Contrast Media Market Size, Share & Trends Report

Contrast Media Market Size, Share & Trends Analysis Report By Modality (Ultrasound, MRI), By Product (Microbubble, Gadolinium-based), By Application, By Route Of Administration, By End-use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-2-68038-357-7
  • Number of Pages: 110
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2022
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the contrast media market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for contrast media market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of contrast media market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Contrast Media Market Categorization:

The contrast media market was categorized into four segments, namely modality (Ultrasound, Magnetic Resonance Imaging, X-ray/Computed Tomography), product (Microbubble, Gadolinium-Based, Iodinated, Barium-Based), application (Cardiovascular Disorders, Neurological Disorders, Gastrointestinal Disorders, Cancer, Nephrological Disorders, Musculoskeletal Disorders), route of administration (Intravenous, Oral Route, Rectal Route), end-use (Hospitals, Diagnostic Imaging Centers) and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The contrast media market was segmented into product, protocols, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The contrast media market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Contrast media market companies & financials:

The contrast media market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Bayer AG, Bayer AG is a life sciences company with core competencies in healthcare and agriculture. The company has four business divisions: Pharmaceuticals, Consumer Health, Animal Health, and Crop Science. The pharmaceuticals division comprises prescription drugs, mainly for women’s health, cardiology, and radiology. The radiology segment includes the development of Information Technology (IT) applications, contrast media agents, and injection systems for high-field Magnetic Resonance Imaging (MRI) & low-radiation Computed Tomography (CT). It offers integrated solutions.

  • Lantheus, The company develops, manufactures, and markets critical diagnostic imaging agents & products that help healthcare professionals diagnose diseases and enhance patient treatment. Its products help diagnose conditions affecting the lungs, heart, brain, and other organs using nuclear imaging & echocardiography. The company has around 450 employees globally. In addition, Lantheus has a strong pipeline of first-in-class imaging agents for contrast-enhanced ultrasound, MRI, and Positron Emission Tomography (PET) technologies. The pipeline is focused on improving current imaging modalities and achieving unmet diagnostic imaging needs.

  • Bracco (Blue Earth Diagnostics), It is a subsidiary of Bracco Imaging SpA and part of Bracco Group. The company’s product portfolio includes all key diagnostic imaging modalities, such as X-ray, CT, MRI, and ultrasound. The diagnostic imaging products include advanced administration systems for contrast media and numerous medical devices in radiology. The company sells its contrast agents in almost 100 countries, directly & indirectly, through joint ventures, distribution agreements, and licensing deals. Bracco Diagnostics is in major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East.

  • Guerbet, Guerbet is a global medical imaging company that offers diagnostic and interventional radiology solutions. The company develops & commercializes medical devices, delivery systems, contrast media, and related solutions. Its contrast media products can be employed to diagnose conditions such as neurological disorders, cancer, and cardiovascular disorders. The company offers a wide range of solutions, including interventional radiology & theranostics, Catheterization (CATH) lab, CT scans, MRI products, a range of injectors, and related medical devices. It is present in more than 80 countries via a network of distributors and subsidiaries.

  • Trivitron Healthcare, Trivitron Healthcare is a medical technology firm that provides affordable healthcare solutions. It continuously pursues technological innovations to provide superior clinical benefits at low cost. It spearheads innovation in various fields, including in vitro diagnostics, radiation protection, imaging & radiology, operating room solutions, critical care, and newborn screening. The company markets its products to extended care facilities, independent laboratories & clinics, healthcare providers, and hospitals. It manufactures and distributes advanced medical technology products to 165 countries. It has 1,200 channel partners, 12 warehouses, nine CE-certified manufacturing facilities, and five dedicated innovation centers.

  • Cardinal Health, Cardinal Health functions as a pharmaceutical distributor, operates globally as a manufacturer & distributor of medical & laboratory items, and offers healthcare facilities with performance and data solutions. With its presence in over 30 countries and a workforce of around 44,000 employees worldwide, Cardinal Health plays a crucial role in healthcare.

  • Telix Pharmaceuticals Limited, Telix is a biopharmaceutical firm primarily focusing on creating and bringing radiopharmaceuticals for diagnostic and therapeutic purposes to the market. The company conducts business activities across the U.S., Europe (including Belgium & Switzerland), and Japan. Telix is actively working on a range of radiopharmaceutical products designed to tackle important gaps in medical care for cancer and rare diseases.

  • GE HealthCare, GE Healthcare, a subsidiary of General Electric Company, offers medical technologies and services. The company has expertise in medical diagnostics, medical imaging & information technologies, biopharmaceutical manufacturing technologies, patient monitoring systems, drug discovery, and performance solutions services. It is present in more than 150 countries across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA).

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Contrast Media Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Contrast Media Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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