Contrast Agents/Media Global Market

–Forecast to 2027

Contrast Agents/Media global Market estimated to be worth $7,033.5 million by

2027

IQ4I Research & Consultancy published a new report on “Contrast Agents/Media

Global Market – Forecast To 2027” This report analyzes and studies the overall market,
major Drivers & Opportunities, Restraints & Threats in North America, Europe, Asia-Pacific
and Rest of the World.

IQ4I’s Report Contains 119 market data tables and 150 figures spread through 460
pages and an exhaustive TOC on “Contrast Agents/Media Global Market”, [Molecule
(Iodine {Ionic, Non-Ionic (Monomer & Dimer); Gadolinium (Linear (Ionic & Non-Ionic),
Macrocyclic (Ionic & Non-Ionic)}, Microbubble and others); Modality(X-Ray/CT, MRI &
Ultrasound); Application (Cardiovascular, Cancer, Gastrointestinal, Musculoskeletal,
Neurology, Nephrology, Obstetric & Gynecology, Urology and Others); Route of
Administration (Intravascular, Oral, Rectal and Others); Imaging (Diagnostic and
Interventional imaging); End Users (Hospitals, Diagnostic Centers & Ambulatory
centers and Others); Regional (North America, Europe, Asia-Pacific and Rest of the
World)].

Contrast Agents/Media are substances that improve the visibility of specific organs, tissues,
or blood vessels and help in diagnostic imaging and interventional procedures medical
conditions using modalities such as CT, MRI, and Ultrasound. According to IQ4I analysis,
the contrast agent/media global market is expected to grow at high single digit CAGR from
2020 to 2027 to reach $7,033.5 million by 2027. The increase in diagnostic imaging
procedures and interventional imaging procedures, increase in incidence and prevalence of
disease conditions, increasing in aging population, expansion in indications of contrast
media, growth of medical imaging technologies in the emerging market, increasing research
activities for contrast agents, and favorable reimbursements are driving the market growth.
However, adverse effects related to contrast agents and the shortage of radiologists is
restraining the market growth. Stringent regulations and the availability of alternative
products are hampering the market expansion.

Among the market by molecules, iodine-based contrast agents market commanded the
largest revenue in 2020 and is expected grow at mid single digit CAGR from 2020 to 2027
due to increase utilization of iodinated contrast agents such as iohexol, iopamidol, iopromide
and others in the diagnostic and interventional procedures. The Microbubble segment is
expected to grow at a high teen CAGR from 2020 to 2027 due to the increasing number of
clinical trials to expand ultrasound contrast agents disease indications.

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Contrast Agents/Media Global Market

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In the contrast agent’s modality market, X-Ray/CT segment commanded the largest market
revenue in 2020 and is expected to grow at mid single digit CAGR from 2020 to 2027 due to
increasing utilization of X-ray/CT modalities in procedures like CT coronary and cerebral
angiography, hysterosalpingography and others. According to IQ4I analysis, the total
number of CT scans performed globally is estimated to be 278.3 million in 2020. Out of that,
XX million (XX%) scans were performed using contrast agents, and the volume of contrast
agents consumed was estimated to be XX million liters (considering weighted average
consumption of XX mL and ASP $XX). The ultrasound segment is expected to grow at high
teen CAGR from 2020 to 2027 due to increasing advantages such as the absence of
ionizing radiation & relatively low cost over the other modalities and also increasing number
of clinical trials of contrast agents to expand the indications for ultrasound modality. For
instance, According to IQ4I analysis, there were 32 clinical trials related to contrast
agents/media for various modalities among them 75.0% of the clinical trials were focused on
ultrasound modalities.

