Global Statistics Representing Contrast Agents in MRI Market Scenario
MRI contrast agents are used to improve the visibility of internal body structures in magnetic resonance imaging (MRI). It is widely used in compounds for contrast enhancement are gadolinium-based. Furthermore, the company spends millions of dollars on R&D to find appropriate agents. For instance, GE Healthcare and Schering AG spend approximately 10%–15% of the total MRI contrast agent’s sales revenue on its research & development. Thus, any company can increase the profit margin on the products by decreasing the cost of bringing a drug to the market.
Increasing prevalence of chronic diseases such as cardiac conditions and cancer are key factors projected to drive the demand for contrast agents for MRI market. For instance, according to the International Agency for Research on Cancer, around 18 million new cases were diagnosed with cancer in 2018. Thus, increasing prevalence of cancer and rising mortality rate are demanding effective diagnosis through diagnostic procedures such as MRI.
Global contrast agents in MRI market accounted for approximately USD 4,353.2 million in 2018 and is expected to grow at a CAGR of 4.0 % during the forecast period, 2019–2026.
The global contrast agents for magnetic resonance imaging (MRI) market is segmented on the basis of type and application.
Based on type, the market is segmented into barium-based contrast media, iodinated contrast media, gadolinium-based contrast media, and micro bubble contrast media. Iodinated contrast media valued USD 1,889.4 million in 2017 and is projected to dominate the market in the coming years. Barium-based contrast media segment is expected to grow at the highest CAGR of 4.3% during the forecast period 2018–2025. Barium-based contrast media is commonly used in the diagnostic examinations of the diseases related to stomach, esophagus, small intestine, large intestine, and pharynx. For the diagnostic tests of diseases related to the gastrointestinal tract, barium-based contrast media is administered rectally by enema.
In the basis of application, market is bifurcated into radiology, interventional radiology, and interventional cardiology. Cardiology is the fastest growing segment and is expected to reach USD 1521.2 million by 2025 at a healthy CAGR of 4.2%. This is attributed to increasing prevalence of cardiac diseases, growing incidences of sudden cardiac arrests and increasing complexity of congenital heart diseases are positively influencing the growth of the cardiology segment. For instance, according to the American Heart Association, the global number of patients suffering from cardiac diseases is expected to reach 23.6 million by 2030.
Geographically, the global contrast agents in MRI Market is segmented into four North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is expected to hold major share for global contrast agents in MRI Market.
High prevalence of cardiac diseases in this region is propelling the growth of market. For instance, additionally, according to the Sudden Cardiac Arrest Foundation in 2018, more than 356,000 people experienced sudden cardiac arrest in the U.S. Effective diagnosis of chronic diseases is feasible using contrast agent in MRI diagnostic procedures. Increasing research & development in this region is boosting the growth of market. In February 2016, the U.S. Food and Drug Administration approved first barium-based contrast agent by Bracco Diagnostics to be used for diagnostic tests. Furthermore, high presence of geriatric patient suffering from various chronic diseases is boosting the growth of market.
Europe is expected to second leading region for global contrast agents in MRI Market. Various company entered in collaboration and acquisition of leading players for innovation of product is propelling the growth of market. For instance, in 2018, Guerbet LLC acquired Accurate Medical Therapeutics, an innovative company that develops micro catheters for interventional radiology. Increasing research & development of new product is support the growth of market. For instance, additionally, in 2017, the company launched Vectorio an innovative medical device for Interventional Imaging. Furthermore, high prevalence of chronic diseases in this region is propelling the growth of market. For instance, according to the Macmillan Cancer Support, around 198 rare types of cancers have an incidence rate of six in one million people in the U.K
Some of the key players of global contrast agents in MRI Market include Unijules Life Sciences Ltd.(India), Spago Nanomedical AB(Sweden), Lantheus Medical Imaging, Inc.(U.S.) , J.B. Chemicals and Pharmaceuticals Limited(India), Guerbet LLC(France), GE Healthcare(U.S.), Daiichi Sankyo Company, Limited(Japan), Bracco Imaging S.p.A.( Italy), Bayer Healthcare AG(Germany), Jodas Expoim(India), Magnus Health(India).
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