MRI Contrast Agents Market

Global MRI Contrast Agents Market by Product Types (Paramagnetic Contrast Agents, Superparamagnetic Contrast Agents), by Route of Administration (Intravascular, Oral), by End-users (Hospitals, Ambulatory Surgical Centers, and Diagnostic Centers), and by Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)

  • Report ID: HC-218
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 239
  • Format:
  • Pub. Date: 01-03-2021
  • Share:

Market Outlook:

The global MRI Contrast Agents Market was valued at USD 798.3 Million in 2019 and is projected to reach USD 923.2 Million by 2027, expanding at a CAGR of 4.0% during the forecast period. The demand for MRI contrast agents is growing as demand for early diagnosis is increasing and volume of MRI examinations is on the rise. Moreover, growing number of MRI contrast agents approvals is expected to boost the demand in developing countries. Additionally, Growing Innovation in MRI Equipment is expected to create lucrative opportunities for manufacturers in the market.

Global MRI Contrast Agents Market Summary

Market Dynamics
Approximately 75% of clinical decisions are based on medical diagnostic tests focused on identifying or confirming the presence of a disease. Early diagnosis of the disease improves the chances of early recovery of the patient and lowers the total medical cost. The MRI scan gives detailed biological information about the human body. The recent developments in MRI such as perfusion imaging, MR spectroscopy, diffusion and diffusion of tensor imaging with tractography, functional imaging using bold technology, and neuroimaging, increases the demand for MRI scanning. Moreover, rising development of intraoperative MRI, which helps in various surgeries, such as neurosurgery, is expected to propel the number of MRI scans, thus driving the market. Numerous studies are being carried out on MRI contrast agents through collaborations and mergers between universities, manufacturers, and laboratories. Recently, several MRI contrast agents have been approved by the US FDA and other regulatory organizations.

For example, on November 25, 2020, MegaPro Biomedical Co. Ltd. completed a clinical trial on IOP Injection for MRI contrast agents in Hepatocellular Carcinoma (HCC).
On November 4, 2019, Clariscan, a macrocyclic, ionic, gadolinium-based, MRI contrast agent produced by General Electric was approved by the US FDA.
Bayer AG received FDA approval for Gadavist, as the first contrast agent for cardiac MRI in 2019. Hence, increasing approval rate of MRI contrast agents is projected to fuel the market.

However, several side effects and allergic reactions have been reported with the use of contrast agents. Immediate reactions occur within an hour of the injection. These reactions can range from mild (nausea, vomiting, mild hives, and pallor), to moderate (dyspnea, severe vomiting, severe hives, laryngeal edema, and rigor), to severe (cardiac arrhythmias or arrest, pulmonary edema, and circulatory collapse). The incidence of immediate reactions to nonionic contrast agents is severe (0.01% to 0.04%) and mild (3%). Delayed reactions, occurring hours to weeks after the injection of contrast agent, are usually self-limiting and cutaneous. Alternative imaging tests can provide similar information without causing any risks to patients who have a history of moderate to severe allergic reactions to MRI contrast agents. This, in turn, is expected to hamper the demand for MRI contrast agents during the forecast period.

An MRI equipment usually takes 30 minutes to 60 minutes to complete one scan. The scan time increases with the usage of contrast agents. In October 2017, the FDA cleared the first 7T MRI, more than doubling the static magnetic field strength available for use in the US. In 2016, Siemens introduced an MRI technology that reduces the scan time from four minutes to 16 seconds. Cardiac MRI is limited due to patients with cardiac problems often face complexity in performing MRI scan. However, in 2015, GE Healthcare introduced an MRI technology to simplify the MRI scan process for cardiac MRI.

Segmental Outlook

By Product Types Segment
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.

The paramagnetic contrast agents segment held a major share of the market in 2019 due to its increasing availability of patient-complaint drugs and better clinical outcomes. The extracellular fluid (ECF) agents sub-segment is projected to account for a major share of the market, while the blood pool contrast agents (BPCAs) sub-segment is anticipated to grow at a substantial growth pace during the forecast period.

Global MRI Contrast Agents Market By Product Type

By Route of Administration Segment
On the basis of routes of administration, the MRI contrast agents market is bifurcated into oral and intravascular. The intravascular segment accounts for a significant share of the market and is anticipated to expand at a considerable CAGR during the forecast period. The intravascular segment holds a major share of the market, as it is a highly preferred method of consuming MRI contrast agents for MRI scans. In terms of revenue, the intravascular segment is projected to hold a major share of the market during the forecast period due to its high cost and wide adoption by medical professionals.

