PUBLISHER: Grand View Research | PRODUCT CODE: 1404714
PUBLISHER: Grand View Research | PRODUCT CODE: 1404714
The U.S. contrast media market size is expected to reach USD 3.36 billion by 2030, registering a CAGR of 4.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing burden of chronic diseases is creating a demand for diagnostic imaging procedures, which, in turn, is driving the market growth. Imaging tests, such as MRI, have become an integral part of the diagnosis for most diseases, and large-scale penetration of imaging technology in healthcare has increased the demand for contrast media in the U.S. market. Chronic diseases, such as cancer and diabetes, are rapidly becoming a major public health concern and are among the leading causes of death across the U.S., resulting in the need for early diagnostic tools and effective treatment options.
Hence, the increasing prevalence of complex comorbidities and long-term diseases is one of the major drivers of imaging tests and contrast agents; thus, contributing to the market growth. The COVID-19 outbreak had a negative impact on the market due to decreased patient visits to hospitals. Many radiology departments experienced a rapid decline in imaging case volume. However, many states in the U.S. have begun to reopen their economies; however, it will take time for the utilization rate of contrast media to reach pre-pandemic levels. In addition, with the launch of COVID-19 vaccines and ease in restrictions, the import and export of raw materials have resumed. This, in turn, therefore, is expected to boost the market growth over the forecast period.