Global Contrast Media Market, By Type (Iodinated, Gadolinium-Based, and Other Types), By Modality (X-ray/CT Scan, Magnetic Resonance Imaging, and Ultrasound), By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

Report Overview

In 2022, the Global contrast media market Size was valued at USD 4.9 billion and is expected to reach USD 6.9 billion in 2032. This market is estimated to register a CAGR of 3.5% between 2023 and 2032.

Diagnostic imaging tests such as ultrasound, X-rays, and modern imaging equipment like CT scans & MRI, are becoming more prevalent due to the rising number of complex comorbidities and chronic illnesses.

Market Key Takeaways

• Diagnostic Enhancements: Contrast media are substances used in medical imaging to increase visibility of internal structures, aiding doctors in their diagnosis of various medical conditions.
• Contrast Media for X-Ray and MRI Use: Contrast media are utilized during x-ray, MRI and CT scans in order to enhance imaging of blood vessels, organs and tissues.
• Patient Safety: Ensuring patients’ wellbeing is of utmost importance, which is why contrast media products have been designed to minimize adverse reactions or side effects.
• Emerging Market Growth: Emerging markets have experienced increased adoption of contrast media due to growing healthcare infrastructure and demand for advanced diagnostics.
• Contrast-enhanced imaging enhances diagnostic precision, enabling healthcare providers to make more accurate diagnoses and treatment plans for their patients.
• Contrast Media in Cancer and Cardiovascular Diagnosis: Contrast media are indispensable tools in diagnosing cancer, cardiovascular conditions and other complex medical problems such as neurodegeneration.

These products aid in determining the necessity of perioperative scans before surgery and treatment in interventional surgeries, which is expected to encourage market expansion. The market for medical imaging agents used to improve the visibility of internal body structures during imaging techniques including X-rays, computed tomography scans, and magnetic resonance imaging (MRI), is known as the “global contrast media market.”

Contrast media, also refer as contrast agents, are substances that are injected into the body or administered orally, rectally, or intravenously to help highlight specific areas of the body for medical imaging purposes. The pandemic of COVID-19 had a negative impact on the market for contrast media, which caused a decrease in patient visits to hospitals. The market is driven by factors such as the rising prevalence of chronic disorders such as cardiovascular diseases and cancer, increasing demand for minimally invasive diagnostic procedures, and advancements in medical imaging technology.

Driving Factors

Increasing prevalence of chronic diseases: The increasing incidence of chronic diseases such as cardiovascular diseases, cancer, and neurological disorders has led to an increase in demand for diagnostic imaging procedures. Contrast media are often frequently in these procedures to improve the accuracy of diagnoses and to monitor disease progression.

Innovations in imaging technology: The need for contrast media is rising as a result of the development of new imaging technologies including CT, MRI, and ultrasound. These technologies have advanced, allowing for more accurate and detailed imaging, requiring the use of superior contrast agents.

Increase healthcare expenditure: Expenditure on healthcare is rising, especially in developing nations, which is encouraging the demand for contrast media. This is a result of greater accessibility to healthcare services, which has increased the usage of diagnostic imaging procedures.

Restraining Factors

Contrast agents’ side effects and allergic reactions

Contrast agents can be used safely in a variety of diagnostic procedures, including CT scans and MRIs. However, some adverse effects and allergic reactions linked to their usage may significantly restrain market expansion. Their side effects might range from moderate to severe; yet, major allergic reactions to contrast materials are quite rare.

By Type Analysis

The Iodinated Contrast Media Segment Accounted for the Largest Revenue Share in Contrast Media Market

The iodinated contrast media segment led the largest market in 2022 with approximately 72%, which may be attributable to the high prevalence of X-ray activities and CT, as well as the accessibility of stable non-ionic iodinated substances to enhance diagnosis. These are the most often utilized contrast media, and they are mainly used in CT scans. Based on their chemical composition, ionic and non-ionic iodinated contrast media are further divided into subcategories.

Over the forecast period, it is predicted that the microbubble contrast media segment would increase at the fastest rate. These are gas-filled microbubbles that are used in ultrasonic imaging to improve the contrast between blood vessels and the surrounding tissue. MRI scans frequently use gadolinium-based contrast, which is usually considered to be safer than iodinated contrast media. Based on their chemical structure, gadolinium-based contrast media are additionally divided into two additional categories macrocyclic and linear.

By Modality Analysis

The X-ray/ Computed Tomography Segment Accounted for the Largest Revenue Share in Contrast Media Market

X-ray/Computed Tomography (CT) is the largest segment in terms of revenue with around 70% in the contrast media market due to its wide range of applications in diagnostic imaging. High-resolution 3D images of structures are generated with the use of X-ray/CT contrast agents. In X-ray and CT procedures, iodinated contrast media and barium-based are used.

Barium and iodine contrast substances are provided or injected into the body and block X-rays, preventing the rays from going through. When the body temporarily contains barium- or iodinated-based contrast agents, this causes images of the organs, blood vessels, and other tissues to change. The global usage of X-rays and CT for a variety of disorders is expected to drive market expansion.

By Application Analysis

The Neurological Disorder Segment is the Most Lucrative Segment in the Application Analysis of the Contrast Media Market.

