Iodinated Contrast Agent Dominate the Global Contrast Agents Market
" The global contrast agents market is expected to witness a CAGR of ~4% to surpass $5.5 billion by 2025 "
Bangalore, India, August 22, 2019: With its recently published study “Global Contrast Agents Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the global market for contrast agents is expected to witness mid-single-digit growth during the forecast period 2019–2025. The market for contrast agents is highly fragmented due to the rising demand for diagnostic and interventional radiology procedures and increase in incidence and prevalence of disease conditions. Expansion in indications of contrast media market and the growth of medical imaging technologies in emerging markets are providing growth opportunities for the contrast agents market.
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However, side effects associated with contrast agents and stringent regulations for contrast agents are factors deterring the market growth. The government's regulation efforts to control health risks linked to the residue quantity of contrast media in the body not only restricts the industry to a certain level, but also provide opportunities for latest innovations and findings.
Major companies globally are ramping up competition to diversify their brand portfolios through alliances and developments to achieve a competitive edge. For instance, Lantheus partnered with NanoMab in May 2019 to create a new biomarker for effective management of immuno-oncology therapies.
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North America has a large share of the contrast agents market and is anticipated to demonstrate a consistent progression over the forecast period. In the US, the first contrast agent based on gadolinium was accepted. Over the past century, only four contrast agents have been accepted in the US and created a restrictive pattern in the sector to find more effective, precise, and secure agents. In the near future, the contrast media revenues are anticipated to accelerate in the US. The sales of contrast media for the ultrasound industry may have a significant development level among the distinct imaging modalities.
“GE, Guerbet, and Bayer have been the major players in the market due to their top selling products, securing major share in the market. To maintain its position in the market, companies are heavily investing in R&D of new contrast agents for better efficiency. Guerbet has P03277 phase 2b molecule in the late stage of development and is likely to enter the market within the forecast period,” pointed out Rikitha K Murthy, Senior Research Analyst, Infoholic Research
Key Segments of the Report Include:
- X-ray and CT
- Industry outlook: Market trends, drivers, restraints, and opportunities