A recent MarketsandMarkets report predicts that the contrast media global market will reach $5.9 billion by 2026.
“The report states that a 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 are the major factors driving the growth of the contrast media/contrast agents market.
The microbubble contrast media segment is expected to grow at the highest compound annual growth rate(CAGR) during the forecast period and iodinated contrast media accounted for the largest share in 2020.
North America was the largest regional market for the contrast media/contrast agents 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. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period.
In a separate MarketsandMarkets report, the research organization states that the global diagnostic imaging market is projected to reach $35 billion by 2026. The growth of this market is primarily driven by the increasing demand for early disease diagnosis and widening scope of clinical applications, rapidly growing geriatric population and the subsequent increase in the prevalence of associated diseases, technological advancements in diagnostic imaging industry, and increasing investments, funds and grants by public-private organizations.
Grand View Research states that the global contrast media market size was valued at $2.8 billion in 2020 and is expected to expand at a CAGR of 8.6% from 2021 to 2028.
An increase in the prevalence of long-term diseases and complex comorbidities has led to a rise in the number of diagnostic imaging tests, according to Grand View Research. These include ultrasound, X-rays and advanced imaging technologies such as magnetic resonance imaging (MRI) and computed tomography (CT) scans. The role of these tests in identifying the need for treatment/surgeries in interventional procedures and perioperative scans before surgeries are anticipated to boost the usage of contrast media in imaging procedures.
Mordor Intelligence states that the major factors for the growth of the contrast media market include the increase in the incidences of chronic diseases, rising demand for image-guided procedures and diagnostics, and a large number of approvals for contrast agents. Image-guided procedures can help determine if a cancer is malignant or benign. With the increased prevalence and the increase in the number of cancer cases in both developing and developed economies of the world, it is necessary to provide procedures that can help patients get a diagnosis at the earlier stages.
The demand for diagnostics imaging is at an all-time high, with multiple types of chronic diseases prevalent, globally. According to a report by the Medicare Payment Advisory Commission (MedPAC) to the Center for Medicare and Medicaid Services (CMS), the rise in the volume of imaging services per medicare beneficiary is highest among all other services provided by the physicians.
Image-guided surgeries (IGS) are gaining acceptance with time. These procedures are useful for diagnosis as well as treatment of multiple conditions. The rising need, as well as demand, for refinement of imaging during surgeries, requires unique methods of data acquisition, processing, and display, and the full understanding of the process of imaging and its applications to therapy. This need is very well served by image-guided procedures and it has resulted in an increased demand for image-guided procedures for diagnostics, as well as treatment, and hence has served as a factor for the market growth.