Albany, NY, Aug. 20, 2018 (GLOBE NEWSWIRE) -- The global contrast media market was worth US$ 4,600 Mn in 2017 and is expected to touch a stellar value of US$ 6,500 Mn by 2026. Furthermore, the global contrast media market is projected to expand at a steady CAGR of 4% over the period between 2018 and 2026. Based on application, contrast media is extensively used in the field of cardiology; the market for contrast media in North America has accumulated the highest revenues amongst all other regional segments.
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Rising Incidence of Chronic Diseases to Propel Demand
The past decade has seen an upsurge in the incidence of cancers, cardiovascular diseases, arthritis, and osteoporosis. This has played a major role in the growth of the global market for contrast media as it helps in the analysis of internal body organs through medical imaging. Furthermore, X-rays are performed for a variety of purposes including the diagnosis of fractures or bone-related disorders in the body. Since contrast media helps in enhances the visibility of X-rays and CT scans, the demand within the global contrast media market has risen by leaps and bounds in recent times.
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Poor Healthcare Infrastructure in Emerging Economies Could Hamper Market Growth
Although the governments in emerging economies are making ardent efforts to stay at par with the healthcare infrastructure of the developed nations, holistic development is still not in sight. Hospitals and healthcare centers across underdeveloped or developing economies continue to use old and obsolete methods of medical imaging. Hence, the demand for contrast media is very low across a number of regional pockets, which in turn affects the growth rate of the global market. Besides this, the high costs associated with the use of contrast media have also restrained the growth of the global market. However, the increasing investments in healthcare across the emerging economies are projected to escalate demand within the global market for contrast media.
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The demand within the global market for contrast media hinges on advancements in the field of medical imaging within the healthcare sector, finds Transparency Market Research (TMR). In recent times, several new vendors have emerged in the global market for contrast media, thus, making the market highly fragmented. However, the leading market players continue to reign over the emerging vendors due to the wide geographical reach and immaculate business strategies of the former. It is anticipated that the advancements in the healthcare industry would prove to be a boon for market players operating in the global contrast media market.
Since the market for contrast media is closely related to the healthcare sector, the market vendors have been persuading hospitals and healthcare units to subscribe to their services. This is expected to create a regular consumer base for the market players, and act as a launch pad for their future success. Some of the leading players in the global market for contrast media are Bayer AG, Lantheus Medical Imaging, Inc., GE Healthcare, Bracco Diagnostic, Inc., and Guerbet Group. These players have attained reckon in the market and are on a quest to further expand their market share.
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