Growth in the contrast agent market can primarily be attributed to
factors such as the increasing prevalence of cancer & CVD,
regulatory approval of a growing number of contrast agents, and the
rising volume of CT & MRI examinations. However, the side effects
and allergic reactions associated with contrast agents are expected to
limit market growth to a certain extent.
According to research report the global contrast media market
is expected to reach USD 6.0 billion by 2024 from an estimated USD 5.0
billion in 2019, growing at a CAGR of 3.8% during the forecast period.
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North America to dominate the market in 2019
North
America, Europe, Asia Pacific, and the Rest of the World (RoW) are the
regions considered for geographic analysis of the global contrast agent
market study. North America is expected to account for the largest share
of the global contrast media industry. The large share of North America
is attributed to the increasing number of diagnostic imaging units and
examinations, growing aging population & rising prevalence of
chronic conditions in the US, significant focus & government
investments in the field of medical imaging, and increasing research
activities in Canada.
•Based on modality, the market is segmented
into X-ray/CT, MRI, and ultrasound procedures. In 2019, X-ray/CT
procedures segment is expected to command the largest share of the
global contrast media market.
•Based on type, the contrast agent
market is segmented into iodinated contrast media, gadolinium-based
contrast media, barium-based contrast media, and microbubble contrast
media. In 2019, the iodinated contrast media segment is estimated to
account for the largest share of the contrast media industry.
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GE
Healthcare (US), Bayer HealthCare (Germany), Bracco Imaging (Italy),
and Guerbet (France) are some of the leading players in the contrast
media market. Other prominent players in the market are Lantheus (US),
Unijules Life Sciences (India), Daiichi Sankyo (Japan), J.B. Chemicals
and Pharmaceuticals (India), Sanochemia (Austria) Taejoon Pharm (South
Korea), Jodas (India), and Magnus Health (India).
GE Healthcare
(U.S.) held the first position in the global contrast media market in
2019. The firm has a strong customer base in approximately 140
countries, primarily operating in North America, Europe, the Pacific
Basin, the Americas, and the Middle East & Africa. Some subsidiaries
of the firm include GE Healthcare USA Holdings, Inc., GE Healthcare
Ltd. (Japan), GE Healthcare Biosciences AB (U.S.), and GE Healthcare AS
(Norway). GE Healthcare launched Clariscan, a macrocyclic MRI contrast
agent in Europe.
Bracco Imaging was the second-largest player in the contrast media market
in 2019. The company continuously strives to strengthen its market
position in various geographies by focusing on receiving approvals for
its contrast media products. The company invests a significant amount of
its revenue in research and development to launch technologically
advanced products in the market.
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Bayer
HealthCare was the third-largest player in the contrast media market in
2019. The company offers a range of contrast-enhanced diagnostic
imaging equipment along with contrast agents under its pharmaceuticals
business segment.
