The global Contrast Media/Contrast Agents Market was valued at USD 4.25 Billion in 2016 and is expected to register a CAGR of 3.8% in the forecast period. The market is driven by factors such as rise in number of testing centers coupled with rise in number of government approvals for contrast agents. Increasing cases of cancer and rise in R&D activities add to the market growth in the forecast period. However, side effects and adverse reactions on health by use of Contrast Media/Contrast Agents are expected to restrict the market growth during the forecast period.
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Contrast agents are a crucial part of radiology and massive improvements have made them efficient, safer, and fast. On the other hand, associated risks led by Contrast Media/Contrast Agents remain prevalent and emit adverse reactions in various ways. Hence, the use of Contrast Media/Contrast Agents is subject to safe use acknowledging the potential side effects. Using contrast agents in a way such that it maximizes the patient’s safety is a great deal of concern. Therefore, the use of contrast agents must be determined on a particular basis depending to the clinical condition of the patient.
Clinically the intravascular iodinated contrast agents are built upon tri-iodinated benzene ring with existence in three primary forms. The forms include high-osmolar contrast media are the oldest agents and relatively expensive with a limited utility. Monomers that dissolve in water but never dissociate and are referred to as low-osmolar contrast media (LOCM) and a class of agents comprising a molecular with two benzene rings are referred to as iso-osmolar contrast media (IOCM).
Contrast Media market is segmented based on agent type, modality, application, and region. Type category for the market includes barium-based, gadolinium-based, microbubble and iodinated. Modality category is segmented into CT, MRI, ultrasound and X-Ray.
Geographical segmentation for Contrast Agents market spans North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. North American market is expected to dominate the market in the forecast period due to government initiatives taken by key players coupled with presence of well-built healthcare infrastructure and availability of advanced technologies. In addition, constant demand for diagnostic procedures contribute to the market growth in the forecast period.
Rising investments coupled with active R&D activities is likely to propel the APAC’s market growth in the near future along with rise in cancer incidences, growth in investment in emerging economies adds to the market growth in APAC market sector. The key players in the Contrast Media market include Bayer AG, GE Healthcare, Guerbet, Lantheus Medical Imaging, and Bracco Diagnostics.
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