Overview of this Study:

Analyzing the main market dynamics, including opportunities, challenges, constraints, drivers, and key player tactics, is the study's goal. The competitive landscape of the contrast media market is being monitored in order to keep tabs on business activities, including new launches, approvals, expansions, and partnerships of the dominant players. Additionally, market participants are being analyzed on a number of characteristics 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 split and data triangulation were used to estimate the market sizes of the various segments and subsegments.

DRIVER: Increasing prevalence of chronic medical conditions

Globally, there has been a significant increase in the number of people suffering from cancer. In various countries across the globe, people are adopting a sedentary lifestyle, which is characterized by a high-calorie diet (that is rich in fat, refined carbohydrates, and animal protein) and low physical activity. With such changes in lifestyle, the number of people suffering from cancer is expected to increase.

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RESTRAINT: Adverse reactions linked to the utilization of contrast materials

For use in MRIs and CT scans, among other diagnostic techniques, contrast media are widely regarded as safe. However, allergic reactions and side effects may limit its use in some patients, which can somewhat impede the market's growth. Although severe reactions are extremely rare and severe allergic reactions to contrast materials are unusual, their adverse reactions can range from mild to severe. For example, an NIH publication states that the incidence of acute reactions to nonionic contrast medium varies from 3% (moderate) to 0.01–0.04% (severe). Negative response rates are correlated with nonionic substances.

OPPORTUNITY: Growing body of study on contrast media

For market participants, there are a plethora of prospects due to the increasing research and development into novel contrast media and the creation of additional uses 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 technology in October 2022 that may make it possible to distinguish between cancers and healthy tissue depending on the metabolic activity of each. To improve this technology for clinical patient trials, funding 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 initial financing of USD 25,000 to Dr. Gang Han, a biochemistry and pharmacology professor, in 2020 for his research on less harmful gadolinium-based drugs or MRI contrast medium.

CHALLENGE: Lack of qualified personnel

To perform complex and advanced diagnostic imaging techniques, a high level of technical skill and knowledge is required. According to data from the US Bureau of Labor Statistics, employment growth for radiology technologists is expected to be close to 6% between 2022 and 2032. Despite the market's noteworthy growth, the lack of professionals and qualified radiologists will hinder it.

Impact on Global Industry Revenue:

The global contrast media market in terms of revenue was estimated to be worth $6.3 Billion in 2023 and is poised to reach $9.7 Billion by 2029, growing at a CAGR of 7.5% from 2023 to 2029.

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