Global Contrast Media Market – Overview
Contrast media are substances which are utilized to improve the contrast of fluids in the body during medical imaging. It is basically used to enhance the visibility of blood vessels and GI tract. The global contrast media market is growing with the steady pace; mainly due to the increasing prevalence of different diseases such as GIT diseases and cardiac diseases. According to a recent study report published by the Market Research Future, the global contrast media market is expected to gain prominence over the forecast period. The market is forecasted to demonstrate a neutral growth by 2023, global Contrast Media Market Size is expected to grow at a CAGR of 6.3 % during forecast period of 2017-2023.
The market is going to continue with the same trends of growth during the forecast period. The major factors influencing the growth of the market include increasing technology advancement in contrast medium, increasing prevalence of cancer and cardiac diseases, growth in emerging markets for imaging technology, increasing demand for diagnostics, and image guide procedures and various others. Whereas, the risk of side effects and adverse effects of the contrast media may hamper the growth of the market.
Global Contrast Media Market – Competitive Analysis
GE Healthcare (US), Daiichi (Japan), Bayer Healthcare Pharmaceuticals (Germany), AMAG Pharmaceuticals (US), NanoScan Imaging (US), Medrad Inc (US), Targeson (US), Guerbet (Japan), Bracco Diagnostic Inc. (Italy), Guerbet Group (France), Covidien (Ireland), Lantheus Medical Imaging (U.S.), Bracco Imaging S.p.A. (Italy), Subhra Pharma Private Limited (India), nanoPET Pharma GmbH (Germany), CMC Contrast AB (Sweden), Mallinckrodt Pharmaceuticals (UK) are some of the prominent players at the forefront of competition in the Global Contrast Media Market and are profiled in MRFR Analysis.
Characterized by the presence of several well-established and small players, the global market of contrast media appears to be highly competitive and fragmented. With well-established market in the North America region major companies like GE Healthcare, AMAG Pharmaceuticals, NanoScan Imaging have their home in the region and generate maximum market share. These companies have expanded their operating unit in various other emerging regions as well. Moreover, the other small and medium scale players are generating revenue from local market.
GE Healthcare an American multinational company headquartered in the U.S., is one of the leading players in the contrast medium market with manufacturing and distribution of diagnostic imaging agents with more than 100 countries. OMNISCAN and VISIPAQUE are the major products of the company. Recently in March 2017, the company showcased its MRI contrast media product range at the European Congress of Radiology (ECR) 2017 meeting by launching Clariscan, which is a macrocyclic agent and is a gadolinium-based contrast agent (GBCA). Clariscan is intended to support effective visualisation of abnormalities in the brain, spine, and associated tissues. The launch of this product will be provided alongside GE Healthcare’s comprehensive support services and solutions to healthcare physicians across the globe.
The demand for contrast media has altogether expanded over the previous decade because of increasing advancement in procedures in MR imaging, raising the significance of uninterrupted and sustainable product supply, and in addition meeting the individual needs of patients undergoing diagnostic techniques. Knowing the demand for contrast medium, GE healthcare invested over USD 65 million in its overall supply across the globe from 2013 and 2016, to increase its manufacturing capacity. GE contrast media products are utilized as a part of more than 70 million systems for every year, identical to infusion in two patients for each second. In 2015, 62 million patients diagnosed using GE contrast media and acquired major share for the global contrast media market.
Furthermore Daiichi a global pharmaceutical company and the second largest pharmaceutical company headquartered in Japan. Sonazoid an ultrasound contrast medium is widely used product of the company. In 2014, company has acquired Ambit Biosciences.
Bayer Healthcare Pharmaceuticals Inc. is headquartered in Germany. It is a multinational chemical, pharmaceutical, and life sciences company. In April 2016, the company announced the approval of, Gadavist injection that is the first contrast agent used with magnetic resonance angiography. Gadavist MRA significantly improved the visualization, or assess ability when compared to unenhanced MRA. This approval of the advanced product will enhance the revenue growth which will further boost the growth of the market. Ultravist, Eovist and Magnevist are the some of the major products of the company.