Global MRI Contrast Media Agents Market Share Is Likely To Reach At A CAGR Value Of Around 6.1% By 2030

03-Mar-2023 | Facts and Factors

According to Facts and Factors, the global MRI contrast media agents market size was worth around USD 2.0 billion in 2022 and is predicted to grow to around USD 3.2 billion by 2030 with a compound annual growth rate (CAGR) of roughly 6.1% between 2023 and 2030.

Global MRI Contrast Media Agents Market

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The cornerstone of medical imaging, magnetic resonance imaging (MRI), is crucial for the detection and follow-up of a variety of diseases. Due to advancements in technology and medicine, it is a relatively new area that has grown extremely fast. MRI contrast agents are contrast agents that are used in magnetic resonance imaging to improve the visibility of internal body structures (MRI). Gadolinium-based compounds are the most commonly used contrast enhancers. Following oral or intravenous administration, these MRI contrast agents reduce the relaxation times of nuclei within body tissues.

Browse the full “MRI Contrast Media Agents Market Size, Share, Growth Analysis Report By Product (Paramagnetic Agents and Superparamagnetic Agents), By Type (Clinical and Preclinical), By Application (Gastrointestinal, Intravenous, Hepatobiliary, Neurological Imaging, and Others), By End-use (Hospitals and Imaging Centers), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030" report at https://www.fnfresearch.com/mri-contrast-media-agents-market

People's growing acceptance of modern technology in the healthcare system has become a strong role behind the growth of the global MRI contrast media agents market, and this trend is predicted to continue in the future. The enormous demand for different imaging procedures that aid in diagnosis and subsequently help the doctor choose the best course of treatment for the patient has also emerged as a key market-driving factor. Moreover, the major market players' extensive R&D initiatives to introduce cutting-edge technologies and imaging techniques into the market have enabled the contrast media market to experience significant growth over time.

However, Individuals' health suffers as a result of ongoing radiation exposure, which manifests its negative impacts as they age. The MRI contrast media agents industry's expansion has been significantly hampered by the different allergic reactions to contrast media. Growing public knowledge of the various side effects that chemically based contrast agents can have has been identified as a major barrier to market expansion. It is risky for patients to choose such advanced procedures because of these adverse effects.

Global MRI Contrast Media Agents Market

Segmental Overview

The global MRI contrast media agents market is segmented based on product, type, application, end-use, and region.

Based on the type, the global market is bifurcated into clinical and preclinical. The clinical segment holds the largest revenue share during the forecast period. Over the past three decades, numerous contrast agents have been developed for use in clinical practice, and some of them have been discontinued due to safety concerns. Contrast MRI agents are categorized according to their chemical composition, magnetic field, administration route, the existence of metal atoms, characteristics, picture-related effects, biodistribution, and other variables.

As a result, there are variations in their pharmacokinetics, including their pharmacokinetics and pharmacodynamics, clinical effects, action processes, safety, and pharmacokinetics. Organs and places can now be targeted by more advanced and safe MRI compounds. To develop more disease-specific contrast agents, a study is being done on inflammation and some types of cancer. Many studies are being done to create fresher contrast agents. To test the safety of cancer-detection technology created at Case Western Reserve University, the U.S. Food and Drug Administration authorized human clinical trials in 2021, for instance. A magnetic resonance imaging (MRI) study can reliably identify aggressive prostate cancer due to a tumor-targeting contrast agent. In the preclinical trial stage, many companies are creating MRI contrast agents. Among them are Miltenyi Biotec B.V. & Co. Kg. and Reveal Pharma.

Based on the product, the global market is bifurcated into paramagnetic agents and superparamagnetic agents.

Based on the application, the global MRI contrast media agents industry is segmented into gastrointestinal, intravenous, hepatobiliary, neurological imaging, and others.

Based on the end-use, the MRI contrast media agent industry is bifurcated into hospitals and imaging centers. The hospital segment is expected to dominate the market during the forecast period. Hospitals are the preferred locations for all patients wanting important diagnostic procedures worldwide. Hospitals handle all chronic conditions.

