U.S. Contrast Media Market Growing Demand to Boost the Growth from 2022 to 2030

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The increasing burden of chronic diseases is creating a demand for diagnostic imaging procedures, which, in turn, is driving the market.

U.S. Contrast Media Industry Overview

The U.S. contrast media market size was valued at USD 1.68 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 4.12% from 2022 to 2030.

 

The increasing burden of chronic diseases is creating a demand for diagnostic imaging procedures, which, in turn, is driving the market. Imaging tests, such as MRI, have become an integral part of the diagnosis for most diseases, and large-scale penetration of imaging technology in healthcare has increased the demand for contrast media in the U.S. market. Moreover, the rising demand for imaging procedures has resulted in extensive RD activities by contrast media manufacturers to launch novel products in the market and to get approved for new indications.

 

For instance, in 2021, Bracco got the U.S. FDA approval for the 20-vial pack configuration of Lumason, which is an ultrasound contrast media agent. This, in turn, is expected to drive the market over the forecast period.The COVID-19 outbreak had a negative impact on the market due to the decreased patient visits to hospitals. The pandemic has put significant strain on healthcare systems. Healthcare institutes and providers were instructed to stop performing elective surgical procedures and medical examinations to slow the spread of the disease and conserve healthcare resources for COVID-19 patients. For instance, diagnosis of heart diseases decreased by nearly two-thirds across the world during the early months of the pandemic as countries and patients prioritized COVID-19.

 

Gather more insights about the market drivers, restrains and growth of the U.S. Contrast Media Market

 

Similarly, screenings for breast, colon, lung, and prostate dropped by 85%, 75%, 56%, and 74% respectively indicating the fall in revenue in 2020. The American College of Radiology (ACR), which represents nearly 40,000 radiologists in the United States, issued guidance that CTs and X-rays should not be used as a first-line tool to diagnose or screen for COVID-19, as it is highly contagious.As a result, many radiology departments experienced a rapid decline in imaging case volume. All diagnostic procedures except COVID-19 diagnosis showed a significant decline in 2020, which affected the market growth.However, with the launch of COVID-19 vaccines and ease in restrictions, import export of raw materials has resumed, therefore, the market is expected to grow at a significant pace over the forecast period.

 

The growing prevalence of complex comorbidities and long-term diseases has led to an increase in diagnostic imaging tests including ultrasound, X-rays, and advanced imaging technology, such as MRI CT scans. For instance, in November 2019, GE Healthcare received the U.S. FDA approval for Clariscan, a contrast agent used for macrocyclic MRI. These products help in identifying the need for perioperative scans before surgeries and treatment in interventional procedures. Thisis likely to boostmarket growth. According to the National Health Council, in 2020, nearly 157 million people in the U.S. were affected by chronic diseases, out of which, around 81 million had multiple conditions, which is indicative of a high incidence of chronic conditions. This, in turn, is anticipated to drive the market over the forecast period.

 

Moreover, technological advancements in contrast media agents are projected to have a significant impact on the market. Diagnostic imaging modalities are being increasingly employed because of advancements in the underlying technology, ranging from equipment to administration technology. Innovative products, such as syringeless injectors, reduce wastage as well as help in achieving greater accuracy to deliver the right dose of contrast agents. These injectors reduce the examination time, which leads to increased patient throughput. Furthermore, the introduction of digital solutions that aid in the management of contrast agent injection is anticipated to drive market growth.

 

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Market Share Insights

  • September 2021: Lantheus Holdings, Inc. and RefleXion Medical, Inc., announced development and commercialization collaboration in evaluating the use of piflufolastat F18, Lantheus’ prostate-specific membrane antigen (PSMA)-targeted positron emission tomography (PET) imaging agent, to enable real-time therapeutic guidance of biology-guided radiotherapy.
  • November 2019: GE Healthcare received the U.S. FDA approval for Clariscan, a contrast agent used for macrocyclic MRI. These products help in identifying the need for perioperative scans before surgeries and treatment in interventional procedures.

 

Key Companies Profile

 Some prominent players in the U.S. contrast media market include:

  • Bayer AG
  • GE Healthcare
  • Guerbet
  • Lantheus Medical Imaging, Inc.
  • Bracco Diagnostic, Inc.
  • Nano Therapeutics Pvt. Ltd.
  • Trivitron Healthcare
  • CMC Contrast AB
  • IMAX Diagnostic Imaging

 

Order a free sample PDF of U.S. Contrast Media Market Intelligence Study, published by Grand View Research.

 

 

 

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