Staff report
Grand View Research reports that the global contrast media market size was valued at $5.8 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 3.29% from 2023 to 2030.
Growing prevalence of complex comorbidities and long-term diseases has led to an increase in diagnostic imaging tests including ultrasound, X-rays, and advanced imaging technology such as MRI and CT scans. For instance, in November 2019, GE Healthcare received the U.S. FDA approval for Clariscan, a contrast agent used for macrocyclic MRI. These products help in identifying the need for perioperative scans prior to surgeries and treatment in interventional procedures are likely to boost market growth.
According to National Health Council, in 2020, nearly 157 million people in the U.S. were affected by chronic diseases, out of which around 81 million had multiple conditions, which is indicative of high incidence of chronic conditions.
Grand View Research discussed the market more in a summary report.
“The prevalence of chronic conditions with multiple comorbidities is higher among older adults. According to the National Council on Aging, nearly 80% of people aged 65 & above suffer from at least one chronic condition with almost 70% of Medicare beneficiaries suffering from more than two chronic conditions and nearly 77.0 million people in the U.S. are estimated to be aged 65 & above by 2034,” the report states.
“Furthermore, according to a report by American Heart Association, the incidence of heart failure is increasing in the U.S., and it is one of the leading causes of death in the country. In 2020, approximately 659,000 people died due to cardiovascular diseases in the U.S. By 2030, the number of people with heart diseases is estimated to increase by 46%,” it adds.
Grand View Rresearch says that the COVID-19 outbreak had a detrimental influence on the contrast media market.
“As a result of the pandemic, health care systems have been severely stressed. Health care providers and institutes were ordered to stop performing medical evaluations and elective surgical operations to conserve health care resources for COVID-19 patients and avoid the spread of the disease,” the report states. “For instance, during the early months of the pandemic, diagnosis of heart illnesses fell by roughly two-thirds over the world, as countries and patients focused on COVID-19. Similarly, screenings for colon, breast, prostate, and lung fell by 75%, 85%, 75%, 74%, and 56%, indicating a revenue drop in 2020.”
Mordor Intelligence issued a report with similar findings.
“The contrast media market size is expected to grow from $5.37 billion in 2023 to $6.13 billion by 2028, at a CAGR of 2.71% during the forecast period (2023-2028),” according to Mordor Intelligence.
The health care system has witnessed enormous challenges as a result of the COVID-19 pandemic, Mordor Intelligence adds.
“All outpatient treatments were postponed or restricted during the COVID-19 pandemic to reduce the risk of viral transmission, as most chronic pain therapies were regarded as non-urgent. Conversely, a chest CT scan is a prominent procedure used in the diagnosis of COVID-19. The first study on CT diagnosis of COVID-19 patients was published in the Lancet Journal in January 2020,” the report adds. “Since then, the chest CT for pulmonary embolism has been increasingly used for a prognosis of the disease, as they are efficient in both alternative diagnoses and identifying complications of COVID-19. Thus, the market for contrast media is estimated to expand during the forecast period.” •
