July 22, 2020 — The global contrast media market is projected to grow at a CAGR of 4.23% to reach US$7,113.91 million by 2025 from US$5,548.19 million in 2019, according to a new report from ResearchandMarkets.com.
Cancer is considered the disease that has a significant impact on society and is considered as the second leading cause of death globally according to the World Health Organization. Additionally, according to the WHO, approx. 70% of deaths occur in the low and middle-income counties is due to cancer, which is attributable to the fact that there is a lack of awareness among the people and most often they do not get routine checkups done.
The individuals in the U.S. for example, lead a sedentary and unhealthy lifestyle; indulge in the use of tobacco and alcohol, which increases their chances of contacting some form of cancer.
However, these trends are changing as they are changing as some of the individuals are preferring to go for full body checkups or routine checkups, once or twice annually to detect any serious diseases such as COPD, or a tumor which may result in cancer. This is leading to an increase in the demand for contrasting agents as they aid the doctors in analyzing the different test results from computed tomography (CT) scans, magnetic resonance imaging (MRIs) and X-ray exams effectively and accurately, and is thereby leading to a surge in the market growth over the forecast period.
Advancing exam and testing equipment available is encouraging the market players to improve their products
As the medical industry standards are improving and are forced to comply with the ANSI and ISO regulations, the market players are encouraged to provide enhanced products and advanced products with better properties. This is being done so that the contrast media can improve the clarity of the images produced by the machines and provide them with a more accurate diagnosis, which is also a factor contributing to the market growth.
Product Offerings by Major Market Players in the Contrast Media Market
Furthermore, to boost the market growth even further and to accelerate the development of better contrast media, the market players are taking essential steps such as upgrading their portfolios by launching new products and offering a variety of products. Some of the examples of product offerings are as follows:
- TAEJOON PHARM, which is a pharmaceutical company, involved in the provision of different types of drugs and other products for a variety of applications offers different types of contrast media products under their portfolio. Some of the products they provide are the Gadobrix Injection. This product is a Gadolinium-based contrast media available in an injectable form in a vial of 15ml. The product is used for enhancing the contrast of cranial and spinal MRIs, enhancing the contrast of angiography and enhancing the contrast of hepatic and renal MRI, and it can be used for conducting a whole-body MRI. It also offers its Iodine-based contrast media called the Iobrix Inj 240. This product contains 240 mg of Iodine and is available in 300 mg and 350 mg of Iodine as well. It is generally colorless or light yellow and slightly viscous. It is used for Myleograpgy, Angiography, and body cavity imaging such as arthrography, herniography among others.
- Trivitron Healthcare, which is considered as among one of the leading companies involved in the provision of medical technology products and solutions including contrast media. It offers some of the products such as Iopamiro, KScan, and Mutlihance. Iopamiro is a product that is used as a contrast medium for x-ray applications. It is a non-ionic compound that is soluble in water and is available in 300mg and 370mg iodine concentrations in a vial of either 50 ml or 100 ml. In addition, it is used in cardiac angiography, radiology, CT, urography among others. KScan, is a product that is a non-ionic contrast medium that is available in 300 mg or 370mg iodine concentration with 61.2g/100 ml Iopamidol and 75.5g/100ml Iopamidol. Lastly, Multihance is a product that is used in MRI applications and is a combination of Gadolinium-BOPTA molecule, which is able to facilitate double relaxivity and dual-route of elimination. It is available in 10ml, 15ml, and 20ml vials and is FDA approved.
The North American region to hold a noteworthy share over the forecast period owing to rising cases of different types of cancer in the high-income countries such as the US and the Asia Pacific region is estimated to increase its share over the forecast period owing to the investments being made into the healthcare sector.
The North American region is expected to hold a noteworthy market share over the forecast period owing to the fact many leading pharmaceutical companies are involved in providing contrast media products in this region and the well-established healthcare industry and infrastructure in the countries such as the US. In addition, there is faster adoption of solutions and reagents that are able to enhance the medical scanning images in the region owing to the rising cases of different types of cancer and other diseases among the individuals in the US, which is attributed to the sedentary lifestyle they lead.
Whereas, the Asia Pacific region is estimated to show promising growth prospects over the forecast period. This is attributable to the fact that several initiatives are being taken by the government and many investments are being poured in order to accelerate the development of the healthcare sector and healthcare sector in countries such as India, to make quality services available to the public.
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