Contrast Media Market

Market Overview

The global contrast media market size was valued at USD 45.6 billion in 2022. It is estimated to reach USD 72 billion by 2031, growing at a CAGR of 5.2% during the forecast period (2023–2031). The rising frequency of long-term illnesses and complicated comorbidities is boosting

Contrast media are chemicals used during medical imaging to improve the visibility of certain organs, tissues, or blood vessels. These compounds are employed in several medical imaging procedures, such as X-rays, computed tomography (CT) scans, magnetic resonance imaging (MRI), and others, to increase the detail and accuracy of the pictures in the worldwide contrast media market.

Contrast media have several uses in medical imaging, including identifying cancers, lesions, and other anomalies and directing medical operations and interventions. Contrast media can also increase vascular and cardiac imaging accuracy, detect blood clots and plaque accumulation, and diagnose illnesses such as pulmonary embolism and deep vein thrombosis.

Market Dynamics

Market Drivers

Increasing Prevalence of Long-Term Diseases and Complex Comorbidities

The rising frequency of chronic illnesses and complicated comorbidities has increased the number of diagnostic imaging tests available. These include ultrasound, X-rays, and advanced imaging technology such as MRI and CT scans. These tests' role in identifying the need for treatment/surgeries in interventional procedures and perioperative scans before surgeries will boost contrast media procedure numbers. Chronic diseases are the leading cause of death globally, and many people suffer from complex morbidities.

Currently, a projected 50 million people in the EU suffer from complex morbidities, which will likely increase. According to an American Heart Association report, the frequency of heart failure is growing in the United States, and it is one of the significant causes of mortality. In the United States, roughly 659,000 persons died from cardiovascular illnesses in 2020. The number of persons suffering from heart disease is expected to rise by 46% by 2030. Most fatalities caused by these disorders can be averted if detected early on. As a result, one of the key drivers is the rising frequency of long-term illnesses and complicated comorbidities, boosting demand for imaging tests and contrast agents.

Technological Advancement

Diagnostic imaging modalities are increasingly used owing to advancements in underlying technology, ranging from equipment to administration technology. Innovative products such as syringeless injectors help achieve greater accuracy in delivering the right dose of contrast agents and reduce wastage. These injectors enable shorter examination times, leading to an increased patient throughput. In 2016, Bracco Diagnostics (CT Expres 3-D) launched the first syringeless injector in the U.S. The multidose delivery system is developed for multi-patient use to increase the number of scans performed in a day.

Market Restraint

Rising Concern about MRI Gadolinium Agents Retained in Brain

In recent years, there have been safety concerns about using gadolinium-based contrast agents. According to some studies in 2015, it was observed that linear gadolinium agents accumulate in the brain, but according to the FDA, no adverse effects were observed associated with gadolinium retention in the brain. However, in 2017, EMA announced restrictions on sales of some linear gadolinium contrast agents used for MRI. This has led to a discontinuation in the European market of Magnevist, Omniscan, and Optimark sales. The same year, the U.S. FDA issued a warning to be added to labels as contraindications highlighting at-risk patient subsets, including pediatric patients, pregnant women, and patients with kidney conditions. Hence, increasing concerns associated with using gadolinium-based contrast agents are one of the significant factors limiting the growth of the MRI contrast agents segment.

Market Opportunities

Label Expansions (Competitive Strategies)

Market participants use techniques such as mergers and acquisitions and indication expansion. Acquisitions help businesses expand their global reach and strengthen their portfolios. Disease indication extension is attractive in this sector since it allows enterprises to acquire confidence in specific demographic subgroups. Companies seek narrow patient groups and increase product acceptance via approvals for certain indications. For example, in 2017, the FDA approved GE Healthcare's Visipaque for coronary computed tomography angiography in adults and pediatric patients. The novel CCTA allowed healthcare practitioners to scan the coronary arteries of individuals with CAD.

Major market players are undertaking randomized clinical studies to apply for label extensions, allowing them to earn physician trust and access to recommended hospital lists. In addition, this helps sustain their position in the market and capitalize on unmet needs. Unmet medical needs primarily exist among patients with long-term diseases, such as cancer, and at-risk patients, such as the pediatric and elderly population subsets, which market players target. These efforts to increase market shares coupled with sales and marketing strategies of individual players are expanding the usage of contrast agents.

Regional Analysis

Based on region, the global contrast media market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global contrast media market shareholder and is estimated to grow at a CAGR of 8.7% over the forecast period. Various strategic initiatives undertaken by critical manufacturers targeting niche patient subsets in this space are projected to accelerate market growth. The presence of well-established healthcare facilities, easy availability of advanced technologies, and high demand for diagnostic procedures, owing to disease screening initiatives and disease management in this region, is expected to increase the number of inpatient examinations. However, healthcare reforms for implementing criteria for appropriate use to curb unnecessary procedures may decrease the number of methods.

