The MRI Contrast Agents Market was at US$ 2.2 Billion in 2021 and is growing approx US$ 4.54 Billion by 2030, with a CAGR growth of 3.7% between 2022 and 2030.

SANDY, UTAH, UNITED STATES, September 26, 2022 /EINPresswire.com/ -- According to the study, The Global MRI Contrast Agents Market was estimated at USD 2.2 Billion in 2021 and is anticipated to reach around USD 4.54 Billion by 2030, growing at a CAGR of roughly 3.7% between 2022 and 2030.

MRI Contrast Agents Market: Overview

The rapidly increasing demand for advanced healthcare facilities among the people has boosted the market for contrast agents to a great extent which is expected to grow further about the huge number of patients suffering from chronic diseases all over the world, which mainly include people belonging to the geriatric population. Using a suitable contrast media makes it possible for the technician to have a better view of the pathological changes that have taken place inside the individual’s body.

The introduction of various advanced imaging techniques in the current healthcare system has boosted the demand and supply of advanced contrast media that helped to provide accurate results. Digital solutions introduced into the market help to administer suitable contrast media, and it has emerged as a major growth factor for the contrast agents market.

MRI Contrast Agents Market: Growth Drivers

The increasing acceptance of modern technology in the healthcare system expressed by the people has emerged as a major driving force for the growth of the contrast media market, which is expected to continue similarly in the future. The huge demand for various imaging procedures that help diagnose and hence assist the physician in selecting a suitable line of treatment for the patient has emerged as a major driving force for the market.

The extensive research and development programs carried out by the key market players with the view to introducing modern technologies and imaging methods into the market have helped the contrast media market record considerable growth over the period.

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Key Insights:

A) Per the analysis shared by our research analyst, the MRI Contrast Agents market is estimated to grow annually at a CAGR of around 3.7% over the forecast period (2022-2030).
B)In terms of revenue, the MRI Contrast Agents market size was valued at around USD 2.2 Billion in 2021 and is projected to reach USD 4.54 Billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Constant radiation exposure proves to be harmful to the health of individuals, which shows its side effects during the later stages of life. The various allergic reactions that are noticed by the use of various contrast media have greatly hindered the market’s growth.
D) The lucrative offers provided by the reimbursement facilities and insurance companies have helped the contrast media market to record considerable revenue over the period. The rapidly increasing developments in developing nations regarding the healthcare sector have boosted the use of advanced contrast media for imaging techniques.
E) The lack of skilled professionals in the healthcare sector has emerged as a major challenge for the growth of the contrast media market.
F) The high cost associated with using advanced contrast media has emerged as another challenge to the market’s growth. These multiple reasons have emerged as the major challenges to the growth of the contrast media market.

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Regional Landscape

The geographical region of North America has emerged as the largest market for contrast agents for MRI market to the huge number of operative procedures that are carried out in this region that require imaging techniques for confirming the diagnosis of the patient and observing the various pathological changes that have taken place that need to be treated during the operative procedure. The increasing number of orthopedic surgeries all over the world has also helped boost the market for contrast agents, which is supported by the increasing number of road traffic accidents resulting from rapid modernization.

The increasing number of chronic diseases among the people belonging to this region has also boosted the requirement for advanced imaging techniques that make use of better contrast agents that provide better visualization to the technician to arrive at a suitable diagnosis for the patient, which assists the physician to select a proper line of treatment for the patient. Asia Pacific has also emerged as a huge market for contrast agents for MRI about the increasing number of operative procedures carried out in this region and the various advanced healthcare facilities that people demand after the pandemic outbreak.

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Key Players

GE Healthcare
Bracco Imaging SPA
Bayer AG
Guerbet
Lantheus Medical Imaging
Unijules Life Sciences
B. Chemicals and Pharmaceuticals Ltd.
SANOCHEMIA Pharmazeutika GmbH
Taejoon Pharm
Jodas Expoim
Nano Therapeutics Pvt. Ltd.
Kiran X-ray
iMax Diagnostic Imaging Limited
YZJ Group
Livealth Biopharma Pvt. Ltd.
Trivitron Healthcare Pvt. Ltd.
Novalek Pharmaceuticals Pvt. Ltd.
Unispire Biopharma Private Limited
Acro Lifesciences (I) Pvt. Ltd.
Congruent Pharmachem Private Limited
Stanex Drugs & Chemical Pvt. Ltd.
Beijing Beilu Pharmaceutical Co., Ltd.
Rege Imaging & Cine Films Private Limited
K DIAM EXIM
Subhra Pharma Pvt. Ltd.

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The MRI Contrast Agents Market is segmented as follows:

By Modality

X-ray
CT scan
Ultrasound
MRI scan

By Product Type

Barium based
Iodinated
Micro-bubble
Gadolinium based

By Application

Neurological disorder
Cardiovascular disorder
Cancer
Gastrointestinal disorder
Musculoskeletal disorder
Nephrological disorder
Others

By Geography

North America

The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe

Asia Pacific

China
India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific

Latin America

Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa

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