Magnetic Resonance Imaging (MRI) Contrast Agents Market to Surge 1.5X by 2029
The global magnetic resonance imaging (MRI) contrast agents market is anticipated to join the billion-dollar club in 2025. While the healthcare sector across the world is showcasing a radical shift towards value-based models, government agencies are playing their part by enabling easy product approvals, in unison. As the preference for non-invasive treatment and multimodality diagnostic imaging services continues to climb, the global magnetic resonance imaging contrast agents will expand 1.5X by the year 2029.
Frequently Asked Questions about Magnetic Resonance Imaging (MRI) Contrast Agents Market
Which region is expected to lead the sales of magnetic resonance imaging contrast agents?
North America remains the most lucrative market in terms of revenue, and this trend is anticipated to continue throughout the forecast period. Asian countries such as India and China remain the targeted geographies expected to provide immense opportunities for regional and major players operating in the magnetic resonance imaging contrast agents market.
Which product type is expected to be attractive in the magnetic resonance imaging contrast agents market?
Paramagnetic contrast agents have emerged as a prominent segment by product type, representing more than 99% of revenue share in the MRI contrast agents market. Owing to their use as MRI contrast agents for humans, unlike superparamagnetic contrast agents, which are basically used for in-vivo and in-vitro MRI studies of small animals, the segment enjoys high demand.
Who are the major players contributing to the growth of magnetic resonance imaging contrast agents market?
Bayer AG, Guerbet GmbH, and GE Healthcare LLC. are key players operating in the magnetic resonance imaging contrast agents market. Introduction of new products and effective marketing are the key strategies being practised by major market players to enhance their product portfolio and market share in the global MRI contrast agents market space. However, providing a cost-effective product is also another major criterion where manufacturers are competing on.
How do complications associated with MRI contrast agents hamper market growth?
MRI contrast agents are generally very safe but also found to be toxic and harmful to some extent. Nephrogenic systemic fibrosis (NSF) is the most common complication encountered during the diagnosis procedure using MRI contrast agents. Manufacturers in the magnetic resonance imaging contrast agents market are correcting these flaws by using binding agents or cheaters to prevent the deposition of metals in the body. However, some concerns have also been raised that not all the gadolinium injected for the scan are eliminated from the body, and may cause harm to the body in the long-term.
Paramagnetic Contrast Agents Capture over 95% Market Share
Owing to better clinical outcomes as well as increasing availability of patient-compliant drugs, paramagnetic contrast agents will be at the forefront of the global magnetic resonance imaging contrast agents market by a huge margin. Among these contrast agents, extracellular fluid (ECF) agents are leading the pack with around 90% share, while blood pool contrast agents (BPCAs) are likely to see double-digit demand growth. Meanwhile, this study predicts sluggish demand growth for superparamagnetic contrast agents.
Opportunities Abound in Developed Regional Markets
Upsurge in MRI installations and MRI scans as well as healthcare spending would be the deciding factors shaping the global magnetic resonance imaging contrast agents market, in both, developed and developing regions. By capturing a relatively higher share in overall revenue, North America continues to define stakeholders’ bottom lines, followed by Europe. The U.S. and Germany are spearheading these developed regional markets, respectively. Moreover, the emergence of the MRI contrast agents market in Asia is influencing stakeholders to realign their strategies.
Product Customization – A Unique Selling Point
In an effort to gain a competitive edge, players in the magnetic resonance imaging contrast agents market are focusing on customizations to aid radiologists provide high-quality patient care. Bracco Diagnostics Inc., for instance, introduced a customizable media kit, in mid-2019, for ProHance® (Gadoteridol) MRI contrast agent injection to visualize lesions in the head and neck during MRI scans. Furthermore, GE Healthcare launched Clariscan (gadoteric acid), a new macrocyclic MRI contrast agent, in Europe and South Korea.
Paramagnetic contrast agents account for a voluminous revenue share
Superparamagnetic contrast agents to see sluggish adoption
Hospitals remain key end users
Adoption in diagnostic centers on the rise
How Growth will Unfold
Hospitals would remain key end users in the global magnetic resonance imaging contrast agents market, on the back of substantial rise in installed base of MRI units and high visit rate at outpatient departments. Diagnostic centers, on the other hand, are also reflecting lucrative prospects for market players. The adoption of MRI contrast agents in both these end users currently accounts for over ¾ share of total market revenue, while that in ambulatory surgical centers (ASCs) is likely to dip through 2029.
* This data is only a representation. Actual data may vary and will be available in report.Click Here To Know How The Growth Will Unfold
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Magnetic Resonance Imaging (MRI) Contrast Agents Market Analysis 2019 - 2029
A recent market study published by Future Market Insights (FMI) on the magnetic resonance imaging (MRI) contrast agents market offers global industry analysis for 2014-2018 and opportunity assessment for 2019-2029. The report consists of a comprehensive assessment of the most important market dynamics. On conducting thorough research on the historical as well as current growth parameters of the magnetic resonance imaging contrast agents market, growth prospects of the market are obtained with maximum precision. The report features unique and salient factors that may make a huge impact on the development of the magnetic resonance imaging contrast agents market during the forecast period. It can help market players modify their manufacturing and marketing strategies to envisage maximum growth in the MRI contrast agents market in the coming years. The report provides detailed information about the current and future growth prospects of the magnetic resonance imaging contrast agents market in the most comprehensive way for better understanding of readers.
