Contrast Media Market Size, Share & Trends Analysis Report By Product Type (Iodinated, Gadolinium-based, Barium-based), By Application, By Modality (MRI, X-ray/CT, Ultrasound), By Region, And Segment Forecasts, 2021 - 2028

Report Overview

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. 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 technologies 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 are anticipated to boost the usage of contrast media in imaging procedures.

According to the WHO, as of July 19, 2020, nearly 3,544,143 confirmed cases of COVID-19 and approximately 137,674 related deaths were reported in the U.S., making it the country with the highest number of confirmed cases across the globe. On the other hand, China, the epicenter of the pandemic, reported nearly 85,937 confirmed cases and approximately 4,653 deaths. The use of X-ray and chest CT imaging for the detection of COVID-19-related lesions in the lungs for disease management is anticipated to drive the market.

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.

 COVID19 impact: Market witnessed revenue decline by 47% in 2020; expected to recover by 2022

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 between normal and abnormal tissues. They are not 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.

Product Type Insights

The iodinated contrast media segment accounted for the largest market share of more than 65.0%, in 2020. This can be attributed to the fact that iodine-based contrast media have excellent radio-opacity and low toxicity than other agents Generally, all radiological examinations performed using injected contrast media involve iodinated contrast media.

Based on type, the market is segmented into iodinated, barium-based, gadolinium-based, and microbubble. The microbubble contrast media segment is anticipated to witness 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 the ability to reflect the ultrasound waves for a high degree of echogenicity. Besides, contrast-enhanced ultrasound is an 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.

Modality Insights

The X-ray/CT segment dominated the market and accounted for the largest revenue share of more than 65.0% in 2020. 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 media comprises iodinated agents and barium-based contrast agents that are used in diagnostic procedures for numerous diseases and are less expensive.

Based on modality, the market is segmented into ultrasound, magnetic resonance imaging, and X-ray/computed tomography.  In MRIs, contrast media reduces the relaxation times of nuclei within the body tissues to modify the contrast in the image. Gadolinium is used in MRI as a contrast media. In the 3+ oxidation state, the metal has seven unpaired electrons, which causes water around the contrast media to relax quickly, thereby enhancing the quality of the MRI scan. MRI contrast media is extensively used to enhance the contrast difference between normal and abnormal tissues. MRI contrast media may be administered intravenously or orally.

Application Insights

In 2020, the neurological disorders segment dominated the market and held the largest revenue share of nearly 30.0%. Diagnostic evaluation of CNS for neurological disorders boosts the adoption of MRI contrast media as it provides better images of neural structures than CT.

Based on the application, the contrast media market is segmented into cardiovascular, neurological, gastrointestinal, cancer, nephrological, and musculoskeletal disorders. The cancer segment is anticipated to grow gradually over the forecast period owing to the increasing need for diagnosis due to the 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.

Regional Insights

North America was the highest revenue-generating region in 2020, accounting for more than 40.0% of the revenue, 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.

Asia Pacific also held a substantial market share in 2020. This can be attributed to the presence of established local as well as foreign manufacturers in the region. For instance, General Electric Pharmaceuticals (Shanghai) Co., Ltd. is a branch of GE that diagnostic drugs (CT/MR contrast media) in China and is one of the world's largest contrast media production bases of GE Healthcare. This factor is anticipated to continue driving the regional market growth.

Key Companies & Market Share Insights

The market is oligopolistic. The market players aim for higher share through indication extension strategies in major countries like the 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 a substitute for the non-invasive stress test and the invasive, coronary angiography for the diagnosis of coronary artery disease. Some of the prominent players of the contrast media market include:

• Bayer AG

• General Electric Company

• Guerbet

• Bracco Diagnostic, Inc.

• Nano Therapeutics Pvt. Ltd.

• Lantheus Medical Imaging, Inc.

• iMax

• Trivitron Healthcare

Contrast Media Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. 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 - 2028)

  • Iodinated

  • Barium-based

  • Gadolinium-based

  • Microbubble

• Modality Outlook (Revenue, USD Million, 2016 - 2028)

  • X-ray/CT

  • MRI

  • Ultrasound

• Application Outlook (Revenue, USD Million, 2016 - 2028)

  • Cardiovascular Disorders

  • Neurological Disorders

  • Gastrointestinal Disorders

  • Cancer

  • Nephrological Disorders

  • Musculoskeletal Disorders

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Ukraine

    • Netherlands

    • Switzerland

    • Sweden

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Indonesia

    • Malaysia

    • Singapore

    • Thailand

    • Taiwan

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

    • Chile

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Egypt

    • Israel