The Research Report on “Contrast Media Market/Contrast Agent Market by Type (Iodinated Contrast Media), Modality (X-Ray/CT, MRI, and Ultrasound), Application (Radiology), End User (Hospitals), Indication (Cancer), Route of Administration (Oral), Region (2022 – 2026)”, is projected to reach USD 5.9 billion by 2026 from USD 4.9 billion in 2021, at a CAGR of 3.7% during the forecast period.
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.
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Industry Segmentation In Detailed:
The growth 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.
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 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.
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Leading Key Players and Analysis:
The prominent players operating in this 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)
Geographical Analysis in Detailed:
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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