Market research: 40% growth in global contrast media market by 2022
The global market for contrast media for medical imaging is expected to expand in the near future, from a 2015 value of $4.3 billion to more than $6 billion by 2022, a 39.5 percent boost in seven years, according to recent market research from GlobalData.
The increasing use of CT, MRI and echocardiogram procedures along with the heavying disease burden across the surveyed countries is expected to drive the robust compound annual growth rate of 4.9 percent.
GlobalData, a London-based research and consulting firm, culled the data from 2015 in 10 major markets, including the U.S., China, Germany, the U.K. and India. Established markets are using contrast media in new methods, while demand increases in emerging economies with the development of healthcare infrastructure.
“Better healthcare systems and education across numerous regions are also driving the contrast media market,” said Amendeep Sanghera, a medical devices analyst for GlobalData, in a statement. “For example, there is a particular focus in developed countries to screen patients for certain diseases such as breast and colorectal cancer in order to catch disease early and increase the likelihood of a patient’s survival, and this practice is now spreading to developing countries.”
The report also points to the contrast media market’s lack of competition as another factor for the expected growth. Other non-invasive imaging modalities presently available are unable to compete in speed, safety and ease of use.
“Due to excellent safety profiles, image enhancement and wide indication coverage, contrast media have become a mainstay of modern medicine,” Sanghera said. “Nuclear medicine could be a competitor in the future, but for now the contrast media market is in a stable position.”
While the industry is currently dominated by four firms—GE Healthcare, Bayer, Bracco and Guerbert—the report mentions generic contrast media manufacturers may take market share if they are able to develop reputable products at a lower cost.
Nicholas joined TriMed in 2016 as the managing editor of the Chicago office. After receiving his master’s from Roosevelt University, he worked in various writing/editing roles for magazines ranging in topic from billiards to metallurgy. Currently on Chicago’s north side, Nicholas keeps busy by running, reading and talking to his two cats.