MRI Contrast Agents Market Outlook
The global MRI contrast agents market size was valued at USD 1.65 billion in 2022 and is projected to reach USD 2.41 billion by 2031, expanding at a CAGR of 4.30% during the forecast period, 2023-2031.
The demand for MRI contrast agents is growing as the demand for early diagnosis is increasing and the volume of MRI examinations is on the rise. Moreover, a growing number of MRI contrast agent 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.
MRI Contrast Agents 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.
Gadolinium contrast media agents also known as MRI contrast agents are chemical substances used for MRI scans. 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, the 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, the 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 facing complexity in performing MRI scans. However, in 2015, GE Healthcare introduced an MRI technology to simplify the MRI scan process for cardiac MRI.
MRI Contrast Agents Market Segmental Outlook
In terms of product type, 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.
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.
Based on end-user, 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 the growing rate of chronic diseases such as colon cancer, diabetes, and heart failure.
MRI Contrast Agents Market Regional Outlook
In terms of region, 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 a 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.
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
- Paramagnetic Contrast Agents
- Extracellular Fluid (ECF) Agents
- Blood Pool Contrast Agents (BPCAs)
- Organ-specific Agents
- Superparamagnetic Contrast Agents
Route of Administration
- Ambulatory Surgical Centers
- Diagnostic Centers
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- South Korea
- South East Asia (SEA)
- Rest of Asia Pacific (APAC)
- Middle East & Africa (MEA)
- GCC Countries
- Rest of Middle East & Africa (MEA)
Key Market Players Profiled in the Report
- Bayer AG
- Bracco Diagnostic
- VitalQuan, LLC
- Jiangsu Hengrui Pharmaceutical Co.Ltd.
- Lantheus Medical Imaging, Inc
- Miltenyi Biotec
- General Electric Company
- 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., VitalQuan, LLC, Lantheus Medical Imaging, Inc, Miltenyi Biotec, 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 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.