Global MRI Contrast Agents Market By Route of Administration

By End-users Segment
Based on end-users, the MRI contrast agents market is segregated into hospitals, ambulatory surgical centers, and diagnostic centers. The hospital segment accounts for a significant share of the market; however, the diagnostic center segment is anticipated to expand at a considerable CAGR during the forecast period. The hospital segment is projected to remain a key end-user of MRI contrast agents owing to the substantial rise in the installed base of MRI units in hospitals and high patient visit rate at these medical institutions. Other factors propelling the hospital segment are growing rate of chronic diseases such as colon cancer, diabetes, and heart failure.

Global MRI Contrast Agents Market By End-user

Regional Outlook

In terms of regions, the global MRI contrast agents market is segregated into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America accounted for a significant share of the global market in 2019. The market in Asia Pacific is projected to expand at a substantial pace during the forecast period. North America is anticipated to hold the considerable share of the market during the forecast period due to growing investments in research activities and the presence of well-established healthcare infrastructure to develop effective MRI contrast agents. Growing incidences of cancer and cardiac disorders and rising advancements in diagnostic imaging technology are expected to fuel the MRI contrast agents market in Europe during the forecast period.

Global MRI Contrast Agents Market By Region

Key Benefits for Industry Participants & Stakeholders

  • In-depth Analysis of the MRI contrast agents.
  • Historical, Current and Projected Market Size in terms of Value.
  • Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
  • Industry Drivers, Restraints and Opportunities Covered in the Study
  • Recent Industry Trends and Developments
  • Competitive Landscape & Strategies of Key Players
  • Neutral Perspective on Global MRI contrast agents market Performance
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 MRI Contrast Agents  Market Overview
   4.1 Introduction
      4.1.1 Market Taxonomy
      4.1.2 Market Definition
      4.1.3 Macro-Economic Factors Impacting the Market Growth
   4.2 MRI Contrast Agents  Market Dynamics
      4.2.1 Market Drivers
      4.2.2 Market Restraints
      4.2.3 Market Opportunity
   4.3 MRI Contrast Agents  Market - Supply Chain Analysis
      4.3.1 List of Key Suppliers
      4.3.2 List of Key Distributors
      4.3.3 List of Key Consumers
   4.4 Key Forces Shaping the MRI Contrast Agents  Market
      4.4.1 Bargaining Power of Suppliers
      4.4.2 Bargaining Power of Buyers
      4.4.3 Threat of Substitution
      4.4.4 Threat of New Entrants
      4.4.5 Competitive Rivalry
   4.5 Global MRI Contrast Agents  Market Size & Forecast, 2017-2027
      4.5.1 MRI Contrast Agents  Market Size and Y-o-Y Growth
      4.5.2 MRI Contrast Agents  Market Absolute $ Opportunity
   4.6 Global MRI Contrast Agents  Market: Impact Of Key Regulations
   4.7 MRI Contrast Agents Pipeline Analysis