In the contrast agents global market based on application, the cardiovascular market
accounted for the largest share in 2020 and is expected to grow at high single digit CAGR
from 2020 to 2027 due to increasing incidence and prevalence of cardiovascular diseases
such as coronary heart disease, heart attack, and arteriosclerosis. The cancer segment is
expected to grow at high single digit CAGR from 2020 to 2027 due to increasing incidence
and prevalence of various types of cancers, expansion of indication of contrast agents for
cancer, and emerging approach of development of targeted nanoparticle-based contrast
agents for cancer. The contrast agent’s global market based on the route of administration is
segmented into intravascular, oral, rectal, and others which include (intrathecal and body
cavity). Intravascular accounted for the largest share in 2020 and is the fastest-growing
segment with a projected high single digit CAGR from 2020 to 2027.

In the imaging market, the diagnostic imaging market held the largest market revenue in
2020 and is expected to grow at high single digit CAGR from 2020 to 2027. Interventional
imaging is the fastest-growing segment with high double CAGR from 2020 to 2027 due to an
increase in image guide procedures and an increase in the aging population who usually opt
for minimally invasive procedures.

In the end-users market, the hospitals market accounted for the largest share in 2020 and is
expected to grow at a high single digit CAGR from 2020 to 2027 due to the increasing
demand for the diagnosis and interventional treatment of diseases using CT or X-Ray, MRI

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–Forecast to 2027

and ultrasound imaging procedures. Diagnostic & Ambulatory surgical centers are the
fastest-growing segment with high single digit CAGR from 2020 to 2027 due to increasing
shifting interest from hospital-based imaging services to ambulatory centers and increasing
advancements in imaging modalities that help in automated handlings.

Among various geographies, the North American region dominated the contrast agents
global market with the largest share in 2020 and is expected to grow at high single digit
CAGR from 2020 to 2027. This is due to increasing incidence and prevalence of the chronic
disease, increase in aging population, approval of contrast agents for various indications,
expanding indications of contrast agents, increasing number of contrast mediated diagnostic
and interventional procedures, approach for the development of novel contrast agents by the
startup companies and favorable reimbursement.

A number of innovative strategies are coming forward in the area of novel contrast agents
development to address the unmet needs of existing contrast agents. Some of the major
research activities that are taking place in this perceptive are the development of bismuth-
based, manganese-based, supermolecular organic radical-based, and nanoparticle-based,
multi-modal novel contrast agents which could address issues of contrast agents currently in
use. Some of the start-up companies and research institutions are engaged in the
development of targeted nanoparticle-based contrast agents which will boom as a new
contrast agent in the market in near future. For instance, Imagion Biosystems, Inc is trying to
enter into the contrast agent market with their MagSense nanoparticle which has an iron
oxide (Fe3O4) core and known to generate T2 and T2* negative MR contrast at 1.5T or 3T.
Unlike existing non-specific MRI contrast agents such as gadolinium, MagSense
nanoparticle employ a targeting moiety. As a result, MagSense nanoparticle can confirm
specific localized diseased tissue. In May 2020, the company entered into a collaboration
agreement with Siemens Healthcare Pty Ltd to further explore the utility of Imagion’s
MagSense nanoparticle as MRI contrast agent.

Another emerging approach is the development of nanoparticle-based contrast agents (CAs)

for multimodal imaging such as PET/MRI which can improve probe biocompatibility and
biodistribution, prolonging blood half-life to achieve specific target accumulation and non-
toxicity. Also, these CAs can be simultaneously used to deliver drugs or, in general,
therapeutic agents are gathering a dual diagnostic and therapeutic effect to perform cancer
diagnosis and treatment simultaneously.

