Overview and Scope
MRI contrast media refer to substances used in magnetic resonance imaging (MRI) to enhance the visibility of internal body structures. These contrast agents work by altering the magnetic properties of tissues, thereby improving the contrast in the resulting images.
Sizing and Forecast
The MRI contrast media market size has grown exponentially in recent years. It will grow from $1.48 billion in 2023 to $1.56 billion in 2024 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to rising demand for early diagnosis, increasing demand for diagnostic accuracy and patient outcomes, increased public awareness, development of combination imaging modalities, identification of novel use cases for contrast agents.
The MRI contrast media market size is expected to see exponential growth in the next few years. It will grow to $1.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to rise in cancer cases, growing prevalence of chronic diseases, increasing research and development investment and activities, increasing healthcare expenditure, expanding applications of MRI. Major trends in the forecast period include advancement with collaborative research, technological advancements, product innovation, development of safer and more effective contrast agents, product innovations by pharmaceutical and biotechnology companies.
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Segmentation & Regional Insights
The MRI contrast media market covered in this report is segmented –
1) By Product: Extracellular Contrast Agents, Blood-Pool Agent, Hepatobiliary Agents
2) By Application: Neurological Disorders, Musculoskeletal Disorders, Cardiovascular Disorders, Cancer Detection, Other Applications
3) By End-User: Hospitals, Diagnostic And Imaging Centers, Research Institutes, Other End Users
North America was the largest region in the MRI contrast media market in 2023. The regions covered in the MRI contrast media market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in cancer cases is expected to propel the growth of the MRI contrast media market going forward. The rise in cancer cases is multifactorial, influenced by a combination of demographic, lifestyle, environmental, genetic, and healthcare-related factors. Contrast agents containing gadolinium-based compounds, when administered during MRI scans, enhance visualization by altering tissue magnetic properties, aiding in the detection, sizing, and characterization of tumors, as well as assessing their invasion into surrounding tissues. For instance, in February 2024, according to a report published by the World Health Organization (WHO), a Switzerland-based intergovernmental organization, the global estimated number of new cancer cases reached 20 million in 2022, resulting in 9.7 million deaths. This projections suggest a significant rise in cancer cases by 2050, with over 35 million new cases anticipated, marking a 77% increase from the estimated 20 million cases in 2022. Therefore, the rise in cancer cases is driving the growth of the MRI contrast media market.
Key Industry Players
Major companies operating in the MRI contrast media market are Bayer AG, GE Healthcare Technologies Inc., Fresenius Kabi AG, Fujifilm Holdings Corporation, JB Chemicals and Pharmaceuticals Ltd., Jiangsu Hengrui Pharmaceutical Co. Ltd., Bracco S.p.A., Miltenyi Biotec B.V. & Co. KG, Lantheus Medical Imaging Inc., Guerbet LLC, Curium Pharma, Spago Nanomedical AB, AMAG Pharmaceuticals Inc., Nanopet Pharma GmbH, Trivitron Healthcare, Beijing Beilu Pharmaceuticals Company Limited, Unijules Life Sciences Ltd., Taejoon Pharm Co. Ltd., Mediso USA LLC, Nano Therapeutics Pvt. Ltd., Livealth Biopharma Pvt Ltd., BioPAL Inc., Vitalquan LLC, Shubhra Biotech Pvt Ltd, Rege Imaging & Cine Films Private Limited, Polarean Inc.
The mri contrast media market report table of contents includes:
1. Executive Summary
2. MRI Contrast Media Market Characteristics
3. MRI Contrast Media Market Trends And Strategies
4. MRI Contrast Media Market – Macro Economic Scenario
5. Global MRI Contrast Media Market Size and Growth
……
32. Global MRI Contrast Media Market Competitive Benchmarking
33. Global MRI Contrast Media Market Competitive Dashboard
34. Key Mergers And Acquisitions In The MRI Contrast Media Market
35. MRI Contrast Media Market Future Outlook and Potential Analysis
36. Appendix
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