According to The Insight Partners market research study titled ‘Contrast Media Agents Market to 2027 – Global Analysis and Forecasts by Type, Imaging Modality, Indication, Route of Administration and Geography. The Global Contrast Media Agents Market is expected to reach US$ 6,860.6 Mn in 2027 from US$ 4,855.2 Mn in 2018. The market is estimated to grow with a CAGR of 4.0% from 2019-2027. The report highlights the trends prevalent in the global contrast media agents market and the factors driving the market along with those that act as challenges to its growth.
Bayer AG and General Electric are – Notable Market Players in Contrast Media Agents Market
The contrast media agents is a mature market in nature with consisting of the good and enormous number of players, having considerable revenue in the market. Most of the companies operating in the contrast media agents market are offering contrast media agents for the X-ray, MRI and CT scans.
The Contrast Media Agents in healthcare market is expected to witness substantial growth post-pandemic. The Contrast Media Agents in healthcare market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth.
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The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
The most notable market participants are General Electric, Bayer AG, Bracco, Guerbet, Lanthus Medical Imaging Inc., nanoPET Pharma GmbH, Unijules Life Sciences Ltd., Magnus Health Management Pvt. Ltd, J. B Chemicals and Pharmaceutical Ltd and Jodas Expoim among the others have occupied a considerable share of the market owing to their product offerings to the companies.
Market leaders are involved in organic and inorganic growth strategies in the contrast media agents market. For instance, the companies have maximized their growth with several organic strategies to enhance the market value and position in the market. The organic developments in the market were maximum among the development in the contrast media agents.
Moreover, in March 2017, GE Healthcare, a pharmaceutical and medical equipment manufacturer, has expanded its range of magnetic resonance imaging (MRI) contrast media products with the launch of macrocyclic agent Clariscan (gadoteric acid) in Europe. Furthermore, in February 2016, Bracco Diagnostics received FDA approval for its first barium-based contrast imaging agent, E-Z-HD indicated for its use in double-contrast radiographic examinations to visualize the gastrointestinal tract. A year ago, In January 2015, the FDA approved Gadavist for use with MRI in pediatric patients less than 2 years of age, including term neonates, to detect and visualize areas with disrupted blood brain barrier and/or abnormal vascularity of the central nervous system.
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