Cancer Contrast Media Market Share, Size, Trends, Industry Analysis Report, By Product (Microbubble, Gadolinium-Based, Iodinated, and Barium-Based); By Modality; By End User; By Region; Segment Forecast, 2024 - 2032
- Published Date:Feb-2024
- Pages: 119
- Format: PDF
- Report ID: PM4563
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Cancer contrast media market size was valued at USD 658.67 million in 2023. The market is anticipated to grow from USD 718.21 million in 2024 to USD 1,468,79 million by 2032, exhibiting the CAGR of 9.4% during the forecast period.
Market Overview
The rising prevalence of various complex comorbidities and long-term diseases like cancer increases the demand for diagnostic imaging tests, including X-rays, CT scans, and ultrasound, which contributes to the demand for contrast media. Also, the growing emphasis on the early detection of cancer has resulted in greater demand for innovative imaging procedures, which, in turn, fuels the need for contrast agents for enhancing diagnostic accuracy.
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For instance, according to a report by the American Cancer Society, 1958,310 new cancer cases and about 609,820 cancer deaths were reported in 2023 in the United States. The number of cancer cases is growing continuously, and incidences of prostate cancer rose by 3% annually between the period of 2014 to 2019.
Furthermore, nanomedicine has gained huge traction and popularity in contrast media over the years, as they have made notable advances and opportunities for new contrast media types with smaller molecules, mainly for molecules having a diameter of less than 1 µm. Also, the advent of USMI (ultrasonographic molecular imaging) has represented an innovative approach that is perfectly aligned with personalized medicine and creates new growth potential for the market.
Growth Factors
Rising Population and Prevalence of Cancer to Foster Market Growth
There is a rapid increase in the global population that leads to a significant boost in incidences of cancer, which is expected to boost the overall spending on the healthcare sector. As people age across the globe, the risk of developing several types of diseases, including cancer, also rises, which drives the demand for effective diagnostic procedures like imaging studies, which often require contrast media.
For instance, according to a report by the United Nations, the global population touched 8 billion in November 2022, with an increase of almost 1 billion people since 2010. It is estimated that the global population will reach 9.7 billion in 2050 and about 10.4 billion in 2080.
Advancements in Diagnostic Technologies Driving Market’s Growth
With the growing advancements in diagnostic technologies such as radiographic tests and nuclear imaging and rising people's awareness about the availability of advanced treatment or diagnosis options, the demand for diagnostic services worldwide is growing drastically. For instance, in August 2023, a new PET scanning facility and nuclear medicine service were launched at St John's Medical College. It will improve cancer diagnosis as well as treatment options.
Restraining Factors
Side Effects of Contrast Agents and Lack of Awareness Restraining the Market Growth
There are some side effects or adverse reactions that might occur due to contrast agents that affect the adoption of contrast media in cancer imaging. Additionally, low awareness among patients regarding the potential benefits of contrast media and limited reach in low- and middle-income countries are also expected to hinder cancer contrast media market growth.
Report Segmentation
The market is primarily segmented based on product, modality, end user, and region.
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By Modality |
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By Region |
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By Product Insights
Iodinated Segment Accounted for the Largest Share in 2023
The iodinated segment accounted for the largest cancer contrast media market share in 2023. This dominance is accelerated by their widespread use in X-rays and computed tomography because iodine has a higher atomic number compared to many tissues in the body, helps in producing more attenuation of X-rays, and also increases X-ray image contrast.
The gadolinium-based segment is anticipated to hold a significant revenue share in cancer contrast media market analysis and is growing at the fastest pace. This is due to their increasing adoption for intravascular use for MRI (Magnetic Resonance Imaging), as it has the highest number of unpaired electrons that allow for brighter images on MRI scans.
By Modality Insights
X-Ray/Computed Tomography Segment Held the Majority Revenue Share in 2023
The X-ray/computed tomography segment held the maximum share. Segment dominance is attributed to a significant increase in the need for contrast media in X-rays with the purpose of highlighting the specific anatomical features of the body. In addition, with X-rays and CT (computed tomography) increasingly employed for cancer screening across the world, the demand for contrast media is drastically increasing in such modalities.
