Contrast Media Market – Industry Insights by Product Type and Application, 2028

The global contrast media market size was valued at USD 2.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.6% from 2021 to 2028.

The global Contrast Media Market size is expected to reach USD 7.2 billion by 2028, according to a new report published by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.6% from 2021 to 2028. The increasing burden of chronic diseases is driving the demand for diagnostic imaging procedures which are anticipated to fuel market growth.

The imaging tests such as Computed Tomography (CT), Magnetic Resonance Imaging (MRI), and X-rays have become an inevitable part of the diagnosis for most diseases. The large-scale penetration of imaging technology in healthcare has increased the demand for chemical agents.

The introduction of artificial intelligence in radiology has improved image reconstruction and enabled the quantification of noninvasive imaging biomarkers. Such developments are anticipated to significantly affect the demand for the chemical agents. For instance, research conducted by Stanford University demonstrated that the use of artificial intelligence-based image reconstruction can reduce and/or eliminate the need for Gadolinium-based Contrast Agents (GBCAs).

Diagnostic imaging modalities are being increasingly used owing to advancements in the underlying technology, ranging from equipment to administration technology. Innovative products, such as syringeless injectors and innovative packaging, help achieve greater accuracy in delivering the right dose of contrast agents as well as reduce wastage. For instance, in August 2020, the U.S. FDA approved the Gadavist Imaging Bulk Package with transfer spike, thus enabling weight-based and multi-patient dosing as well as addressing the issues faced by hospitals related to vial waste. The approval of such innovative packaging is anticipated to increase the demand for the chemical agent.

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Contrast Media Market Report Highlights

• Iodinated contrast media was the largest segment in 2020 and is anticipated to remain dominant over the forecast period as the products have excellent radio-opacity and low toxicity
• X-ray/ CT was the largest modality segment in 2020, in terms of revenue share, owing to wide acceptance and cost-efficiency of the techniques
• Cardiovascular diseases are projected to witness the fastest growth over the forecast period due to label extensions for ultrasound and X-ray/CT contrast agents in the U.S.
• North America dominated the market and accounted for the largest revenue share of more than 40.0% in 2020 owing to the presence of well-established healthcare infrastructure and availability of advanced technology