Chapter 5 Global MRI Contrast Agents  Market Analysis and Forecast By Products
   5.1 Introduction
      5.1.1 Key Market Trends & Growth Opportunities By Products
      5.1.2 Basis Point Share (BPS) Analysis By Products
      5.1.3 Absolute $ Opportunity Assessment By Products
   5.2 MRI Contrast Agents  Market Size Forecast By Products
      5.2.1 Paramagnetic Contrast Agents
         5.2.1.1 Extracellular Fluid (ECF) Agents
         5.2.1.2 Blood Pool Contrast Agents (BPCAs)
         5.2.1.3 Organ-specific Agents
      5.2.2 Superparamagnetic Contrast Agents
   5.3 Market Attractiveness Analysis By Products
Chapter 6 Global MRI Contrast Agents  Market Analysis and Forecast by Route of Administration
   6.1 Introduction
      6.1.1 Key Market Trends & Growth Opportunities by Route of Administration
      6.1.2 Basis Point Share (BPS) Analysis by Route of Administration
      6.1.3 Absolute $ Opportunity Assessment by Route of Administration
   6.2 MRI Contrast Agents  Market Size Forecast by Route of Administration
      6.2.1 Intravascular
      6.2.2 Oral
   6.3 Market Attractiveness Analysis by Route of Administration
Chapter 7 Global MRI Contrast Agents  Market Analysis and Forecast by End Users
   7.1 Introduction
      7.1.1 Key Market Trends & Growth Opportunities by End Users
      7.1.2 Basis Point Share (BPS) Analysis by End Users
      7.1.3 Absolute $ Opportunity Assessment by End Users
   7.2 MRI Contrast Agents  Market Size Forecast by End Users
      7.2.1 Hospitals
      7.2.2 Ambulatory Surgical Centers
      7.2.3 Diagnostic Centers
   7.3 Market Attractiveness Analysis by End Users
Chapter 8 Global MRI Contrast Agents  Market Analysis and Forecast by Region
   8.1 Introduction
      8.1.1 Key Market Trends & Growth Opportunities by Region
      8.1.2 Basis Point Share (BPS) Analysis by Region
      8.1.3 Absolute $ Opportunity Assessment by Region
   8.2 MRI Contrast Agents  Market Size Forecast by Region
      8.2.1 North America
      8.2.2 Europe
      8.2.3 Asia Pacific
      8.2.4 Latin America
      8.2.5 Middle East & Africa (MEA)
   8.3 Market Attractiveness Analysis by Region
Chapter 9 Coronavirus Disease (COVID-19) Impact
   9.1 Introduction
   9.2 Current & Future Impact Analysis
   9.3 Economic Impact Analysis
   9.4 Government Policies
   9.5 Investment Scenario
Chapter 10 North America MRI Contrast Agents  Analysis and Forecast
   10.1 Introduction
   10.2 North America MRI Contrast Agents  Market Size Forecast by Country
      10.2.1 U.S.
      10.2.2 Canada
   10.3 Basis Point Share (BPS) Analysis by Country
   10.4 Absolute $ Opportunity Assessment by Country
   10.5 Market Attractiveness Analysis by Country
   10.6 North America MRI Contrast Agents  Market Size Forecast By Products
      10.6.1 Paramagnetic Contrast Agents
         10.6.1.1 Extracellular Fluid (ECF) Agents
         10.6.1.2 Blood Pool Contrast Agents (BPCAs)
         10.6.1.3 Organ-specific Agents
      10.6.2 Superparamagnetic Contrast Agents
   10.7 Basis Point Share (BPS) Analysis By Products
   10.8 Absolute $ Opportunity Assessment By Products
   10.9 Market Attractiveness Analysis By Products
   10.10 North America MRI Contrast Agents  Market Size Forecast by Route of Administration
      10.10.1 Intravascular
      10.10.2 Oral
   10.11 Basis Point Share (BPS) Analysis by Route of Administration
   10.12 Absolute $ Opportunity Assessment by Route of Administration
   10.13 Market Attractiveness Analysis by Route of Administration
   10.14 North America MRI Contrast Agents  Market Size Forecast by End Users
      10.14.1 Hospitals
      10.14.2 Ambulatory Surgical Centers
      10.14.3 Diagnostic Centers
   10.15 Basis Point Share (BPS) Analysis by End Users
   10.16 Absolute $ Opportunity Assessment by End Users
   10.17 Market Attractiveness Analysis by End Users
Chapter 11 Europe MRI Contrast Agents  Analysis and Forecast
   11.1 Introduction
   11.2 Europe MRI Contrast Agents  Market Size Forecast by Country
      11.2.1 Germany
      11.2.2 France
      11.2.3 Italy
      11.2.4 U.K.
      11.2.5 Spain
      11.2.6 Russia
      11.2.7 Rest of Europe
   11.3 Basis Point Share (BPS) Analysis by Country
   11.4 Absolute $ Opportunity Assessment by Country
   11.5 Market Attractiveness Analysis by Country
   11.6 Europe MRI Contrast Agents  Market Size Forecast By Products
      11.6.1 Paramagnetic Contrast Agents
         11.6.1.1 Extracellular Fluid (ECF) Agents
         11.6.1.2 Blood Pool Contrast Agents (BPCAs)
         11.6.1.3 Organ-specific Agents
      11.6.2 Superparamagnetic Contrast Agents
   11.7 Basis Point Share (BPS) Analysis By Products
   11.8 Absolute $ Opportunity Assessment By Products
   11.9 Market Attractiveness Analysis By Products
   11.10 Europe MRI Contrast Agents  Market Size Forecast by Route of Administration
      11.10.1 Intravascular
      11.10.2 Oral
   11.11 Basis Point Share (BPS) Analysis by Route of Administration
   11.12 Absolute $ Opportunity Assessment by Route of Administration
   11.13 Market Attractiveness Analysis by Route of Administration
   11.14 Europe MRI Contrast Agents  Market Size Forecast by End Users
      11.14.1 Hospitals
      11.14.2 Ambulatory Surgical Centers
      11.14.3 Diagnostic Centers
   11.15 Basis Point Share (BPS) Analysis by End Users
   11.16 Absolute $ Opportunity Assessment by End Users
   11.17 Market Attractiveness Analysis by End Users
Chapter 12 Asia Pacific MRI Contrast Agents  Analysis and Forecast
   12.1 Introduction
   12.2 Asia Pacific MRI Contrast Agents  Market Size Forecast by Country
      12.2.1 China
      12.2.2 Japan
      12.2.3 South Korea
      12.2.4 India
      12.2.5 Australia
      12.2.6 South East Asia (SEA)
      12.2.7 Rest of Asia Pacific (APAC)
   12.3 Basis Point Share (BPS) Analysis by Country
   12.4 Absolute $ Opportunity Assessment by Country