The magnetic resonance imaging segment is expected to grow at the fastest growth rate during the cancer contrast media market research. Segment’s growth is accelerated by growing advancements in MRI technologies like enhanced imaging sequences and high-field strength magnets that have significantly improved the specificity of MRIs in cancer detection.
By End User Insights
Hospitals & Clinics Segment Captured Largest Share in 2023
The hospitals & clinics segment captured noteworthy share of the market in 2023. This dominance is fueled by surge in the number of MRI and CT scans being performed in the hospitals and higher proliferation among patients for early detection or diagnosis of cancer that led to greater demand for contrast media. For instance, as per a report published by NHS England, more than 43.3 million imaging tests were performed between the period of March 2021 to March 2022 including 0.56 million CT scans and 0.32 million MRIs.
Regional Insights
North America Dominated the Global Market in 2023
The North America region dominated the global market. The robust presence of well-established healthcare facilities and easy availability or access to advanced diagnosis technologies accelerate the region’s dominance. In addition, the growing aging population of the region leads to an increased prevalence of cancer as the chance of developing cancer is higher in older individuals, thereby fostering the adoption of contrast media for better or more accurate imaging procedures. For instance, according to our findings, 58 million people in the United States are aged 65 years and older, and the number is projected to reach 82 million by 2050.
The Asia Pacific region is anticipated to grow at the fastest growth rate during the cancer contrast media market outlook. This growth is attributed to the rising incidence of cancer in the region and continuous improvements in healthcare infrastructure as well as facilities, particularly in developing nations, that led to easier accessibility to advanced diagnostic tools. For instance, as per a report by the National Library of Medicine, 14,61,427 new cancer cases were found in India in 2022, and one in every nine people in the country is likely to develop cancer during their lifetime.
Key Market Players & Competitive Insights
Favorable Regulatory Standards and Technology Enhancements to Drive the Competition
The cancer contrast media market is fragmented in nature and is anticipated to witness competition due to global players presence. Also, companies are competing on factors like compliance with regulatory standards, diversification of their product offerings, and developing awareness programs to make people aware about the availability of innovated cancer imaging technologies.
Some of the major players operating in the global market include:
- Bayer AG (Germany)
- Bracco Imaging SPA (Italy)
- Daiichi Sankyo Company Limited (Japan)
- Gadovist Laboratories (Canada)
- GE Healthcare (US)
- Guerbet (France)
- Hengrui Medicine Co. Ltd. (China)
- J.B. Chemicals & Pharmaceutical Ltd. (India)
- Lantheus Holdings Inc. (US)
- NanoScan Imaging (US)
- Subhra Pharma Pvt. Ltd. (India)
- Taejoon Pharm Co. Ltd. (South Korea)
Recent Developments in the Industry
- In August 2023, Fresenius Kabi announced the launch of its new Gadobutrol Injection, which is a generic contrast alternative to the Gadavist to be used in MRI (magnetic resonance imaging). The newly developed injection will be available in single dose vials at 2, 7.5, 10, and 15 ml.
- In October 2022, American College of Radiology, announced about the launch of its new contrast enhanced mammography imaging screening trial in a collaboration with Breast Cancer Research Foundation. This trial will mainly focus on determining the ability of contrast mammography to improve breast cancer detection and also to reduce false positive exams.
Report Coverage
The cancer contrast media market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, product, modality, end user, and their futuristic growth opportunities.
Cancer Contrast Media Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 718.21 billion |
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Revenue forecast in 2032 |
USD 1,468.79 billion |
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CAGR |
9.4% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
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Regional scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries, region, and segmentation. |
FAQ's
The Cancer Contrast Media Market report covering key segments are product, modality, end user, and region.
The global cancer contrast media market size is expected to reach USD 1,468.79 million by 2032
Cancer contrast media market is exhibiting the CAGR of 9.4% during the forecast period
North America regions is leading the global market.
Advancements in diagnostic technologies driving market’s growth are the key driving factors in Cancer Contrast Media Market.
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