Ultrasound Contrast Agents Market size is set to expand at over 19.8% CAGR during the forecast period i.e., between 2024-2036.
Ultrasound contrast agents are used to heighten the visibility of inner body structures during imaging procedures. These agents help to reduce the relaxation times of nuclei within the tissues, shortly after the intravenous or oral administration. The increasing number of ultrasound examinations for the diagnosis of various disorders globally, and the growing advancements in diagnostic technologies are expected to fuel the development of this market. The market growth can also be attributed to factors such as the increasing geriatric population and the increasing middle-class population in the emerging economies on a global level. Furthermore, rising prevalence of cancer and other critical diseases is another major growth driver for the market. According to the WHO, currently, cancer is the second leading cause of death worldwide.
According to the Globocan report, the global cancer cases is expected to have risen to 19.3 million cases along with 10 million cancer-related deaths in 2020. With the rising prevalence of cancer cases across the developing and developed economies of the world, such as the United States, New Zealand, Australia, and others, it has become important to offer diagnostic procedures that can assist the patients in getting diagnosed at an earlier stage. As a result, this has increased the number of ultrasound diagnoses, which is further expected to increase the demand for ultrasound contrast agents in the ultrasound contrast agents market. Additionally, increasing implementation of regulatory scenarios in developed countries for using advanced diagnostic devices has increased the demand for ultrasound contrast agents.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
19.8% |
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Regional Scope |
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The ultrasound contrast agents market is segmented on the basis of therapeutic areas into cardiovascular diseases, renal associated diseases, and others. The cardiovascular disease segment is expected to witness a significant growth by the end of 2030 on the back of the increasing incidence of cardiovascular diseases globally, backed by unhealthy lifestyle of the masses. According to WHO, 17.9 million people died from cardiovascular diseases in 2019, which accounted for 32% of all global deaths. These diseases are more prevalent in men as compared to women. On the basis of application, the molecular imaging segment in the global ultrasound contrast agents market is expected to grow with a significant CAGR over the forecast period. The growth of the segment can be attributed to the growing requirement for ultrasound contrast agents for various ultrasound-based molecular diagnostic procedures and screenings.
Our in-depth analysis of the global market includes the following segments:
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Therapeutic Area |
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Application |
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End-user |
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Geographically, the ultrasound contrast agents market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to dominate majority revenue share by 2036, owing to increasing necessity for advanced diagnosis methods to detect various disease indications such as neurological disorders, cancer, cardiovascular diseases, and others. Moreover, the developing healthcare sector, supported by the increasing government investment in the public healthcare system is also expected to boost the market growth.
The ultrasound contrast agents market in the North America is evaluated to occupy the largest share in terms of revenue, by the end of 2030, owing to the increasing prevalence of cardiovascular diseases in the region. According to American Heart Association, in 2017, CVD has been listed as one of the most prominent underlying causes of death in the United States, which accounted for around 74% of all deaths. As per the data by the CDC, one person dies every 36 seconds in the United States from cardiovascular diseases. Such an increasing number of CVD cases in the United States has significantly increased the demand for ultrasound examination in this region, which is further expected to drive the ultrasound contrast agents market in the region.
Author Credits: Radhika Pawar
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