MRI Contrast Media Market
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MRI Contrast Media Market size was valued USD 1.6 billion in 2023 and is expected to grow at a CAGR of 4.6% between 2024 and 2032. The market growth is driven by the growing prevalence of chronic diseases, rising demand for early diagnosis, and increased R&D investment and activities.
As reported by the American Cancer Society projected figures for new cancer cases and deaths in 2022 indicate an estimated 1.9 million new cancer diagnoses and 609,360 cancer-related deaths in the U.S. alone. Thus, rise in cancer/oncology cases is expected to spur the demand for early diagnosis.
MRI contrast media, also known as contrast agents, are imaging agents or the substances injected to enhance the visibility of the tissues or organs during MRI procedure. These agents contain the magnetism properties that alter the magnetic resonance properties of surrounding tissues, providing clearer and more detailed images. MRI contrast media assist in visualizing and characterizing abnormalities like tumors, inflammation, and vascular conditions during MRI scans with enhanced diagnostic precision.
Report Attribute | Details |
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Base Year: | 2023 |
MRI Contrast Media Market Size in 2023: | USD 1.6 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2023 - 2032 CAGR: | 4.6 |
2023 Value Projection: | USD 2.5 Billion |
Historical Data for: | 2018 to 2023 |
No of Pages: | 180 |
Tables, Charts & Figures: | 316 |
Segments Covered: | Product, Type, Application, End-use, & Region |
Growth Drivers: |
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Pitfalls Challenges: |
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The MRI contrast media market has experienced negative impact due to the COVID-19 pandemic. Disruptions in healthcare services, postponed the elective procedures along with the reallocation of resources for pandemic-related needs have led to a temporary decline in demand for diagnostic imaging, particularly in MRI. According to a report from IMV Medical Information Division, the pandemic is estimated to have resulted in a 35% decrease in MRI procedure volume in the U.S. alone in 2020. Thus, a negative impact on the contrast media market was observed in 2020.
Based on product, the MRI contrast media market is segmented into extracellular contrast agents, blood-pool agent, and hepatobiliary agents. The extracellular contrast agents are expected to lead the market, projecting the highest revenue of USD 1.9 billion by 2032.
Based on the type, the MRI contrast media market is classified into branded and generics. The branded segment dominated the market accounting for the highest share of 67.3% in 2023.
Based on application, the MRI contrast media market is classified into neurological disorders, musculoskeletal disorders, cardiovascular disorders, gastrointestinal disorders, cancer detection, other application. The neurological disorders segment dominated the market accounting for the largest revenue in USD 735.1 million in 2023.
Based on end-use, the MRI contrast media market is classified into hospitals, diagnostic & imaging centers, research institutes and other end-users. The hospitals segment dominated the market anticipating its growth during the analysis period with a CAGR of 4.5%.
In 2023, North America held a significant market share in the MRI contrast media market and is anticipated to dominate the market throughout the forecast period.
The pharmaceutical and biotechnology companies are actively operating in the market, leveraging their research capabilities and global presence. Strategic collaborations, product innovations, and regulatory compliance further strengthen their positions. The market is characterized by ongoing technological advancements and a focus on developing safer and more effective contrast agents, intensifying the competitive dynamics in this vital healthcare segment.
The prominent players operating in the MRI contrast media industry is as mentioned below:
By Product, 2018 – 2032 (USD Million)
By Type, 2018 – 2032 (USD Million)
By Application, 2018 – 2032 (USD Million)
By End-use, 2018 – 2032 (USD Million)
The above information is provided for the following regions and countries:
Bayer HealthCare LLC, Guerbet LLC, GE HealthCare, Lantheus Medical Imaging, Inc., B. Chemicals and Pharmaceuticals Ltd., Bracco, BioPAL, Inc., Vitalquan, LLC, Fresenius Kabi, and Polarean.
The extracellular contrast agents segment is expected to reach USD 1.9 billion by 2032 due to their efficacy in enhancing image contrast.
The hospitals segment is anticipated to record over 4.5% CAGR from 2023 to 2032 as these are primary facilities for patients undergoing major diagnostic tests, making MRI contrast media the focal point.
The hospitals segment is anticipated to record over 4.5% CAGR from 2023 to 2032 as these are primary facilities for patients undergoing major diagnostic tests, making MRI contrast media the focal point.