Contrast Media Market Share

North American Market Forecast

The market share of contrast media in North America, amongst the market in all the other regions, is projected to be the largest with a share of about 35% by the end of 2037. The growth of the market can be attributed majorly to the increased funding from government and non-government organizations in the field of biomedical research. For instance, SNMMI announced a grant of US$ 100,000 for research and development in nuclear medicine imaging to solve lobular mammary neoplasia on 3 October 2022 which is expected to result in substantial growth. The increase of funding in the region allows for several research initiatives to take place, which will give rise to an increased number of innovative inventions moving towards new product launches that need contrast media. Moreover, another factor contributing to market revenue growth in this region is the increasing number of start-ups that invest in medical devices. In addition, the increasing collaborations between research institutes and manufacturers of medical devices have been an important factor in ensuring that R&D is balanced with new product launches which have contributed to market growth in this region. All these factors are anticipated to boost the market growth during the forecast period.

APAC Market Statistics

The Asia Pacific market is estimated to be the second largest, registering a share of about 24% by the end of 2037. The growth of the market can be attributed majorly to the increasing number of market players investing in the development of high-resolution imaging techniques. Some of the market participants in this region include General Electric Pharmaceuticals Shanghai Company, Taejoon Pharm, Unijules Life Sciences, and others. Increasing numbers of startups are expected to have a significant impact on the number of advanced molecular imaging techniques produced. These are also anticipated to boost the market growth during the forecast period.

Europe Market Forecast

Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the increasing prevalence of cancer in the region. For instance, the BENELUX region account for the largest proclivity of breast cancer in Europe. According to World Cancer Research Fund International (WCRF), Belgium, the Netherlands, and Luxembourg respectively had the highest rates of breast cancer in 2020. Advances in Molecular Imaging Equipment led to the early detection of Breast Cancer, which increases demand for the use of contrast media.