According to a recent market study published by Growth Market Reports, titled, "Global MRI Contrast Agents Market by product types, route of administration, end-users and by Region: Size, Share, Trends and Opportunity Analysis, 2017-2027", the market was valued at USD 798.3 Million in 2019 and is expected to grow at a healthy growth rate of 4.0% by the year 2027. The MRI contrast agents market is anticipated to grow significantly during forecast period. MRI contrast agents have remarkable importance due to increasing MRI scanning for early diagnosis and rising number of MRI examinations. Also, growing number of MRI contrast agents approvals, collaborations and mergers between universities, manufacturers, and laboratories is ultimately resulting into strong pipeline for MRI contrast agents. Recently, several MRI contrast agents have been approved by the US FDA and other regulatory organizations

Global MRI Contrast Agents market has been fragmented based on product types, route of administration, end-users, and by regions. In terms of product types, the global MRI contrast agents market is categorized as paramagnetic contrast agents and superparamagnetic contrast agents; however paramagnetic contrast agents are further sub-segmented as extracellular fluid (ECF) agents, blood pool contrast agents (BPCAs), and organ-specific agents.

Based on route of administration, the market is classified as intravascular and oral. In terms of route of administration, the market is classified as hospitals, ambulatory surgical centers, and diagnostic centers. By region MRI contrast agents market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America region is further bifurcated into countries such as the U.S., and Canada. The Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, the Asia Pacific is further segmented into, China, Japan, South Korea, Australia, Southeast Asia, and Rest of Asia Pacific. The European region is further categorized into Germany, France, Italy, the U.K., Spain, Russia, and the Rest of Europe, and the MEA region is further divided into GCC Countries, Tukey, Israel, and the Rest of MEA.

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The effect of COVID-19 pandemic has led to the closure of several non-essential businesses reducing the demand for industrial goods in the world, which in turn, is affecting several industries worldwide. The COVID-19 pandemic has negatively affected the production activities across MRI contrast agents manufacturing units worldwide, the demand for MRI contrast agents has slowed down throughout the pandemic. As the frequency of MRI scanning of patients has lowered during the lockdown period. The global supply chain has slowed down due to restrictions on national borders. Regarding the MRI contrast agent market as demand has been growing at normal growth rate during pandemic situation. Additionally, the MRI contrast agents production has slowed down and the market is expected to witness sluggish growth during COVID.

As per Growth Market Reports’ industry analyst Vidya Jadhav, “The rising old population, and increasing prevalence of chronic diseases and Increasing demand for early diagnosis and rising volume of MRI examinations are anticipated to drive the growth of MRI contrast agents market significantly. The demand for MRI contrast agents is expected to bounce back after 3rd quarter of 2021.”

Key Takeaways from the Study

  • Asia Pacific is expected to continue dominating the MRI Contrast Agents market due to the increasing old population owing to the rising life expectancy in the region.
  • In terms of product types, the MRI contrast agents market is bifurcated into paramagnetic contrast agents and superparamagnetic contrast agents. The paramagnetic contrast agents segment is further divided into extracellular fluid (ECF) agents, blood pool contrast agents (BPCAs), and organ-specific agents. The paramagnetic contrast agents segment accounts for a significant share of the market and is anticipated to expand at a considerable CAGR during the forecast period.

Report Scope

Report Metric

Details

Market Value in 2019

USD 798.3 Million

Market Growth Rate (2020 to 2027)

4.0%

Historical Data

2017 & 2018

Base Year

2019

Forecast Period

2020 – 2027

Market Segments

Product Types, Route of Administration, End-users

Regional Scope

North America, Europe, Latin America, Asia Pacific, Middle East & Africa (MEA)

Country Scope

U.S., Canada, Brazil, Mexico, Rest of Latin America, China, Japan, South Korea, India, Australia, Southeast Asia, Rest of Asia Pacific, Germany, France, Italy, U.K., Spain, Russia, Rest of Europe, GCC Countries, Tukey, Israel, and Rest of MEA.

Key Companies Profiled

Bayer AG, Bracco Diagnostic, Guerbet, Jiangsu Hengrui Pharmaceutical Co., Ltd., Lantheus Medical Imaging, Inc, General Electric Company, LIVEALTH, Nano Therapeutics Pvt. Ltd, Spago Nanomedical AB, Magnus Health, Trivitron Healthcare, Beijing BeiLu Pharmaceutical Co., Ltd, Rege Imaging & Cine Films Private Limited, Unijules Life Sciences Ltd, J B Chemicals and Pharmaceuticals Ltd.

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: MRI contrast agents manufacturers, raw material suppliers, primary respondents, and distributors,
  • Demand Side: Hospitals, Ambulatory Surgical Centers, Diagnostic Centers.
  • Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies.
  • Associations and Industry Bodies: Food and Drug Administration (FDA), European Patent Office (EPO), International Organization for Standardization (ISO), World Health Organization (WHO), American Association of Physic in Medicine (AAPM).