The analysis conducted by Market Research Future (MRFR) has revealed that the global Contrast Media Market is estimated to record a CAGR of 3.5%, holding a substantial market value during the forecast period. The growing chronic illness, such as cancer, cardiac diseases, along with the accidental cases, is likely to drive the global media market 2020. Their application in medical imaging to increase the visibility of blood vessels and the GI tract is anticipated to further fuel the global market. In addition, the demand for better diagnostic imaging services and diagnostic imaging modalities have produced lucrative opportunities, which are likely to grow the market substantially in the forthcoming period.
On the contrary, the harmful aftermath of contrast media is likely to restrict market growth. However, technical development, along with the aforementioned factors are likely to fight the hampering market.
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The segment analysis of the global contrast media market is done by form, type, application, procedures, and route of administration.
The form based segments of the global contrast media market are powder, tablet, liquid, and paste.
The type based segments of the global contrast media market are gadolinium-based contrast media, iodinated contrast media, microbubble contrast media, and barium-based contrast media.
The application based segments of the global contrast media market are neurological disorders, oncology, cardiovascular disease, gastrointestinal disorders, and other indications.
The procedures based segments of the global contrast media market are magnetic resonance imaging (MRI), X-ray/computed tomography (CT), ultrasound, and others.
The route of administration based segments of the global contrast media market is oral, rectal, and injectable.
Based on the region, the global contrast media market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). As per the analysis, the global market is projected to be dominated by North America on account of fast developing technical advancement in the field of medical and imaging. Further, the presence of established key players in the region is likely to play a crucial role in developing the regional market. Also, the increasing prevalence of chronic ailments, usage of advanced technologies for the diagnosis of diseases is estimated to drive the regional market efficiently.
Europe is likely to acquire the second position in the global contrast media market owing to the increased healthcare expenditure and the usage of advanced technologies. Further, the increased medical supplies market in the region is estimated to be another crucial factor in stimulating the regional market. Besides, the presence of key players in the region is projected to be another crucial reason for regional development.
The APAC region is estimated to be a lucrative market owing to the developing healthcare sectors. Further, the presence of developing countries in the region is shooting the regional market. Besides, the crucial participation of the fastest developing economies of the world, such as India, Japan, and China, are likely to develop the market significantly. In addition, the increasing awareness of functionalities of contrast media is estimated to drive the market substantially.
The MEA is estimated to acquire the least market share owing to the presence of poor economies. However, increasing awareness about health is estimated to boost the regional market in the forthcoming period.
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NANOSCAN IMAGING (US), DAIICHI (Japan), Bayer AG (Germany), GE Healthcare (US), Bracco Diagnostic Inc. (US), Guerbet Group (France), Spago Nanomedical AB (Germany), Lantheus Medical Imaging Inc. (US), Jodas Expoim (India), Magnus Health (US), and Taejoon Pharm (Korea) are some of the known players in the global contrast media market.