MRI Contrast Agents Market Size

MRI Contrast Agents Market size was over USD 2.11 billion in 2023 and is anticipated to reach USD 5.02 billion by 2036, growing at around 6.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of MRI contrast agents is estimated at USD 2.23 billion.

The increasing number of MRI examination for diagnosis of various disorders globally, along with the growing advancements in the diagnostic technologies are expected to fuel the development of this market in the coming years. The growth of the market can also be attributed to factors such as increasing ageing population and rising middle-class population in emerging economies on a global level. Furthermore, with the rising prevalence of cancer cases across the developing and developed economies of the world such as United States, Australia, New Zealand, and others, it has become important to offer diagnostic procedures that is assisting the patients to get a diagnosis at the earlier stages. Cancer is currently the second leading cause of death worldwide. According to a Globocan report by the WHO, global cancer burden is estimated to have risen to 19.3 million cases and 10 million cancer-related deaths in 2020. As a result, it has increased the number of MRI examinations, which is further expected to increase the demand for MRI contrast agents in the market. Additionally, growing implementation of regulatory scenario in developed countries for using advanced diagnostic devices is expected to further the demand for MRI contrast agents in the near future.