Contrast Agents/Media global Market estimated to be worth $7,033.5 million by 2027
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.
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 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.
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).