(PharmaNewsWire.Com, September 02, 2021 ) According to the new market research report Contrast Agent Market is projected to USD 5.9 billion by 2026 from USD 4.9 billion in 2021, at a CAGR of 3.7% during the forecast period.
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.
The global contrast media market is consolidated. The prominent players operating in this market include GE Healthcare (US), Bracco Imaging SPA (Italy), Bayer AG (Germany), Guerbet (France), J.B. Chemicals and Pharmaceuticals Ltd. (India), Lantheus Medical Imaging, Inc. (US), Unijules Life Sciences Ltd. (India), SANOCHEMIA Pharmazeutika GmbH (Austria), Taejoon Pharm (South Korea), Trivitron Healthcare Pvt. Ltd. (India), Nano Therapeutics Pvt. Ltd. (India), and YZJ Group (China).
GE Healthcare (US) is the leading player in the contrast media/ contrast agents market in 2020. The company serves customers in more than 170 countries and has a strong distribution network globally across the Americas, Europe, the Pacific Basin, and the Middle East & Africa. GE Healthcare’s pharmaceutical segment has a strong foothold in the US, accounting for 42% of its total revenues.
Bracco Imaging SPA (Italy) accounted for the high share of the contrast media/ contrast agents market in 2020. The company has a broad product portfolio in the X-ray and CT contrast media segment. The company markets its contrast media products in over 100 countries directly or indirectly. It generates 89% of revenue through international sales.
Guerbet (France) held the third position in the contrast media/ contrast agents market in 2020. The majority of its revenue is generated from the European region (45%). The company focuses on expanding its geographical base by entering into various distribution agreements globally. For instance, the company has planned to establish its distribution platform in Japan (the world’s second-largest contrast media market for MR and CT & cath labs) by 2023 as part of its Strategic Plan Gear 2023.
Bayer AG (Germany) held the third position in the contrast media/ contrast agents market in 2020. The company has a strong portfolio of MRI contrast agents and the upper hand in the MRI contrast market. The company has a broad product portfolio in the MRI contrast media segment, with Gadovist bringing the majority of sales for Bayer.
The Contrast Agent Market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America and the Middle East & Africa (MEA). North America was the largest regional market in 2020. The large share of the North American market can be attributed to 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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