In 2022, the neurological disorder segment accounted for around 29.45% of the market. The diagnosis and treatment of the CNS for neurological disorders encourage the use of MRI contrast agents because they provide better pictures of neural structures than CT. Contrast agents based on gadolinium are used to observe inflammatory, neoplastic, and demyelinated lesions. Over the forecast period, the segment for cardiovascular disorders is expected to expand at the fastest rate. The most often utilized technique for imaging the cardiovascular system in both adult and pediatric patients is contrast-enhanced ultrasound imaging of the cardiovascular system, also known as echocardiography.

By Route of Administration Analysis

The Intravascular Route Segment Accounted for the Largest Market Share in Contrast Media Market

The market share for the intravascular route segment is going to be the greatest throughout the forecast period, and it is also anticipated to rise at the highest CAGR. The oral, intravascular, rectal, and other modes of administration make up the market segments for contrast media and contrast agents. The market category for intravascular routes is anticipated to dominate while growing at the fastest rate. One of the key drivers driving the expansion of the intravascular segment is the widespread implementation of injectable contrast media in the majority of modern imaging modalities, such as CT and MRI scanning.

By End-User Analysis

The Hospitals segment is expected to dominate the end-user analysis of the Contrast Media Market.

Hospitals are the largest segment in terms of revenue in the contrast media market, owing to the high volume of imaging procedures performed in these facilities. Diagnostic imaging centres are anticipated to have the fastest growth rate in the coming years due to the increasing demand for diagnostic imaging services and the rising trend of outsourcing imaging services to specialized centres.

Key Market Segments

Based on Type

• Iodinated Contrast Media
• Gadolinium-based Contrast Media
• Microbubble Contrast Media
• Barium-based Contrast Media
• Other Types

Based on Modality

• X-ray/ CT Scan
• Magnetic Resonance Imaging
• Ultrasound

Based on Application

• Neurological Disorders
• Cardiovascular
• Gastrointestinal Disorders
• Cancer
• Nephrological Disorders
• Musculoskeletal Disorders
• Other Applications

Based on Route of Administration

• Oral
• Rectal
• Intravascular
• Other Route of Administration

Based on End-User

• Hospitals
• Clinic & Ambulatory Surgery Centers
• Diagnostic Imaging Centers
• Other End-Users

Growth Opportunity

Development of more secure and more efficient contrast agents: There is an excellent opportunity to create safer and more efficient contrast agents that are better targeted to certain organs and tissues and have fewer negative effects. This may result in a rise in demand for contrast media, especially in developing economies.

Growing demand in emerging nations: The contrast media industry has an enormous chance of opportunity because of the rising demand for healthcare services in emerging markets. Companies that can create affordable and useful contrast agents that satisfy the requirements of these markets are likely going to see high demand.

Latest Trends

• Increasing use of non-ionic contrast agents: Non-ionic contrast agents are becoming increasingly popular due to their lower risk of adverse reactions. Particularly in high-risk patient populations.
• Iodinated contrast agents are the most widely used contrast agents, particularly in CT imaging, which is driving up demand for them. There is a growing demand for iodinated contrast agents owing to their affordable and wide availability.

Regional Analysis

The contrast media market was led by North America in 2022 with a share of approximately 44.44%. This is anticipated to change as a result of numerous strategic activities done by main firms to target particular patient populations in these regions. Bayer and GE Healthcare are significant industry participants.

The existence of well-known medical facilities, easy access to cutting-edge technology, and increasing demand for diagnostic procedures owing to disease management and disease screening programs in these regions are all expected to lead to a rise in inpatient examinations. The number of operations could be reduced, however, as a result of the health care reforms that enforce standards for proper utilization and prevent unnecessary procedures. The global contrast media market in Europe and APAC region is likely to expand at a significant CAGR.

Key Regions and Countries

• North America
  • The US
  • Canada
  • Mexico
• Western Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America
• Middle East & Africa
  • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Key Players Analysis

To enhance their position in the contrast media market, key companies are implementing tactics including collaborations, acquisitions, and mergers as well as the development of new products. To expand their market share and client base globally, major businesses are engaging in mergers and acquisitions. The previously announced GE Healthcare acquisition of BK Medical, for instance, was completed in December 2021. Real-time surgical viewing, a rapidly expanding and relatively new field, is now included in GE Healthcare’s pre- and post-operative ultrasound capabilities.

Key Players

• Bayer AG
• Medtronic plc.
• GE Healthcare LLC
• Guerbet
• Lantheus Medical Imaging, Inc.
• Bracco Diagnostic, Inc.
• Nano Therapeutics Pvt. Ltd.
• Trivitron Healthcare
• CMC Contrast AB
• IMAX Diagnostic Imaging
• Other Key Players

Recent Developments

• GE Healthcare Pharma Limited acquired the ownership of Daiichi Sankyo’s four diagnostic agents in Japan, in 2020
• Bracco Imaging SpA get approval from the US FDA for its product ProHance, which is an MRI contrast agent for use in neonates and pediatric patients under two years of age, in 2020
• Gadavist, a gadolinium-based contrast agent used in cardiac MRI to diagnose coronary artery disease, achieved approval in 2019 from the FDA for Bayer AG.

Report Scope