Contrast media or contrast agent is used in medical imaging to enhance the image of body parts generated through X-rays, magnetic resonance imaging (MRI), computed tomography (CT), and ultrasound. These substances are momentarily used to change the way imaging tools or x-rays interact with the body. Contrast media or contrast agent help the physicians to diagnose the medical conditions by improving the visibility of blood vessels or tissues and specific organs. These substances are added into the body prior to an imaging scan to help distinguish certain structures or tissues of interest from the surrounding tissue. Contrast media or contrast agent can be administered into the body in one of the four ways which include by enema (given rectally), orally, urethral, and by injecting into a blood vessel.

Rise in the gas micro bubble technology in MRI imaging is expected to boost the growth of contrast media/contrast agent market

The major factors driving the growth of contrast Media/contrast agent are the use of advanced technology such as gas micro bubble technology in MRI imaging, rising incidence of chronic diseases such as cardiac diseases, gastrointestinal disorders, and cancer. Advancements in medical imaging technology and increasing demand for image guided procedures and diagnostics is fueling the growth of the market. According to the International Agency for Research on Cancer (IARC), in 2012, an estimated 14.1 million new cancer cases and 8.2 million cancer deaths were recorded worldwide and by 2030 the number is expected to escalate to 21.7 million for new cancer cases and 13 million cancer deaths. However, side effects of contrast agents such as kidney diseases and high cost associated with the contrast media injectors are some of the factors that are hindering the growth of contrast media/ contrast agent market.

The approval and launch of innovative agents with safety profile is expected to fuel the growth of contrast media market. For instance, in 2016, FDA approved Gadavist (gadobutrol) injection manufactured by Bayer AG for use with magnetic resonance angiography (MRA) to evaluate renal artery disease use in adult and pediatric patients. Also, in May 2017, the FDA expanded indication for GE Healthcare’s Visipaque (iodixanol) for use in coronary computed tomography angiography (CCTA) for diagnostic evaluation of adult and pediatric patients 12 years of age or older with suspected coronary artery disease.

Rising Product launch and inorganic growth strategies such as acquisition and collaboration by the market players is expected to bolster the contrast media/contrast agent market

Key players are focused on product approvals and launches, in order to gain major market share which is expected to drive the contrast media/contrast agent market growth. For instance, in September 2019, Bayer HealthCare launched Medrad Stellant Flex CT injection system in order to offer user-driven system, individualized patient protocols and personalized imaging. Similarly, in July 2019, Bracco Diagnostics Inc., a subsidiary of Bracco Imaging S.p.A., launched an interactive and customizable media kit for enhancing the user experience and increasing physician referrals. The media kit includes customizable press release, patient brochure, and letter and referrers brochure.

In July 2019, Bayer HealthCare, received the U.S. Food and Drug Administration approval for its Gadavist (gadobutrol) injection to be used as the first contrast agent for cardiac magnetic resonance (MR) imaging in the patients suspected to suffer from the coronary artery disease.

In March, 2017, GE Healthcare launched Clariscan, a gadolinium based contrast agent designed to support effective visualization of abnormalities in the spine, brain and associated tissues.

Additionally increasing adoption of merger and acquisition strategies by the market players is also considered as a major factor driving market growth. For instance, in December 2014, nanoPET Pharma GmbH and Boehringer Ingelheim Corporation announced partnership. Under the partnership nanoPET led the development of contrast agents for studies in both basic and pre-clinical research.

Increasing incidence of cancer and cardiac disorders is expected to dominate North America region in contrast media/contrast agent market

North America dominates the contrast media/ contrast agent in the global market, followed by Europe. Improved MRI techniques in cardiovascular diseases, rise in the number of cancer and cardiac disorders, advancements in diagnostic technology, image guided surgical procedures are the factors that has propelled the growth of contrast media/contrast agent market in the North America region. According to the National Cancer Institute, in 2016, an estimated 1,685,210 new cases of cancer were diagnosed in the U.S. Also, according to the Centers for Disease Control and Prevention (CDC), 2017, an estimated 28.4 million heart cases were diagnosed in the U.S.

Key players operating in the market

The key players operating in the contrast media/contrast agent market include Lantheus Medical Imaging, GE Healthcare, Bayer HealthCare, Bracco Imaging S.p.A, NanoPET Pharma GmbH, Guerbet Group, CMC Contrast AB, Daiichi Sankyo, and Subhra Pharma Private Limited

Contrast Media/ Contrast Agent Market Taxonomy

Contrast Media/ Contrast Agent Market is segmented on the basis of media type, route of administration, indication, end user and geography.

On the basis of media type, contrast media/contrast agent market is segmented into:

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

On the basis of route of administration, contrast media/contrast agent market is segmented into:

  • Oral
  • Rectal
  • Intravenous
  • Urethral

On the basis of indication, contrast media/contrast agent market is segmented into:

  • Neurological Disorders
  • Nephrological Disorders
  • Cardiovascular Disorders
  • Gastrointestinal Disorders
  • Oncology
  • Musculoskeletal Disorders

On the basis of end user, contrast media/contrast agent market is segmented into:

  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Clinics

On the basis of geography/region, contrast media/contrast agent market is segmented into:

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users