Contrast Media/Contrast Agent Market is anticipated to witness a healthy CAGR from 2019 to 2030 and was valued at over US$ 4.7 Bn in 2018.
Market Industry Reports (MIR) has published a new report titled “Contrast Media/Contrast Agent Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global contrast media/contrast agents market is anticipated to witness a healthy CAGR from 2019 to 2030 and was valued at over US$ 4.7 Bn in 2018.
The continual growth of the contrast media/contrast agent market can be attributed to attributed to increasing number of approvals for contrast agents by regulatory authority, rise in number of public and private diagnostic centers, and rapidly growing global cancer population. The increasing number of research and funding activities for research using contrast agents and their applications provides immense opportunities for companies in the market.
Increasing number of approvals
Over the years market players in the contrast media/contrast agent are focusing on getting approval from regulatory bodies. For instance in 2017, FDA approved new patient Medication Guides for all gadolinium-based contrast agents (GBCA). Similarly in 2016, Bracco Diagnostics Inc. received US FDA approval for Contrast Enhanced Ultrasonography of the Liver. Moreover in 2014, GE Healthcare received approval from Norwegian Medicines Agency for Sonazoid (powder and solvent for dispersion for injection) for liver lesions. With these growing number of product approvals the global contrast media/contrast agent the market is likely to spur in coming years. More application of contrast in various medical application and detection is further anticipated grow in the coming years.
Side Effects, Allergic Reactions, and Adverse Effects Associated With Contrast Agents
Many patient and physician have recorded adverse effect related to contrast media/contrast agent. According to a paper published in Journal of Radiology it was observed that varied levels of residual gadolinium were accumulated in the brain. This may be toxic to patients administrated by gadolinium based contrast. Moreover, patients have suffered from itching delayed allergic reactions, anaphylactic reactions, and cutaneous reactions. Furthermore, FDA has recalled various contrast media/contrast agent products owing to their side effects and new guidelines are placed to curb these problems. These adverse effects, side effects and allergic reaction are restraining the growth of the market to a certain extent.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Contrast Media/Contrast Agent Market by Type (Iodinated, Gadolinium, Barium, Microbubble) Modality (X-ray, CT, MRI, Ultrasound), Indication (Cardiovascular Disorders, Cancer, Gastrointestinal, Musculoskeletal, Neurological, Nephrological) Route of Administration (Intravascular, Oral, Rectal), Application (Radiology, Interventional Radiology, Interventional Cardiology) & by Region - Global Analysis & Forecast 2019-2030. in detail along with the table of contents: https://www.marketindustryreports.com/contrast-media-agent-market/71
North America to dominate the Market
North America is estimated to account for the largest share of the market during the forecast period. The growth of this region can be accounted owing to rise in FDA approvals, continuously growing economy, and increasing use of contrast media/contrast agent is anticipated to present a lucrative growth scenario for the contrast media/contrast agent market in this region. Moreover, supportive government healthcare regulations and regulation related to contrast media are expected to present an attractive growth prospect for the market in the coming years.
Major Players in the contrast media/contrast agent Market
The prominent players in the global contrast media/contrast agent market are GE healthcare, Bayer, Bracco Diagnostics, Guerbet. These players have adopted various strategies like new product launches and product approval from regulatory bodies that has enabled them to acquire a large share in the market. Moreover clinical studies using contrast media and funding for clinical trials for various application has also helped them garner market share. Other prominent players in the market are Lantheus, J.B. Chemicals and Pharmaceuticals, Daiichi Sankyo, Taejoon Pharm, and Jodas among others.
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