(I-BusinessNews.Com, April 17, 2021 ) According to research report the contrast media market is expected to reach USD 6.0 billion by 2024 from an estimated USD 5.0 billion in 2019, growing at a CAGR of 3.8% during the forecast period.
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Growth in the market can primarily be attributed to the rising volume of CT and MRI examinations globally, and the rapidly growing cancer and CVD population across the globe, increasing number of approvals of contrast agents. Rising research activities on contrast agents & their applications are the key areas of opportunity in this market
Based on type, the contrast media market is segmented into iodinated contrast media, gadolinium-based contrast media, barium-based contrast media, and microbubble contrast media. In 2019, the iodinated contrast media segment is estimated to account for the largest share of the contrast media industry. The large share of this segment can be attributed due to its high usage in CT examinations coupled with the fact that it can be used in almost all body parts.
Based on modality, the contrast agent market is segmented into X-ray/CT, MRI, and ultrasound procedures. In 2019, X-ray/CT procedures segment is expected to command the largest share of the global contrast agent market. The large share of this segment can be attributed to the increasing number of CT examinations across the globe, coupled with advancements in CT imaging technologies.
GE Healthcare (US), Bracco Imaging (Italy), Bayer HealthCare (Germany), and Guerbet (France) are some of the leading players in the contrast media market. Other prominent players in the market are Lantheus (US), Daiichi Sankyo (Japan), Unijules (India), J.B. Chemicals (India), Sanochemia (Austria), Taejoon Pharm (South Korea), Jodas (India), and Magnus Health (India).
Recent Developments:
> In 2017, GE Healthcare (US) launched a new Macrocyclic MRI contrast agent, Clariscan, in Europe.
> In 2019, Bayer AG (Germany) received FDA approval for Gadavist as the first contrast agent for cardiac MRI.
> In 2019, Guerbet Group partnered with IBM Watson Health for AI in medical imaging to support liver cancer diagnostics, utilizing CT and MRI imaging.
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North America, Europe, Asia Pacific, and the Rest of the World (RoW) are the regions considered for geographic analysis of the global contrast media market study. North American market is expected to account for the largest share of the global contrast media market. The Asia Pacific market is expected to grow at the highest CAGR in the forecast period.
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