Contrast Media/Contrast Agent Market Size to Worth Around USD 6.9 Billion by 2027

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Latest Study on “Contrast Media/Contrast Agent  Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.

The global Contrast Media/Contrast Agent  market size is expected to be worth around US$  6.9 Billion  by 2027, according to a new report by nova one advisor.

The global Contrast Media/Contrast Agent  market size was valued at US$  3.7 Billion in 2020 and is anticipated to grow at a CAGR of 4.2% during forecast period 2021 to 2027.

Overview of Contrast Media/Contrast Agent  Market Study

Contrast Media/Contrast Agent  market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

The growth in this market can be attributed to the rising prevalence of chronic diseases, growing approvals of contrast agents, rising volume of CT and MRI examinations performed, growing number of diagnostic centers and hospitals, and availability of reimbursement. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, the high cost and inaccessibility of advanced therapeutics may restrict market growth to a certain extent. The contrast media/ contrast agents market is segmented based on type, modality, route of administration, indication, application, end user, and region.

Global Contrast Media/ contrast agents Market Dynamics

DRIVER: Growing approval of contrast agents

The rising global prevalence of chronic diseases has resulted in a significant increase in the demand for diagnostic imaging procedures and, in turn, contrast media. The increasing demand for imaging procedures has resulted in extensive R&D by contrast media manufacturers to launch novel products in the market and to get the contrast media approved in new indications. For instance, in 2021, Bracco received US FDA approval for the 20-vial pack configuration of Lumason, which is an ultrasound contrast agent.

RESTRAINT: Side-effects and allergic reactions associated with contrast agents

Contrast agents are generally considered safe to use in various diagnostic procedures, such as MRI and CT scans. However, certain side-effects and allergic reactions associated with their use may limit market growth to a certain extent. Their adverse reactions range from mild to severe; severe reactions are very uncommon, and serious allergic reactions to contrast materials are rare.

OPPORTUNITY: Generic Contrast Media

In the coming years, competition is expected to intensify greatly in the contrast media market due to the patent expiry of branded contrast media products. This will pave the way for the entry of generic counterparts, which are relatively lower-priced as compared to commercially available branded agents.

In developing countries, APIs are manufactured locally, which brings the overall production costs of manufacturing contrasts agents down. Hence, the patent expiry of various branded products and decreasing costs of manufacturing contrast agents are likely to offer lucrative opportunities for generic players.

CHALLENGE: Dearth of trained professional

A high degree of technical skill and expertise is required to handle advanced and sophisticated diagnostic imaging systems. According to the US Bureau of Labor Statistics, radiology technicians may witness employment growth of about 7% between 2019 and 2029. Although this is significant, the dearth of specialists and radiologists will challenge market growth.

Iodinated Contrast Media segment dominated the Contrast media/ contrast agents market in 2020.

Based on type, the contrast media/ contrast agents market is segmented into iodinated contrast media, gadolinium-based contrast media, microbubble contrast media, and barum-based contrast media. Iodinated contrast media account for the largest share of the contrast media/ contrast agents market. The large share of this segment can be attributed to the growing number of angioplasty procedures performed globally.

The Cardiovascular disorders segment to witness the highest CAGR during the forecast period.

Based on indication, the contrast media/contrast agents market has been segmented into cardiovascular disorders, cancer, gastrointestinal disorders, musculoskeletal disorders, neurological disorders, and nephrological disorders. Cardiovascular disorders accounted for the largest market share and highest growth rate. The large share of this segment can be attributed to the rising geriatric population and the increasing prevalence of CVD across the globe.

North America was the largest regional market for contrast media/ contrast agents market in 2020.

The global contrast media/ contrast agents market is segmented into North America (the US and Canada), Europe (Germany, the UK, France, Italy, Spain and the Rest of Europe), Asia Pacific (Japan, China, India, and the Rest of Asia Pacific), Latin America and Middle East & Africa. In 2020, North America dominated the global contrast media/ contrast agents market, followed by Europe. The large share of the North American market can be attributed to the presence of major players in the region, high prevalence of chronic disorders, growing geriatric population, and the increasing adoption of minimally invasive procedures.

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COVID-19 Impact on Contrast Media/Contrast Agent  Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Contrast Media/Contrast Agent  market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Contrast Media/Contrast Agent  market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Contrast Media/Contrast Agent  market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Contrast Media/Contrast Agent  market include:

GE Healthcare (US), Bracco Imaging SPA (Italy), Bayer AG (Germany), Guerbet (France), Lantheus Medical Imaging, Inc. (US), Unijules Life Sciences (India), J.B. Chemicals and Pharmaceuticals Ltd. (India), SANOCHEMIA Pharmazeutika GmbH (Austria), Taejoon Pharm (South Korea), Jodas Expoim (India), Nano Therapeutics Pvt. Ltd. (India), Kiran X-ray (India), iMax Diagnostic Imaging Limited (Ireland), YZJ Group (China), Livealth Biopharma Pvt. Ltd. (India), Trivitron Healthcare Pvt. Ltd. (India), Novalek Pharmaceuticals Pvt. Ltd. (India), Unispire Biopharma Private Limited (India), Acro Lifesciences (I) Pvt. Ltd. (India), Congruent Pharmachem Private Limited (India), Stanex Drugs & Chemical Pvt. Ltd. (India), Beijing Beilu Pharmaceutical Co., Ltd. (China), Rege Imaging & Cine Films Private Limited (India), K DIAM EXIM (India), Onko Ýlaç San. ve Tic. A.Þ. (Turkey), and Subhra Pharma Pvt. Ltd. (India)

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Type

  • Iodinated Contrast Media
  • Gadolinium-based Contrast Media
  • Microbubble Contrast Media
  • Barium-based Contrast Media

By Modality

  • X-ray/CT
  • MRI
  • Ultrasound

By Route of Administration

  • Intravascular Route
  • Oral Route
  • Rectal Route
  • Other Route of Administration

By Indication

  • Cardiovascular Disorders
  • Cancer
  • Gastrointestinal Disorders
  • Musculoskeletal Disorders
  • Neurological Disorders
  • Nephrological Disorders

By Application

  • Radiology
  • Interventional Radiology
  • Interventional Cardiology

By End User

  • Hospital, Clinics, & Ambulatory Surgery Centers
  • Diagnostic Imaging Centers

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/contrast-media-contrast-agent-market

Why Buy this Report?

The purpose of Nova one advisor’s Contrast Media/Contrast Agent  market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@https://www.novaoneadvisor.com/report/checkout/5159 

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