   12.5 Market Attractiveness Analysis by Country
   12.6 Asia Pacific MRI Contrast Agents  Market Size Forecast By Products
      12.6.1 Paramagnetic Contrast Agents
         12.6.1.1 Extracellular Fluid (ECF) Agents
         12.6.1.2 Blood Pool Contrast Agents (BPCAs)
         12.6.1.3 Organ-specific Agents
      12.6.2 Superparamagnetic Contrast Agents
   12.7 Basis Point Share (BPS) Analysis By Products
   12.8 Absolute $ Opportunity Assessment By Products
   12.9 Market Attractiveness Analysis By Products
   12.10 Asia Pacific MRI Contrast Agents  Market Size Forecast by Route of Administration
      12.10.1 Intravascular
      12.10.2 Oral
   12.11 Basis Point Share (BPS) Analysis by Route of Administration
   12.12 Absolute $ Opportunity Assessment by Route of Administration
   12.13 Market Attractiveness Analysis by Route of Administration
   12.14 Asia Pacific MRI Contrast Agents  Market Size Forecast by End Users
      12.14.1 Hospitals
      12.14.2 Ambulatory Surgical Centers
      12.14.3 Diagnostic Centers
   12.15 Basis Point Share (BPS) Analysis by End Users
   12.16 Absolute $ Opportunity Assessment by End Users
   12.17 Market Attractiveness Analysis by End Users
Chapter 13 Latin America MRI Contrast Agents  Analysis and Forecast
   13.1 Introduction
   13.2 Latin America MRI Contrast Agents  Market Size Forecast by Country
      13.2.1 Brazil
      13.2.2 Mexico
      13.2.3 Rest of Latin America (LATAM)
   13.3 Basis Point Share (BPS) Analysis by Country
   13.4 Absolute $ Opportunity Assessment by Country
   13.5 Market Attractiveness Analysis by Country
   13.6 Latin America MRI Contrast Agents  Market Size Forecast By Products
      13.6.1 Paramagnetic Contrast Agents
         13.6.1.1 Extracellular Fluid (ECF) Agents
         13.6.1.2 Blood Pool Contrast Agents (BPCAs)
         13.6.1.3 Organ-specific Agents
      13.6.2 Superparamagnetic Contrast Agents
   13.7 Basis Point Share (BPS) Analysis By Products
   13.8 Absolute $ Opportunity Assessment By Products
   13.9 Market Attractiveness Analysis By Products
   13.10 Latin America MRI Contrast Agents  Market Size Forecast by Route of Administration
      13.10.1 Intravascular
      13.10.2 Oral
   13.11 Basis Point Share (BPS) Analysis by Route of Administration
   13.12 Absolute $ Opportunity Assessment by Route of Administration
   13.13 Market Attractiveness Analysis by Route of Administration
   13.14 Latin America MRI Contrast Agents  Market Size Forecast by End Users
      13.14.1 Hospitals
      13.14.2 Ambulatory Surgical Centers
      13.14.3 Diagnostic Centers
   13.15 Basis Point Share (BPS) Analysis by End Users
   13.16 Absolute $ Opportunity Assessment by End Users
   13.17 Market Attractiveness Analysis by End Users
Chapter 14 Middle East & Africa (MEA) MRI Contrast Agents  Analysis and Forecast
   14.1 Introduction
   14.2 Middle East & Africa (MEA) MRI Contrast Agents  Market Size Forecast by Country
      14.2.1 GCC Countries
      14.2.2 Tukey
      14.2.3 Israel
      14.2.4 Rest of Middle East & Africa (MEA)
   14.3 Basis Point Share (BPS) Analysis by Country
   14.4 Absolute $ Opportunity Assessment by Country
   14.5 Market Attractiveness Analysis by Country
   14.6 Middle East & Africa (MEA) MRI Contrast Agents  Market Size Forecast By Products
      14.6.1 Paramagnetic Contrast Agents
         14.6.1.1 Extracellular Fluid (ECF) Agents
         14.6.1.2 Blood Pool Contrast Agents (BPCAs)
         14.6.1.3 Organ-specific Agents
      14.6.2 Superparamagnetic Contrast Agents
   14.7 Basis Point Share (BPS) Analysis By Products
   14.8 Absolute $ Opportunity Assessment By Products
   14.9 Market Attractiveness Analysis By Products
   14.10 Middle East & Africa (MEA) MRI Contrast Agents  Market Size Forecast by Route of Administration
      14.10.1 Intravascular
      14.10.2 Oral
   14.11 Basis Point Share (BPS) Analysis by Route of Administration
   14.12 Absolute $ Opportunity Assessment by Route of Administration
   14.13 Market Attractiveness Analysis by Route of Administration
   14.14 Middle East & Africa (MEA) MRI Contrast Agents  Market Size Forecast by End Users
      14.14.1 Hospitals
      14.14.2 Ambulatory Surgical Centers
      14.14.3 Diagnostic Centers
   14.15 Basis Point Share (BPS) Analysis by End Users
   14.16 Absolute $ Opportunity Assessment by End Users
   14.17 Market Attractiveness Analysis by End Users
Chapter 15 Competition Landscape
   15.1 MRI Contrast Agents  Market: Competitive Dashboard
   15.2 Global MRI Contrast Agents  Market: Market Share Analysis, 2019
   15.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
      15.3.1 Bayer AG
      15.3.2 Bracco Diagnostic
      15.3.3 Guerbet 
      15.3.4 Jiangsu Hengrui Pharmaceutical Co., Ltd.
      15.3.5 Lantheus Medical Imaging, Inc
      15.3.6 General Electric Company
      15.3.7 LIVEALTH
      15.3.8 Nano Therapeutics Pvt. Ltd
      15.3.9 Spago Nanomedical AB
      15.3.10 Magnus Health
      15.3.11 Trivitron Healthcare
      15.3.12 Beijing BeiLu Pharmaceutical Co., Ltd
      15.3.13 Rege Imaging & Cine Films Private Limited
      15.3.14 Unijules Life Sciences Ltd
      15.3.15 J B Chemicals and Pharmaceuticals Ltd
Key Segments Covered
By Product Types
  • Paramagnetic Contrast Agents
  • Extracellular Fluid (ECF) Agents
  • Blood Pool Contrast Agents (BPCAs)
  • Organ-specific Agents
  • Superparamagnetic Contrast Agents
By Route of Administration
  • Intravascular
  • Oral
By End-users
  • Hospitals
  • Ambulatory Surgical Centers
  • Diagnostic Centers
By Regions
  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • Italy
    • U.K.
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • South East Asia (SEA)
    • Rest of Asia Pacific (APAC)
  • Middle East & Africa (MEA)
    • GCC Countries
    • Tukey
    • Israel
    • Rest of Middle East & Africa (MEA)

