According to research report the global contrast media market is expected to reach USD 5.53 billion by 2022 from an estimated USD 4.57 billion in 2017, growing at a CAGR of 3.9% during the forecast period. The key factors driving the growth of this market are increasing approvals for contrast agents and growing number of public & private diagnostic centers.
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On the basis of type, the contrast media market is categorized into barium-based, iodinated contrast media, gadolinium-based, and microbubble-based contrast media. The microbubble-based contrast media segment is expected to grow at the highest CAGR during the forecast period. Growth in the microbubble segment can be attributed to the large number of ongoing academic research activities exploring various attributes of microbubbles in off-label indications in diagnosis as well drug delivery. In addition, the rising number of approvals for microbubble contrast agents in the US and Europe is further propelling market growth.
Based on route of administration, the contrast media market has been segmented into oral, intravascular, rectal, and other routes. The intravascular route is expected grow at the highest CAGR during the forecast period, owing to the factors such as advancements in CT and MRI imaging technologies, which majorly use injectable contrast media.
Based on indication, the market is segmented into cardiovascular disorders, cancer, gastrointestinal disorders, musculoskeletal disorders, neurological disorders, and nephrological disorders. The cardiovascular disorders segment is estimated register the highest CAGR during the forecast period. Improvements in cardiac MRI procedures in cath labs, favorable reimbursement policies for contrast media used in cardiovascular diagnosis, and strong healthcare infrastructure in countries like the US, Canada, the UK, and Germany are some of the factors driving the growth of this segment.
Based on modality, the global contrast media market is segmented into X-ray/CT, MRI, and ultrasound. The ultrasound segment is expected to register the highest CAGR during the forecast period. The development of microbubble contrast media for ultrasound and the large number of approvals for ultrasound contrast media in the US, Europe, and Japan are some of the major factors driving the growth of this segment.
Based on application, the contrast media market has been segmented into radiology, interventional radiology, and interventional cardiology. The interventional cardiology segment is expected to grow at the highest CAGR from 2017 to 2022. Growth in the interventional cardiology segment can largely be attributed to factors such increasing demand for minimally invasive surgical procedures across the globe and rising burden of cardiovascular diseases.
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Asia Pacific is expected to register the highest CAGR during the forecast period. The growth of the Contrast Agents Market can be attributed to the rising R&D investments and favorable demographic scenario in China, rise in aging population and cancer incidence in Japan, growing investments in the Indian radiology market, and growing focus of market players & increasing government support to strengthen healthcare service delivery in other countries.
