Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) — The “Contrast Media Market Size, Share & Trends Analysis Report By Modality (MRI, X-ray/CT, Ultrasound), By Product Type (Iodinated), By Application, By Route Of Administration, By End-use, By Region, And Segment Forecasts, 2023-2030” report has been added to ResearchAndMarkets.com’s offering.
The global contrast media market is projected to witness substantial growth, reaching USD 7.5 billion by 2030, with a promising Compound Annual Growth Rate (CAGR) of 3.29% from 2023 to 2030, as revealed in the “Contrast Media Market Size, Share & Trends Analysis Report.”
The rising prevalence of chronic diseases has led to increasing demand for diagnostic imaging treatments, propelling the market forward. Diagnostic imaging studies, especially MRI, have become crucial for accurate disease diagnoses, resulting in a significant surge in demand for contrast media worldwide.
Chronic diseases such as cancer and diabetes are rapidly becoming a major public health concern and are among the leading causes of mortality worldwide. The urgent need for early detection techniques and effective treatment alternatives has driven the demand for imaging tests and contrast agents. As a result, the market is witnessing a substantial boost due to the rising prevalence of complex comorbidities and long-term disorders across the globe.
Market Driver Analysis:
- Increasing Prevalence of Long-Term Diseases and Complex Comorbidities: The global healthcare landscape has been witnessing a surge in long-term diseases and complex comorbidities, driving the demand for advanced diagnostic imaging technologies and contrast agents to aid accurate and timely disease diagnosis.
- Technological Advancements: The continuous advancements in imaging technologies have revolutionized the field of diagnostic imaging. Cutting-edge technologies have enhanced the capabilities of contrast media, enabling healthcare providers to obtain high-quality images for better diagnosis and treatment planning.
- Label Expansions: The growing scope of contrast media applications has led to label expansions, allowing these agents to be utilized in a wider range of medical conditions. This expansion has further fueled the demand for contrast media in various diagnostic procedures.
Market Restraints Analysis:
- Rising Concerns about MRI Gadolinium Agents Retained in Brain: The retention of MRI gadolinium agents in the brain has raised concerns about potential adverse effects on patients’ health. This has prompted regulatory scrutiny and could pose challenges to the market’s growth.
The “Contrast Media Market Size, Share & Trends Analysis Report” highlights key players contributing to the global contrast media market’s growth:
- Bayer AG: A prominent player in the healthcare industry, Bayer AG offers a diverse range of products, including contrast media, to support accurate diagnostic imaging.
- General Electric Company: Renowned for its innovative healthcare solutions, General Electric Company plays a significant role in advancing the field of diagnostic imaging with its contrast media products.
- Guerbet: Guerbet specializes in medical imaging and diagnostic solutions, providing a comprehensive portfolio of contrast media for various diagnostic modalities.
- Lantheus Medical Imaging, Inc.: With a focus on medical imaging, Lantheus Medical Imaging, Inc. contributes to the market by offering cutting-edge contrast media products for improved patient care.
- Bracco Diagnostic, Inc.: Bracco Diagnostic, Inc. is a leading provider of diagnostic imaging solutions, including contrast media, to enhance diagnostic accuracy and patient outcomes.
- nano Therapeutics Pvt. Ltd.: As an emerging player in the contrast media market, nano Therapeutics Pvt. Ltd. offers innovative solutions to address diagnostic imaging needs.
- iMAX: iMAX is known for its contributions to the healthcare industry, providing advanced contrast media products for diagnostic imaging applications.
- Trivitron Healthcare: Trivitron Healthcare is a key player in the medical technology space, offering a range of contrast media products to meet the evolving demands of the healthcare industry.
In conclusion, the global contrast media market is expected to experience significant growth driven by the rising prevalence of chronic diseases, technological advancements, and label expansions. However, challenges related to MRI gadolinium agents retained in the brain may impact the market’s growth trajectory. The presence of prominent companies such as Bayer AG, General Electric Company, Guerbet, Lantheus Medical Imaging, Inc., Bracco Diagnostic, Inc., nano Therapeutics Pvt. Ltd., iMAX, and Trivitron Healthcare further contributes to the market’s development and offers innovative solutions to improve diagnostic imaging and patient care.
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- Global Contrast Media Market