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.
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.
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.
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.
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.
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.
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.
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