MRI Contrast Media Agents Market Growth & Trends
The global MRI contrast media agents market size is expected to reach USD 3.42 billion by 2030, registering a CAGR of 7.15% during the forecast period, according to a new report by Grand View Research, Inc. The factors anticipated to propel the growth include the rising prevalence of chronic diseases and the rising demand for early diagnosis. It is anticipated that the increasing number of clinical trials to determine the efficacy and efficiency of MRI contrast media agents in various clinical applications will spur market expansion.
According to WHO, chronic diseases will account for three-quarters of all deaths worldwide by 2020. Prevention of chronic diseases is possible if patients are diagnosed and treated early. However, to date, only four companies, Bayer AG, GE Healthcare LLC, Guerbet GmbH, and Bracco Imaging SpA are actively involved in the manufacture of MRI contrast agents, which creates tremendous opportunities for small businesses as well as the largest organization.
The early diagnosis of chronic diseases, such as cancer, cardiac diseases, and neurological disorders, significantly increases prognosis by enabling on-time treatment. Cancer and cardiovascular diseases together result in the highest global mortality rate. This has captured the attention of various governments & healthcare organizations and is driving them to work toward creating awareness regarding these diseases.
Companies like Miltenyi Biotec B.V. & Co. Kg, Reveal Pharma, and others have developed contrast media agents and are currently in the preclinical stage. The efficacy, safety, and in vivo compatibility of contrast agent makes them critical for receiving FDA approval. Several government initiatives to develop modern healthcare centers and also provide financial support for new MRI machines are driving the growth of the MRI contrast media agents industry. However, the reduction in diagnostic scans during the COVID-19 pandemic, the halt of logistics, and the development of generic products contributed to a decline in the market in 2020 and 2021. However, it is expected to bounce back by late 2022.
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MRI Contrast Media Agents Market Report Highlights
The adoption of advanced imaging technologies is augmenting the growth of the MRI and MRI contrast media agents industry
Paramagnetic agents are anticipated to be the fastest-growing segment during the forecast period due to the efficiency and wide adoption of these agents by radiologists
MRI contrast media agents for neurological imaging dominated the market in 2022, due to the growing number of neurological diseases and increased demand for less invasive diagnostic procedures
Hospital accounted for the largest share of the end-use segment in 2022, due to the treatment of chronic illnesses in the hospitals and high financial support
Clinical research accounted for the largest share based on type, in 2022
In 2022, North America dominated the global space with the largest revenue share, owing to continuous research and high adoption of advanced diagnostic techniques in the region
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