Image courtesy of GE Healthcare
February 11, 2020 — The magnetic resonance imaging (MRI) contrast agents market is expected to grow rapidly in the foreseeable future, due to surging demand for image-guided surgical procedures, according to a new report from Future Market Insights (FMI). Advancements in diagnostic imaging and growing number of diagnostic centers offering magnetic resonance imaging (MRI) services create a significant opportunity for players operating in the MRI contrast agents market.
Increasing investments in the magnetic resonance imaging contrast agents market by key market players and new product launches are major factors expected to boost growth further. The global magnetic resonance imaging contrast agents market was valued at $765M in 2018, and is expected to exhibit a CAGR of 4 percent during the forecast period (2019–2029).
Key Takeaways of MRI Contrast Agents Market Study
- Extracellular fluid (ECF) agents contributed more than three-fourth value share of the magnetic resonance imaging contrast agents market in 2018. This can be attributed to the availability of more patient-compliant products, and better clinical outcomes due to their brief vascular phase, rapid distribution in the extracellular space, and faster elimination through renal systems than other contrast agents.
- Hospitals represented the highest market value share, followed by diagnostic centers, due to higher installed base of MRI units in hospitals and substantial visit to outpatient departments for the treatment and diagnosis of several disorders.
- North America holds the highest revenue share in the global magnetic resonance imaging contrast agents market, owing to significant number of MRI scans performed with contrast agents.
- Government initiatives toward the development of modern healthcare centers and financial support towards the growth of medical imaging technologies in Asian countries are expected to drive the growth of the magnetic resonance imaging contrast agents market in the region.
New Product Launches — Imperative Strategy for Market Players
Increasing introduction of new MRI contrast agents is the major factor responsible for intense competition among market players. Several companies are focusing on launching new magnetic resonance imaging contrast agents to increase their product sales and expand market share. For example, in March 2017, GE Healthcare launched Clariscan (gadoteric acid), a new macrocyclic MRI contrast agent, in Europe, and in July 2018 in South Korea.