PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1148523
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1148523
The global contrast media market is projected to grow at a CAGR of 6.03% to reach US$7,824.905 million by 2027, from US$5,195.155 million in 2020.
According to the World Health Organization, cancer is considered a disease that significantly impacts society and is considered the second leading cause of death globally. Furthermore, according to the WHO, approximately 70% of cancer deaths occur in low and middle-income nations due to the absence of awareness and knowledge, and most often, they do not get regular checkups done. Individuals in the US, for example, lead a sedentary and unhealthy lifestyle; indulge in the use of tobacco and alcohol, which increases their chances of contracting some form of cancer. However, these trends are changing as they are changing as some individuals prefer to go for full body checkups or routine checkups once or twice annually to detect any serious diseases such as COPD or a tumor that may result in cancer. This is growing rapidly for contrasting agents since they help doctors analyze the various findings from CT scans, MRIs, and X-ray exams more efficiently and reliably, resulting in a surge in the market growth in the forthcoming years.
Advancing The advancement of exam and testing equipment is encouraging the market players to improve their products.
As the medical industry standards are improving and forced to comply with the ANSI and ISO regulations, the market players are encouraged to provide enhanced and advanced products with better properties. This is done so that the contrast media can ensure clarity of the images acquired by the devices and provide a more actual diagnosis, thereby contributing to market growth.
Major Market Participants And Their Product Offerings in the Contrast Media Market.
Furthermore, to boost the market's growth and accelerate the development of better contrast media, the market players are taking essential steps such as upgrading their portfolios by launching new products and offering a variety of products.
The following are a few examples of core products:
The North American region to hold a significant share over the forecast period owing to rising cases of different types of cancer in the high-income countries such as the US and the Asia Pacific region. It is estimated to increase its share over the forecast period due to the investments made into the healthcare sector.
Due to the overwhelming healthcare industry and infrastructure in countries such as the United States, the North American region is believed to maintain a significant share for the projected period. Furthermore, the rapid adoption of strategies and reagents can improve clinical scanning images in the region due to the rising cases of cancer and other diseases among Americans, which is credited to their sedentary lifestyle.
Over the projected timeframe, the Asia Pacific is anticipated to show promising growth potential owing to the fact that the government is taking several initiatives and investing heavily in fostering the growth of the healthcare sector in nations such as India to make quality offerings available to the public.
COVID-19 Impact
As an outcome of the COVID-19 pandemic, the health sector has faced enormous difficulties. During the COVID-19 disease outbreak, all outpatient procedures were temporarily halted or confined to minimize the chances of viral transmission because most chronic pain treatments were deemed non-urgent. In contrast, a chest CT scan is a popular technique for diagnosing COVID-19. In January 2020, the Lancet published the first research on CT diagnosis of COVID-19 patients. Since then, chest CT for pulmonary embolism has been progressively used as a disease prognosis because it is effective in both alternative diagnoses and identifying COVID-19 troubles. As a result, the market for contrast media is expected to grow during the forecast period.
Key Development
Segmentation:
Iodine-based
Barium-based
Gadolinium
Saline
Swallowed
Enema
Intravenously/Intra arterially
X-Rays
Computed Tomography (CT)
Magnetic Resonance Imaging (MRI)
Ultrasound
Hospitals and Clinics
Diagnostic Centres
North America
South America
Europe
Middle East and Africa
Asia Pacific