In addition, the volume of research projects undertaken by hospitals and the accessibility of the infrastructure required to purchase and keep these agents are promoting the segment's expansion. Besides, the Imaging centers segment is expected to grow at the highest CAGR over the forecast period. Numerous specialized facilities that could provide services like MRI are sprouting up as a result of the growing demand for non-invasive diagnostics. To increase their customers, these facilities are continuously searching for premium MRI contrast agents of the highest caliber. Thus, it is anticipated that it will propel the segment during the projected period.

Regional Overview

North America is expected to dominate the market during the forecast period. There is a demand for imaging analysis in this region due to the rising prevalence of chronic diseases like breast cancer and cardiovascular and neurological conditions. Throughout the forecast period, the region is anticipated to continue to dominate. During the forecast period, technological advancements and the rising prevalence of chronic conditions are expected to fuel development.

On the other hand, the Asia Pacific region is expected to grow at the highest CAGR over the projected period. The growth is owing to the growing demand for advanced healthcare facilities and an increase in surgical operations in this region because of the pandemic. Moreover, the government's proactive efforts to improve the services offered by the healthcare industry have greatly increased the demand for contrast agents.

Report Scope

Report Attribute

Details

Market Size in 2022

USD 2 Billion

Projected Market Size in 2030

USD 3.2 Billion

CAGR Growth Rate

6.1% CAGR

Base Year

2022

Forecast Years

2023-2030

Key Market Players

Beijing Beilu Pharmaceutical Co. Ltd., Guerbet, JB Pharma, Jodas Expoim Pvt. Ltd., iMAX, Nano Therapeutics Pvt. Ltd., Bracco, Kiran, Bruker, GE Healthcare, Chematech, MEDTRON AG, Reveal Pharmaceuticals, ESAOTE SPA, Accelius Global, Opakim Tibbi Ürünler San. ve Tic. A.S, Bayer AG, and others.

Key Segment

By Product, Type, Application, End-use, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Purchase Options

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Competitive Landscape

The global MRI contrast media agents market is dominated by players like Beijing Beilu Pharmaceutical Co., Ltd., Guerbet, JB Pharma, Jodas Expoim Pvt. Ltd., iMAX, Nano Therapeutics Pvt. Ltd., Bracco, Kiran, Bruker, GE Healthcare, Chematech, MEDTRON AG, Reveal Pharmaceuticals, ESAOTE SPA, Accelius Global, Opakim Tibbi Ürünler San. ve Tic. A.S, and Bayer AG among others.

Recent Development:

  • In October 2022, the 2022 Radiological Society of North America (RSNA) will feature the recently approved Gadopiclenol Injection, a novel, highly stable macrocyclic gadolinium-based contrast agent (GBCA), commercialized as VUEWAY (gadopiclenol injection by Bracco, among a robust line of imaging products, devices, and support solutions, according to a statement from Bracco Diagnostics Inc., the U.S. subsidiary of Bracco Imaging S.p.A.
  • In October 2022, Gadoterate Meglumine Injection, USP, a bioequivalent and therapeutic equivalent substitute for the contrast agent Dotarem®, was introduced by Fresenius Kabi. This is Fresenius Kabi's second contrast drug to be released in the US. Amid a widespread shortage, Fresenius Kabi launched Iodixanol Injection, USP in July. Radiologists employ contrast agents to improve the visibility of internal structures during imaging processes like MRI or CT images. For Fresenius Kabi, contrast agents are a brand-new subcategory of medical supplies.

The global MRI contrast media agents market is segmented as follows:

By Product

  • Paramagnetic Agents
  • Superparamagnetic Agents

By Type

  • Clinical
  • Preclinical

By Application

  • Gastrointestinal
  • Intravenous
  • Hepatobiliary
  • Neurological Imaging
  • Others

By End-use

  • Hospitals
  • Imaging Centers

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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