Magnetic Resonance Imaging (MRI) Contrast Agents Market Taxonomy
FMI’s study on the magnetic resonance imaging contrast agents market offers information divided into three important segments— product type, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
- Paramagnetic Contrast Agents
- Extracellular Fluid (ECF) Agents
- Blood Pool Contrast Agents (BPCAs)
- Organ-specific Agents
- Superparamagnetic Contrast Agents
- Ambulatory Surgical Centers
- Diagnostic Centers
- North America
- Latin America
- Western Europe
- Eastern Europe
- Middle East and Africa
The report commences with the executive summary of the MRI contrast agents market report, which includes the summary of key findings and statistics of the market. It also includes the market value (US$ million) estimates of the leading segments of the magnetic resonance imaging contrast agents market, as well as the key trends impacting the market.
Readers can find detailed taxonomy, definition of the magnetic resonance imaging contrast agents market, and the key inclusions and exclusions in this chapter, which help readers understand basic information about MRI contrast agents.
This section highlights the key trends impacting the magnetic resonance imaging contrast agents market, which will help readers understand the current trends and their impact on market growth.
In this chapter, the reader can get information about the parent market of MRI contrast agents market. Novel use cases, product adoption by region, product USPs, number of scans by country, and how combination imaging modalities will enhance medical imaging.
This section explains the current and future market volume (In Liters) projections and the growth trend. Readers can also get knowledge the current installed base of MRI Units, by region/ country and historical market volume (In Liters) of global magnetic resonance imaging (MRI) contrast agents market.
The report covers the pricing analysis of the market on the basis of region and other attributes in this chapter. It will help the reader find comparative analysis of product pricing across different regions of the globe.
This section explains the global market value analysis and forecast for the MRI contrast agents market during the forecast period of 2019-2029. Along with the historical market and opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019), and an incremental $ opportunity for the forecast period (2019–2029).
This chapter explains the key macro-economic factors that are expected to influence the growth of the magnetic resonance imaging contrast agents market over the forecast period. The chapter also highlights macroeconomic factors and major forecast factors that will shape market growth. This section also highlights the reimbursement scenario, regulatory scenario, and the value chain analysis. Besides, it provides key dynamics of the magnetic resonance imaging contrast agents market, which include the drivers, restraints, and opportunity analysis. This chapter is expected to enable readers to understand the factors that are propelling the growth of the magnetic resonance imaging contrast agents market, as well as those that are likely to hamper the growth of the MRI contrast agents market. The opportunity analysis for the magnetic resonance imaging (MRI) contrast agents will help readers understand the market opportunities, based on which they can plan their strategies.
Based on product type, the magnetic resonance imaging contrast agents market is segmented into paramagnetic contrast agents and superparamagnetic contrast agents. Paramagnetic contrast agents are further divided into extracellular fluid (ECF) agents, blood pool contrast agents (BPCAs), and organ-specific agents. In this chapter, readers can find information about a detailed analysis of the market by different product type of magnetic resonance imaging contrast agents and their growth over the forecast period.
Based on end user, the MRI contrast agents market is segmented into hospitals, ambulatory surgical centers, and diagnostic centers. In this chapter, readers can find information on market attractive analysis based on end user.
This chapter explains how the magnetic resonance imaging contrast agents market will grow across various geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa (MEA).
This chapter includes a detailed analysis of the growth of the North America magnetic resonance imaging contrast agents market along with the country-wise assessment including the U.S. and Canada. Readers can also find key takeaways of this region, and market growth based on product type, end user, and country of magnetic resonance imaging contrast agents in the North American region.
This chapter includes the growth prospects of the magnetic resonance imaging contrast agents market in leading countries such as Brazil, Mexico, Argentina, and the rest of Latin America. Readers can find thorough information about the growth parameters of the Latin America MRI contrast agents market during the period 2019-2029.
Important growth prospects of the magnetic resonance imaging contrast agents market based on product type, end user, and country in several European countries such as the U.K., Germany, France, Italy, Spain, Russia, BENELUX, and Rest of Europe are included in this chapter.
Detailed information about factors such as incremental opportunity, Y-O-Y growth, and regional trends that are impacting the growth of the East Asia magnetic resonance imaging contrast agents market are included in this chapter. It also includes the growth prospects of the magnetic resonance imaging contrast agents market in leading East Asian countries such as China, Japan, and South Korea.
India, Indonesia, Malaysia, Thailand, and the Rest of South Asia are the leading countries/regions in South Asia that are the prime subjects of assessment to obtain the growth prospects of the South Asia MRI contrast agents market, in this chapter. Readers can find thorough information about the growth parameters of the South Asia magnetic resonance imaging contrast agents market during the period 2018-2028.
This chapter consists of important parameters that have a huge impact on the growth of the magnetic resonance imaging contrast agents market in Oceania, based on market segmentation, during the forecast period. The chapter also provides an overview of the drivers, restraints, and trends in the Oceania magnetic resonance imaging contrast agents market.
This chapter provides information on how the magnetic resonance imaging contrast agents market will grow in the major countries in MEA region, such as GCC Countries, South Africa, and Rest of MEA during the period 2019-2029.
This chapter covers the market analysis of competitors based on revenue tiers, single point view of portfolio across industry segments, and their relative market position.
In this chapter, readers can find a comprehensive list of all the leading stakeholders in the magnetic resonance imaging contrast agents market, along with detailed information about each company, including company overview, revenue shares, strategic overview, and recent company developments. Players featured in the magnetic resonance imaging (MRI) contrast agents market report include Bayer AG, GE Healthcare LLC, Guerbet GmbH, Bracco Imaging SpA, and Miltenyi Biotec B.V. & Co. Kg, among others.
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the report.
This chapter helps readers understand the research methodology followed to obtain various conclusions, important qualitative information, and quantitative information about the magnetic resonance imaging contrast agents market.
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