Contrast Media/Contrast Agents Market Size, Share & Trends Analysis Report By Type (Iodinated, Gadolinium-based), By Application (Neurological, Cancer, CVDs), By Modality (MRI, X-ray/CT), And Segment Forecasts, 2018 - 2027

Industry Insights

The global contrast media/contrast agents market  size was valued at USD 4.89 billion in 2017 and is anticipated to grow at a CAGR of 3.5% during the forecast period. This growth is attributed to the nature of this space, which exhibits an oligopolistic structure with key companies like Bayer, GE Healthcare, Guerbet, Lantheus Medical Imaging, and Bracco Diagnostics holding more than 50% of the market share. These companies target for higher share through indication extension strategies in major countries like U.S. With approvals for specific indications, companies target niche patient cohorts and boost product adoption levels.

For instance, in 2017, GE healthcare’s Visipaque received U.S. FDA approval for use in coronary computed tomography angiography in adult and paediatric patients. This new indication grants CVD-afflicted patients with an alternative to the non-invasive stress test and the invasive, coronary angiography for diagnosis of coronary artery disease.Inorganic growth strategies, among others, remain prevalent in this arena.

Guerbet, since it took over Mallinckrodt’s products, is better placed in the market. With Dotarem under its turf, Guerbet is now challenging Bayer’s Gadavist/Gadovist sales. This is one of the strategies used by companies to increase their market share. Entry of new firms, such as Ascelia Pharma, is expected in the latter half of the forecast period as the firm is developing manganese-based contrast media products, which is a safer alternative to gadolinium-based agents.

Apart from competitive strategies, the underlying factor supporting this market is diagnostic procedure volumes, stemming from the growing burden of chronic diseases. According to WHO, by 2020, chronic diseases will account for three-quarters of global deaths and that 71-75% of deaths will be related to heart diseases. Chronic diseases are mainly preventable and can save patients if they are diagnosed at an early stage.

Contrast Agent Type Insights

Based on type, the contrast media market is categorized into barium-based, iodinated, gadolinium-based, and microbubble contrast media. Iodinated contrast media captured the maximum market share in 2017. This is attributable to the high penetration of contrast materials in x-ray and CT procedures, as well as the availability of non-ionic stable iodinated agents for improved diagnosis.

The gadolinium-based materials used for MRI procedures followed the former with significant market share. However, these materials are currently under regulatory scrutiny, which is expected to prove detrimental for the MRI market until the arrival of safer alternative agents, such as manganese-based compounds.

Modality Insights

Based on modality, the contrast media agents market is categorized into x-ray/CT, MRI, and ultrasound. X-ray/CT modality is the leading segment. These agents mostly comprise iodinated and barium-based contrast media that are used in diagnostic procedures for numerous diseases and are far less expensive. Although some of the MRI contrast media agents have been withdrawn from Europe, manganese-based agents are expected to revive the revenue of this segment. On the other hand, the ultrasound segment is witnessing lower penetration in comparison to others, thus maintaining a smaller revenue.

Application Insights

Based on applications, the market is segmented into cardiovascular, neurological, gastrointestinal, nephrological, musculoskeletal disorders, and cancer. In 2017, neurological disorders accounted for the largest share, followed by cardiovascular disorders (CVDs) and cancer.

High applicability of imaging modalities and accessibility to recently-launched products for diagnosis of cancer and neurological and cardiovascular diseases support overall revenue growth. Cardiovascular applications are expected to experience the fastest CAGR over the forecast period. On the other hand, nephrological, musculoskeletal, and neurological disorders segments are expected to witness moderate growth.

Regional Insights

North America was the largest region in terms of revenue in 2017 and is estimated to expand further over the forecast years. Strategic initiatives undertaken by key manufacturers targeting select patient subsets in the region is projected to accelerate its growth in future. The presence of well-established healthcare facilities, availability of advanced technologies together, and demand for diagnostic procedures are some of the factors responsible for the region’s continued dominance.

Europe and Asia followed North America in terms of revenue in 2017, supported largely by growing usage of diagnostic imaging modalities and increase in revenue from domestic companies in Asia in recent years.

Contrast Media/Contrast Agents Market Share Insights

Some of the key companies in the market are Bayer AG, GE Healthcare; Guerbet LLC; Lantheus Medical Imaging, Inc.; Bracco Diagnostics, Inc.; Daiichi Sankyo Co. Ltd.; and Fuji Pharma Co. Ltd.In an effort to increase market presence, Guerbet acquired Mallinckrodt’s contrast media and delivery systems business, resulting in an expanded portfolio of better products. With this acquisition, Guerbet successfully expanded its geographic reach. Similarly, others reigning in this space employ various market strategies to maintain their dominance.

Report Scope

Segments Covered in the Report

This report forecasts revenue and volume 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 2027. For the purpose of this study, Grand View Research has segmented the global contrast media agents market report on the basis of type, modality, application, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Iodinated

  • Barium-based

  • Gadolinium-based

  • Microbubble

• Modality Outlook (Revenue, USD Million, 2016 - 2027)

  • X-ray/CT

  • MRI

  • Ultrasound

• Application Outlook (Revenue, USD Million, 2016 - 2027)

  • Cardiovascular Disorders

  • Neurological Disorders

  • Gastrointestinal Disorders

  • Cancer

  • Nephrological Disorders

  • Musculoskeletal Disorders

  • Other Applications

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • France

  • Asia

    • Japan

    • India

  • RoW