be used for a wide range of imaging studies that require a systemic distribution of the contrast agent and is relatively easy to administer. For instance, in May 2023, Guerbet, one of the global leaders in medical imaging, announced that based on the scientific and clinical evidence, the ACR Committee on Drugs and Contrast Media classified elucirem as a Group II agent.⁶ and indicated for use in adults and children aged two years and older. On the other hand, the intraarterial route offers a more targeted approach. It is used in procedures, including coronary angiograms, where the contrast media is injected directly into the arteries of the heart to obtain detailed images of the coronary circulation.

Breakup by End User:

• Hospital, Clinics and Ambulatory Surgery Centers
• Diagnostic Imaging Centers
   

The report has provided a detailed breakup and analysis of the market based on the end-user. This includes hospital, clinics, and ambulatory surgery centers and diagnostic imaging centers.

According to the contrast media market research report, the availability of advanced imaging equipment across hospitals is acting as a significant growth-inducing factor. In addition to this, clinics, particularly those specializing in specific fields like cardiology or oncology, use contrast media for targeted diagnostic purposes. Moreover, ambulatory surgery centers extensively adopt imaging technologies that require contrast media, particularly for preoperative and postoperative assessments. Besides this, diagnostic imaging centers cater to both referrals from hospitals and smaller clinics.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

North America exhibits a clear dominance in the market

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

The expanding healthcare infrastructures and a high rate of medical imaging procedures are driving the regional market. For example, in April 2024, the Northwest Imaging Forums (NWIF) and International Contrast Ultrasound Society (ICUS) announced an educational partnership to aid in training sonographers to perform contrast-enhanced ultrasound (CEUS) examinations and administer intravenous ultrasound contrast agents. Besides this, the presence of major pharmaceutical companies is also acting as another significant growth-inducing factor. For instance, in September 2023, Philips introduced the microvascular imaging super resolution contrast-enhanced ultrasound (CEUS), which was showcased at the International Bubble Conference in Chicago. Furthermore, regulatory support from bodies like the FDA also plays a crucial role in the swift approval and adoption of new contrast agents, which is expected to fuel the regional market in the coming years. For example, in August 2023, Fresenius Kabi, a German healthcare company with headquarters in Illinois, launched an FDA-approved generic substitute for Gadavist, the gadolinium-based contrast agent commonly used during MRI exams.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Bayer AG
• Beijing Beilu Pharmaceuticals Company Limited
• Bracco S.p.A.
• General Electric Company
• Guerbet
• iMAX Diagnostic Imaging Limited
• J.B. Chemicals & Pharmaceuticals Limited
• Jodas Expoim Pvt. Ltd.
• Lantheus
• Nano Therapeutics Pvt Ltd
• SANOCHEMIA Pharmazeutika GmbH
• TAEJOON PHARM Co. Ltd.
• Trivitron Healthcare
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Contrast Media Market News:

• May 2024: A team of researchers led by Professor Cheon Jinwoo, the director of the Center for Nanomedicine (CNM), and Professor Choi Byoung Wook from the Yonsei University College of Medicine developed a high-performance, nanoparticle-based MRI contrast agent, Supramolecular Amorphous-like Iron Oxide (SAIO), for 3D vascular mapping.
• April 2024: Researchers at the University of Michigan accomplished high-resolution and efficient 3D chemical imaging for the first time at the one-nanometer scale.
• March 2024: Samsung Medison and Bracco Imaging entered a Memorandum of Understanding (MoU) agreement to pioneer a new area for diagnostic ultrasound devices and contrast agents at the European Congress of Radiology.

Contrast Media Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the contrast media market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global contrast media market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the contrast media industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.