The global contrast media market size was estimated at USD 5.23 billion in 2019 and is anticipated to expand at a CAGR of 3.6% over the forecast period. An increase in the prevalence of long-term diseases and complex comorbidities has led to a rise in the number of diagnostic imaging tests. These include ultrasound, X-rays, and advanced imaging technology such as Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scans. The role of these tests in identifying the need for treatment/ surgeries in interventional procedures and perioperative scans before surgeries is anticipated to boost the usage of contrast media in imaging procedures.
The oligopolistic nature of the contrast agent market can be attributed to the market growth. Key companies like Bayer, GE Healthcare, Guerbet, Lantheus Medical Imaging, and Bracco Diagnostics hold significant share of the market for clinical trials. These companies target for higher share through indication extension strategies in major countries like U.S. With approvals for specific indications, they target niche patient cohorts and boost product adoption levels.
The fundamental factor supporting market growth is diagnostic procedure volumes, stemming from the growing burden of chronic diseases. As per the World Health Organization (WHO), by 2020, chronic diseases will account for three-quarters of global deaths and that 71% to 75% of deaths will be caused by heart diseases. Chronic diseases are preventable and can save patients’ lives if they are diagnosed at an early stage.
Contrast media are used to improve the inside images of the body produced by ultrasound, MRI, x-ray, and CT scans. It allows radiologists to distinguish among normal and abnormal tissues. They are not the dyes that discolor the internal organs permanently. Instead, they are the substances that temporarily change the way imaging tools interact with the body. They help contrast the selected areas of the body from the surrounding tissue, thereby improving the visibility of specific tissues, blood vessels, and organs.
Based on type, the contrast agent market is segmented into iodinated, barium-based, gadolinium-based, and microbubble. Iodinated contrast agents accounted for the largest market share of 67.2% in 2019.This can be attributed to the fact that iodine-based contrast media have excellent radio-opacity and low toxicity than other agentsGenerally, all radiological examinations performed using injected contrast media involve iodinated contrast media.
Microbubble contrast agents is anticipated to expand at the fastest CAGR of 4.3% over the forecast period, attributed to the rising product demand as they are very small (smaller than a red blood cell) and have ability to reflect the ultrasound waves or a high degree of echogenicity. Besides, contrast-enhanced ultrasound is inexpensive way to improve visualization of blood flow without involving the use of radiation. It is useful for patients with kidney failures or allergies to CT or MRI.
Based on modality, the contrast agents market is segmented into ultrasound, magnetic resonance imaging, and X-ray/computed tomography. X-ray/CT was identified as the largest segment in 2019. Wide acceptance and cost-efficiency of X-ray/CT modality boost the adoption of contrast agents used for this modality type. X-ray/CT-based contrast agents comprise iodinated agents and barium-based contrast agents that are used in diagnostic procedures for numerous diseases and are less expensive.
In MRIs, contrast agents reduce the relaxation times of nuclei within the body tissues to modify the contrast in the image. Gadolinium is used in MRI as a contrast agent. In the 3+ oxidation state, the metal has seven unpaired electrons, which causes water around the contrast agent to relax quickly, thereby enhancing the quality of the MRI scan. MRI contrast agents are extensively used to enhance the contrast difference among normal and abnormal tissues. MRI contrast agents may be administered intravenously or orally.
Based on the application, the market is segmented into cardiovascular, neurological, gastrointestinal, cancer, nephrological, and musculoskeletal disorders. In 2019, neurological disorder was highest both in terms of revenue and market share. Diagnostic evaluation of CNS for neurological disorders boosts the adoption of MRI contrast agents as they provide better images of neural structures than CT.
Cancer segment is anticipated to grow gradually over the forecast period owing to the increasing need of diagnosis due to rising prevalence of the disease. Colorectal cancer is the second most common cause of cancer-related deaths in developed nations. Different imaging techniques, such as optical colonoscopy and Computed Tomography Colonography (CTC) are used for colorectal cancer diagnosis.
North America was the highest revenue generating region in 2019 and is anticipated to remain dominant over the forecast period. The presence of well-established healthcare facilities, availability of advanced technologies together, and demand for diagnostic procedures are some of the factors responsible for this dominance.
Europe held a market share of 25.1% in 2019. Over the last decade, the use of diagnostic imaging modalities, such as MRI, CT, and ultrasound has increased rapidly in Europe. In 2015, the highest number of MRI scans were performed in France and Germany, where the number of scans per 100,000 people was reported to be higher than 10,000. This factor is anticipated to continue driving the regional market growth.
Some of the players operating in the contrast media/contrast agents market are Bayer AG; General Electric Company; Guerbet; Lantheus Medical Imaging, Inc.; Bracco Diagnostic, Inc.; Trivitron Healthcare; Nano Therapeutics Pvt. Ltd.; and iMAX. The market players aim for higher share through indication extension strategies in major countries like U.S. They target niche patient cohorts, with approvals for specific indications and boost product adoption levels.
For example, in 2017, GE healthcare’s Visipaque received U.S. FDA approval for use in coronary computed tomography angiography in adult and pediatric patients. This novel indication grants CVD-afflicted patients with a substitute for the non-invasive stress test and the invasive, coronary angiography for the diagnosis of coronary artery disease.
Base year for estimation
Actual estimates/Historical data
2016 - 2018
2020 - 2027
Revenue in USD Million and CAGR from 2019 to 2027
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
U.S., Canada, U.K., Germany, France, Italy, Spain, Russia, Ukraine, Netherlands, Switzerland, Sweden, Japan, China, India, Australia, South Korea, Indonesia, Malaysia, Singapore, Thailand, Taiwan, Brazil, Mexico, Argentina, Colombia, Chile, South Africa, Saudi Arabia, UAE, Egypt, Israel
Revenue forecast, company share, competitive landscape, growth factors and trends
15% free customization scope (equivalent to 5 analysts working days)
If you need specific information, which is not currently within the scope of the report, we will provide it to you as a part of customization
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global contrast media market report on the basis of product type, modality, application, and region:
Product Type Outlook (Revenue, USD Million, 2016 - 2027)
Modality Outlook (Revenue, USD Million, 2016 - 2027)
Application Outlook (Revenue, USD Million, 2016 - 2027)
Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.