The Global Contrast Media Market size is expected to reach $6.3 billion by 2025, rising at a market growth of 3.52% CAGR during the forecast period. The contrast media market is still in the growing phase but will evolve significantly in the years to come. The factors attributing to market growth include an increase in image-guided surgical procedures, improvements in medical technology, an increase in diagnostic imaging, and an increase in cancer and cardiac disorder rates.
Various factors such as the rise in acceptability for contrast agents and the increasing number of diagnostic centers that have expanded diagnostic imaging services contribute to the growth of the market. Several advanced methods, such as the technologies used in MRI imaging is a gas microbubble, are likely to boost the market growth. Factors including growing investments in the contrast media market and the changes in the radiopharmaceuticals and healthcare sector are fueling the market growth.
In several radiology procedures, the iodinated and gadolinium-based contrast media are used frequently. These agents are often crucial to providing an accurate diagnosis and are almost always effective and safe when properly administered. Reactions to contrast media, nevertheless, do occur and may be life-threatening. Hence, understanding how reactions to contrast agents manifest and how to handle them promptly are important for the faculty and personnel.
Gadolinium contrast media (sometimes referred to as an MRI contrast media, chemicals, or ’dyes’) are chemical compounds used in MRI scans. When the gadolinium contrast medium is inserted into the body, it strengthens and boosts the accuracy of the MRI pictures (or images). It helps the radiologist (a specialist doctor qualified to examine the images and send the doctor or physician a written report) to report more precisely on how the body works and whether there is any illness or abnormality present.
Based on Product Type, the market is segmented into Iodinated, Barium-based, Gadolinium-based and Microbubble. Based on Application, the market is segmented into Neurological disorders, Cancer, Cardiovascular disorders, Gastrointestinal disorders, Nephrological disorders, Musculoskeletal disorders and Other Applications. Based on Modality, the market is segmented into X-ray/CT, MRI and Ultrasound. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix, Bayer AG and Daiichi Sankyo Company, Limited are some of the forerunners in the Contrast Media Market. Companies such as General Electric (GE) Co., The Guerbet Group, Bracco S.p.A., Trivitron Healthcare Pvt. Ltd., and Lantheus Holdings, Inc. are some of the key innovators in Contrast Media Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bayer AG, General Electric (GE) Co. (GE Healthcare), The Guerbet Group, Lantheus Holdings, Inc., Bracco S.p.A., Trivitron Healthcare Pvt. Ltd., Nano Therapeutics Pvt. Ltd., Magnus Health, LLC (Veracross LLC), Imax Diagnostic Imaging Limited, and Daiichi Sankyo Company, Limited.
Recent strategies deployed in Contrast Media Market
Partnerships, Collaborations, and Agreements:
Nov-2019: Guerbet came into partnership with InterSystems, a leader in information technology platform particular for Healthcare. The partnership was aimed at optimizing the combination of Contrast & Care contrast media injection management solution into the IT systems of hospitals and medical imaging centers.
Sep-2019: Guerbet partnered with IBM Watson. The partnership was aimed at working on artificial intelligence software for diagnosing liver cancer.
Jun-2019: Daiichi Sankyo signed an agreement with GE Healthcare. Under this agreement, Daiichi transferred the exclusive development and marketing rights in Japan for four diagnostics imaging agents to GE Healthcare. It also transferred the marketing authorization rights in Japan to GE Healthcare Pharma Limited.
Jan-2018: Trivitron signed a joint venture agreement with IFHA. This joint agreement was focused on the African Continent. The joint venture company provides turn-key solutions, medical services, engineering support, etc. Both the companies have equal ownership in this JV.
Acquisition and Mergers:
Oct-2019: Lantheus Holdings signed an agreement to acquire Progenics Pharmaceuticals. This acquisition brought the therapeutics and imaging agents of the latter company to Lantheus. Its portfolio would complement the diagnostic capabilities of Lantheus.
Oct-2017: Bracco Imaging acquired SurgVision, a real-time fluorescence image-guided surgery start-up. The acquisition helped the company in becoming the most advanced company. The portfolio of SurgVision expanded the imaging solutions of Bracco.
Product Launches and Product Expansions:
Sep-2019: Bayer launched the Medrad Stellant Flex CT injection system. This system provides individualized patient protocols and personalized imaging for capital equipment with the company’s TechCare program.
Feb-2019: Bayer introduced the MEDRAD Centargo CT injection system. This is the latest addition to its range of imaging products.
Jul-2018: GE released Omnipaque (iohexol) Oral Solution in the US. This is a new ready-to-drink contrast medium, which can be used to help the physicians in diagnosing medical conditions through improving the diagnostic visualization of the abdominal gastrointestinal tract.
Jul-2018: GE unveiled Clariscan (gadoteric acid), a new macrocyclic MRI contrast agent in Korea. This launch expanded the company’s foothold in Korea. This is a gadolinium-based contrast agent, which has been indicated for use with MRI in the brain, spine, and associated tissue in adults. Earlier, in Mar-2017, GE launched this contrast agent in Europe.
Mar-2018: Guerbet introduced OptiVantage multi-use contrast media injector in Europe. This injector was designed for injecting the contrast agents used in computed tomography (CT) scan medical examinations.
Scope of the Study
By Product Type
• Neurological disorders
• Cardiovascular disorders
• Gastrointestinal disorders
• Nephrological disorders
• Musculoskeletal disorders
• Other Applications
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Bayer AG
• General Electric (GE) Co. (GE Healthcare)
• The Guerbet Group
• Lantheus Holdings, Inc.
• Bracco S.p.A.
• Trivitron Healthcare Pvt. Ltd.
• Nano Therapeutics Pvt. Ltd.
• Magnus Health, LLC (Veracross LLC)
• Imax Diagnostic Imaging Limited
• Daiichi Sankyo Company, Limited
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