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Contrast Agents/Media Global Market

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The contrast agents/media market is consolidated with the 5 top players occupying major
share of the market share and the remaining share is occupied by other players. Companies
are adopting various organic and inorganic strategies for market expansion or to gain market
share, and are focusing on the expansion of indications to increase their market. For
instance, in June 2020, Guerbet received approval for an additional indication for Lipiodol
Ultra-Fluid by the China NMPA (National Medical Products Administration) for use in Trans-
Arterial Chemo-Embolization (cTACE) for hepatocellular carcinoma (HCC) at intermediate-
stage in adult patients in the People’s Republic of China. Similarly, in December 2020,
Bracco Diagnostics Inc. received the U.S. Food and Drug Administration (FDA) approval for
ProHance (Gadoteridol) Injection, for intravenous use with magnetic resonance imaging
(MRI) in pediatric patients, to visualize areas with disrupted blood-brain barrier and/or
abnormal vascularity throughout the brain, spine and associated tissues.

The COVID-19 pandemic has had an unprecedented effect on radiology practices

worldwide. The postponement of non-essential radiological examinations and procedures by
radiologists, combined with spontaneous cancellations by certain patients and the increase
in longer disinfection and protection measures due to SARS-Cov-2, impacted the number of
diagnostic procedures negatively, for both MRI and CT/Cath Lab. According to IQ4I analysis,
overall CT procedures reduced by XX% and there was XX% reduction in contrast mediated
CT procedures compared to 2019. In case of MRI scans, there was overall reduction of XX%
in case of non-contrast and contrast medicated examinations, similarly, in case of ultrasound
modality there was a reduction of procedures by XX% in 2020 when compared to 2019.

Major players in the contrast agents global market are GE Company (GE Healthcare) (U.S.),
Bayer Group (Germany), Guerbet (France), Taejoon Pharm Co. Ltd., (South Korea), Beijing
Beilu Pharmaceuticals Company Limited (China), Bracco Group (Italy), Fujifilm Holding
Corporation (Japan), Sanochemia Pharmazeutika AG (Austria), Dongkook Lifescience
(Korea), Lantheus medical imaging (U.S.) and Fujipharma Co. Ltd (Japan).

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Reasons for buying this report:

 Identification and analysis of the contrast agents market segments by
molecule, modality, applications, route of administration, imaging, end-
users and geography.
 Revenue forecast of the contrast agents global market and strategic
analysis of each submarket with respect to segmental growth trends.
 Identification of major market trends, Porter's model and factors driving and
restraining contrast agents market growth.
 Revenue forecast of the contrast agents global market with respect to
North America (U.S. and Others), Europe (Germany, France, U.K. and
others), Asia-Pacific (Japan, China, South Korea and others) and the Rest
of the World (RoW) (Turkey, Brazil, Rest of Latin America and the Middle
East & Africa) regions.
 Analysis of the opportunities for stakeholders by identifying the high-growth
segments of the market.
 Analysis of procedure volume and consumption of contrast agents for CT,
MRI and Ultrasound globally, regionally and country-wise.
 Penetration analysis of contrast agents for CT and MRI globally and
regionally.
 Analysis of clinical trials, funding and supply chain of the contrast agents
market.
 Analysis of the impact of COVID-19 on imaging procedures.
 Identification of key technology developments and innovations driving the
market.
 Profiles of major players in contrast agents market and analysis of their
product offerings, financial revenue, business strategies and SWOTs.
 Market share analysis of contrast agents global market and individual
market share analysis for contrast agent global market X-Ray/CT, MRI and
Ultrasound.

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Contrast Agents/Media Global Market

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FIGURE 1

CONTRAST AGENTS/MEDIA GLOBAL MARKET SEGMENTATION

Contrast Agents Global Market

Route of
Molecule Modality Imaging Application End-User
Administration

Iodine based X-ray/CT Intravascular Diagnostic Cardiovascular Hospitals

Diagnostic &
Ionic MRI Oral Interventional Cancer Ambulatory
centers
Non-Ionic Ultrasound Rectal Gastrointestinal
Others

Monomer Others Musculoskeletal

Dimer Neurology

Gadolinium
Nephrology
based
Obstetrics &
Macrocyclic
Gynecology

Ionic Urology

Non-Ionic Others

Linear

Ionic

Non-Ionic

Microbubble

Others (Ba, Fe)

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