Asia-Pacific is anticipated to exhibit a CAGR of 7.4% over the forecast period. The Asia-Pacific contrast agent market is growing due to the rising geriatric population, the susceptibility to long-term diseases, and the increasing prevalence of chronic diseases. In addition, improvements in healthcare infrastructure and an increase in diagnostic imaging tests are expected to drive the market growth. Japan's contrast media agents market is the largest in Asia. Factors contributing to the market growth include increased demand for imaging techniques, a large geriatric population, and high healthcare expenditure.

In Europe, diagnostic imaging modalities, such as MRI, CT, and ultrasound, have rapidly increased. While diagnostic procedures are growing across all modalities, the ultrasound contrast agents’ segment is relatively stable, with fewer indication extensions for contrast agents expected in this region. Ultrasound contrast agents in Europe have lower prices and are used widely for off-label indications.

Latin America is expected to show lucrative growth over the forecast period. The increasing geriatric population and prevalence of chronic diseases due to changing lifestyles are key drivers stimulating the market. A significant percentage of the elderly population suffers from mobility disorders, which is anticipated to create a massive demand for these products.

In the Middle East and Africa, South Africa held the largest market share. The country faces the highest risk of deaths from noncommunicable diseases. Like other low and middle-income countries, South Africa is also experiencing an increase in noncommunicable diseases such as chronic lung disease, diabetes, cancer, stroke, and heart disease. Although the country is threatened by HIV coupled with tuberculosis in more than 60% of HIV patients, people in the country are more likely to die from noncommunicable diseases. Hence, a high mortality rate is expected to encourage early management practices, especially for preventable diseases, and increase the demand for diagnostic services and associated products in the country.

Segmental Analysis

The global contrast media market is bifurcated into products, modalities, and applications.

Based on the product, the global contrast media market is bifurcated into microbubble contrast media, gadolinium-based contrast media, iodinated contrast media, and barium-based contrast media.

The iodinated contrast media segment dominates the global market and is projected to exhibit a CAGR of 7.8% over the forecast period. Iodinated contrast media is administered intravenously; however, in some situations, they are replaced with barium-based contrast media for oral and rectal administration. CT and X-ray images are enhanced using an iodine-based contrast medium. They improve the visibility of the gastrointestinal system, internal organs, arteries and veins, soft tissues, and the brain. Iodinated contrast media is used in all radiological exams that use injected contrast media.

Additionally, Iodine-based contrast media exhibit superior radioopacity and are less hazardous than other agents. These can be further segmented into two types—ionic and nonionic. Ionic contrast media were developed before nonionic contrast media. Some of the ionic agents are iodipamide, iothalamate, and diatrizoate. Nonionic contrast media have low osmolality and low toxicity, and the iodine is bound to an organic compound. Some nonionic agents are iodixanol, iohexol, iopamidol, ioversol, ioxilan, and iopromide. The below table enlists the forms, ROA, and uses of this class of agents.

The global contrast media market is bifurcated based on modality into ultrasound, magnetic resonance imaging, and x-ray/computed tomography.

The x-ray/computed tomography segment owns the global market and is predicted to exhibit a CAGR of 7.8% over the forecast period. X-ray/CT contrast agents help produce high-resolution 3D images of structures. Barium-based and iodinated contrast media are used in X-ray and CT techniques. When barium and iodine contrast agents are administered/injected into the body, they block X-rays and do not allow the rays to pass through. As a result, the appearance of organs, blood vessels, and other body tissues, which temporarily contain barium-based or iodinated contrast agents, changes images. X-ray and CT are widely used for multiple diseases. The list below includes the critical contrast agents in use.

Based on application, the global contrast media market is bifurcated into cardiovascular and neurological disorders, gastrointestinal disorders, cancer, nephrological disorders, musculoskeletal disorders, and others.

The neurological disorders segment dominates the global market and is predicted to exhibit a CAGR of 7.1% during the forecast period. The use of MRI contrast agents in diagnosing neurological illnesses is increasing because they produce better pictures of neural structures than CT. Gadolinium-based contrast agents visualize demyelinated, inflammatory, and neoplastic lesions. One in every three MRIs uses gadolinium-based contrast agents to increase image quality, which enhances diagnostic accuracy by raising the visibility of blood vessels, inflammation, and malignancies.

In the United States, the most often utilized macrocyclic gadolinium-based contrast agents in diagnosing neurological diseases are Gadavist, Dotarem, and Prohance. They are indicated for intravenous use in adults and pediatric patients two years or above to visualize lesions with abnormal vascularity in the brain, spine, and associated tissues. In 2015, Gadavist received U.S. FDA approval for use in pediatric patients below two years of age. Owing to these approvals, the adoption of gadolinium-based contrast agents is expected to increase. In addition, X-ray/CT contrast agents find wide applications in diagnosing neurological conditions, which further contributes to segment growth.

Recent Developments

• May 2023- Bayer stated that the FDA approved their new contrast media agent, Primovist. Primovist is a low-osmolar, non-ionic contrast media that is reported to be more pleasant for patients than other contrast media agents.
• February 2023- Bracco Imaging announced the acquisition of CXR Molecular Imaging's assets, a developer of contrast media agents for X-ray imaging. The purchase will likely improve Bracco's position in the X-ray contrast media industry.