(I-BusinessNews.Com, March 03, 2021 ) According to research report the global Contrast Media Contrast Agent 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 contrast media market can primarily be attributed to factors such as the increasing prevalence of cancer & CVD, regulatory approval of a growing number of contrast agents, and the rising volume of CT & MRI examinations. However, the side effects and allergic reactions associated with contrast agents are expected to limit market growth to a certain extent.
The major players in the global Contrast Media Contrast Agent Market are GE Healthcare (US), Bayer (Germany), Bracco Imaging S.p.A (Italy). An analysis of the market developments between 2016 and 2019 revealed that product launches, partnerships, expansions, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the contrast media industry.
Bayer HealthCare was the third-largest player in the Contrast Media Contrast Agent Market in 2019. The company offers a range of contrast-enhanced diagnostic imaging equipment along with contrast agents under its pharmaceuticals business segment. The company invests a significant amount of its revenue in research & development to launch technologically advanced products in the market. Bayer invested around 15.8% of its revenue in R&D in 2018. Bayer maintains a global network of R&D locations with research activities carried out in the US, Germany, Japan, China, Finland, and Norway which employ roughly 17,300 researchers. The company gained a major share in the global contrast agents market on account of its comprehensive product portfolio, broad geographical reach, focus on organic growth strategies, as well as constant focus on research and developmental activities.
Bracco Imaging was the second-largest player in the ontrast agents market in 2019. The company continuously strives to strengthen its market position in various geographies by focusing on receiving approvals for its contrast media products. The company invests a significant amount of its revenue in research and development to launch technologically advanced products in the market. In 2018, Bracco invested around 10% of its revenue in R&D. The company is also focused on forming strategic joint ventures to enhance its product capabilities and develop new products to strengthen its position as a leader in the diagnostic imaging industry.
GE Healthcare (U.S.) held the first position in the global contrast media market in 2019. The firm has a strong customer base in approximately 140 countries, primarily operating in North America, Europe, the Pacific Basin, the Americas, and the Middle East & Africa. Some subsidiaries of the firm include GE Healthcare USA Holdings, Inc., GE Healthcare Ltd. (Japan), GE Healthcare Biosciences AB (U.S.), and GE Healthcare AS (Norway). GE Healthcare launched Clariscan, a macrocyclic MRI contrast agent in Europe. This helped GE healthcare gain a substantial market share in the European MRI contrast agents segment. The company’s robust product portfolio, large number of subsidiaries, focus on customers, and new product launches have also helped expand its share in the contrast media contrast agents market.
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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 agent market study. North America is expected to account for the largest share of the global contrast media industry. The large share of North America is attributed to the increasing number of diagnostic imaging units and examinations, growing aging population & rising prevalence of chronic conditions in the US, significant focus & government investments in the field of medical imaging, and increasing research activities in Canada.
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