Major Objectives of This Study:

Analyzing the main market dynamics, including opportunities, challenges, constraints, drivers, and key player strategies, is the study's goal. The competitive landscape of the contrast media market is being monitored in order to keep tabs on business developments, including product launches, approvals, expansions, and partnerships of the dominant players. Additionally, market players are being analyzed on a number of parameters within the broad categories of business and product strategy. Two methods were employed to estimate the market size: top-down and bottom-up. The market breakdown and data triangulation were used to estimate the market sizes of the various segments and subsegments.

Global Growth Impacting Factors:

The number of hospitals and diagnostic centers expanding, the number of contrast media approvals growing, and the accessibility of reimbursement are the primary factors driving growth in the contrast media market. The market is expanding due to rising research on contrast media and growth prospects in emerging economies. Furthermore, during the course of the forecast period, players operating in the contrast media market should be able to take advantage of growth opportunities presented by emerging markets like China and India. However, the adverse effects of using contrast media are limiting this market's expansion.

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Revenue Growth Expectations, Globally:

According to revenue estimates, the global contrast media market will be valued $6.3 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.5% to reach $9.7 billion by 2029.

OPPORTUNITY: Growing body of study on contrast media

For market participants, there are a plethora of opportunities due to the increasing research and development into novel contrast media and the creation of newer applications of contrast media. Globally, businesses, academic institutions, and research centers are working on projects to create new contrast media and increase their uses. Scientist Stefan Glöggler developed a successful MRI contrast agent technique in October 2022 that may make it possible to distinguish between tumors and healthy tissue based on the metabolic activity of each. To advance this method for clinical patient trials, financial support is now being provided by the European Research Council (ERC) and the Else Kröner-Fresenius Foundation's ForTra GmbH für Forschungstransfer.

Similarly, the UMass Technology Development Fund awarded seed funding of USD 25,000 to Dr. Gang Han, a biochemistry and pharmacology professor, in 2020 for his research on less harmful gadolinium-based agents or MRI contrast media.

End Users:

According to end users, the Hospitals, Clinics, and Ambulatory Surgical Centers segment held the highest share in the contrast media industry in 2022.

The contrast media market is divided into categories based on the end user, including diagnostic imaging centers, hospitals, clinics, and ambulatory surgical centers. The global market share held by hospitals, clinics, and ambulatory surgical centers was the highest in 2022. The need for contrast media is increased because hospitals typically make larger investments in and keep a wider variety of cutting-edge imaging equipment, including CT scanners, MRI machines, and interventional radiology suites.

Geographical Growth Scenario:

In terms of contrast media, North America leads the world market.

The contrast media market is divided into four regions: North America, Europe, Asia Pacific, and the rest of the world. North America held the largest market share for contrast media in 2022. The rising incidence of chronic illnesses and rising healthcare costs are the main reasons for the region's significant market share in the world. Furthermore, a number of initiatives and the presence of important players are assisting the region in capturing a respectable portion of the market.

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Leading Players:

The major players operating in this market are GE HealthCare (US), Bracco Imaging S.p.A. (Italy), Bayer AG (Germany), Guerbet (France), Lantheus Medical Imaging (US), Unijules Life Sciences Ltd. (India), JB Pharma (India), Sanochemia Pharmazeutika (Germany), TAEJOON PHARM Co., Ltd. (South Korea), Jodas Expoim (India), iMax Diagnostic Imaging Limited (Ireland), YZJ Group (China), Livealth Biopharma Pvt. Ltd. (India), Unispire Biopharma Private Limited (India), Acro Lifesciences (I) Pvt. Ltd. (India), Stanex Drugs & Chemical Pvt. Ltd. (India), Beijing Beilu Pharmaceutical Co., Ltd. (China), Rege Imaging & Cine Films Private Limited (India), K DIAM EXIM (India), Onko Ýlaç San. ve Tic. A.Þ. (Turkey), Fresenius Kabi (Germany), Biem Ilaç San. ve Tic. A.S. (Turkey), and AdvaCare (US).

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