Contrast Media Market Trends

Growth Drivers

• Growing Prevalence of Chronic Diseases – Chronic diseases such as cancer, heart disease, musculoskeletal, and other diseases are the leading causes of death and disability, requiring various imaging modalities for diagnosis and follow-up of treatment. Chronic diseases are estimated at US$ 3.5 trillion annually in the annual health care cost, by the National Center for Prevention and Health Promotion.
• Increased R & D Investments in Contrast Agents– Projects aimed at developing novel contrast agents and expanding their application are underway by companies, research institutes, and universities all over the world. In 2020, Dr Gang Han, a biochemistry and pharmacology professor at the University of Massachusetts Technology Development Fund received USD 25 000 in seed funding for research into MRI contrast media or gadolinium-based pharmaceuticals with fewer side effects.
• Growing Application of Contrast Agents in Healthcare –  there is an increase in demand for MRI machines and CT scanners owing to the public preference for accurate and faster diagnostic methods. The market is also estimated to grow owing to the increase in the adoption rate of technologically advanced equipment such as CT scanners, 3D contrast media delivery systems, and syringeless power injectors. The Food and Drug Administration (FDA) recently approved Contrast-Enhanced Ultrasound (CEUS) for radiology procedures.
• Increasing Product Approvals of Contrast Agents– It is expected that newer product approvals and launches in the field of contrast media drive the market growth in the forecast period. For instance, according to reports, in March 2022, the first single source photon counting CT scanner with one of the detectors received FDA 510k approval. In addition, the OmniTom Elite with PCD will be able to generate sectoral CT images at different energy levels that are expected to stimulate market growth shortly.

Challenges

• Side effects of contrast agents- The increasing concern amongst individuals for the side effects associated with contrast agents is one of the major factors predicted to slow down the market growth. To perform a variety of medical procedures like MRI and CT scans, the use of contrast agents is not considered unsafe. However, they have a range of side effects, ranging from mild to severe; such as nausea, and vomiting.
• Lack of skilled professionals
• Restriction in using gadolinium-based contrast agents