Key Market Players Profiled in the Report
  • 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.
  • Key players in the market include 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. These players are considered as key manufacturers of the market based on their different varieties of product availability, regional presence, better supply chain management system, and the increasing demand for the products.
  • The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition and many other strategies to increase their demand for MRI contrast agents.

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FAQ Section

Some frequently asked quetions about this report!

Additional company profiles can be provided on request.

Yes, the report covers types of MRI contrast agents such as paramagnetic contrast agents and superparamagnetic contrast agents.

According to this Growth Market Reports' report, the market from MRI contrast agents market is likely to register a CAGR of 4.0% during forecast period 2020-2027, with an anticipated valuation of USD 923.2 million by the end of the 2027.

In addition to market size (in USD Million) and Company Market Share (in % for base year 2019), other data such Macro-economic factors, COVID-19 Impact on the MRI contrast agents market is available in final report.

The MRI contrast agents market is anticipated to grow significantly during forecast period due to growing number of MRI contrast agents approvals. Moreover, due to increasing opportunities in developing regional market.

Increasing demand for early diagnosis and rising volume of MRI examinations is the key applications driving the market growth.

Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.

The market is expected to witness growth with decline in terms of demand during 2019-2020 owing to the negative impact of COVID-19 pandemic on the MRI contrast agents market.

The base year considered for the global MRI contrast agents market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.

Major Manufactures include 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, and others.