CONTRAST MEDIA CONTRAST AGENT MARKET ANALYSIS

Market Challenges And Opportunities

The major factors driving the growth of contrast media contrast agent are the use of advanced technology such as gas micro bubble technology in MRI imaging, rising incidence of chronic diseases such as cardiac diseases, gastrointestinal disorders, and cancer. Advancements in medical imaging technology and increasing demand for image guided procedures and diagnostics is fueling the growth of the market. According to the International Agency for Research on Cancer (IARC), in 2012, an estimated 14.1 million new cancer cases and 8.2 million cancer deaths were recorded worldwide and by 2030 the number is expected to escalate to 21.7 million for new cancer cases and 13 million cancer deaths. However, side effects of contrast agents such as kidney diseases and high cost associated with the contrast media injectors are some of the factors that are hindering the growth of contrast media/ contrast agent market.

The approval and launch of innovative agents with safety profile is expected to fuel the growth of contrast media market. For instance, in 2016, FDA approved Gadavist (gadobutrol) injection manufactured by Bayer AG for use with magnetic resonance angiography (MRA) to evaluate renal artery disease use in adult and pediatric patients. Also, in May 2017, the FDA expanded indication for GE Healthcare’s Visipaque (iodixanol) for use in coronary computed tomography angiography (CCTA) for diagnostic evaluation of adult and pediatric patients 12 years of age or older with suspected coronary artery disease.

Rise in the gas micro bubble technology in MRI imaging is expected to boost the growth of contrast media contrast agent market