MRI Contrast Media Agents Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global MRI Contrast Media Agents Market is Segmented By Product (Paramagnetic Agents, Superparamagnetic Agents), By Indication (Clinical, Preclinical), By Indication (Cancer, Gastrointestinal, Hepatobiliary, Neurological Imaging, Others), By End-user (Hospitals, Diagnostic and Imaging Centers, Other), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

MRI Contrast Media Agents Market Size

The global MRI contrast media agents market reached US$ 2.1 billion in 2022 and is expected to witness lucrative growth by reaching up to US$ 3.5 billion by 2030. The global MRI contrast media agents market is expected to exhibit a CAGR of 6.9% during the forecast period (2023-2030).

In MRI angiography, contrast chemicals are routinely employed to enhance the visibility of blood arteries. Intravenously administered gadolinium-based contrast agents improve the blood's signal intensity, enabling improved delineation of vascular structures and detection of anomalies such as aneurysms, stenoses, or vascular malformations.

MRI Contrast Media Agents Market Scope

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MRI Contrast Media Agents Market Dynamics

Increasing Chronic Diseases are Driving the Global MRI Contrast Media Agents Market Growth

The need for diagnostic imaging methods like MRI has increased as the prevalence of chronic diseases like cancer, neurological disorders, cardiovascular disorders, and musculoskeletal ailments has increased. The accuracy and sensitivity of MRI scans are significantly improved by the use of MRI contrast media agents, which help with the diagnosis and treatment monitoring of various disorders.

Despite improvements in overall health, the WHO warned that if the trend of non-communicable diseases continued, by 2050, chronic diseases like cancer, diabetes, and respiratory illnesses would be responsible for 86% of the 90 million annual deaths. This represents a startling 90% increase in absolute numbers since 2019.

Advances in Technology are Driving the Global MRI Contrast Media Agents Market Growth

Magnetic Resonance Imaging (MRI), a medical imaging technology, is already regarded as the most cutting-edge imaging option, MRI technology is always being improved upon. Magnetic resonance imaging is one of the wonderful imaging techniques that provides the best help in the radiology division. It is an imaging technology that creates anatomical and physiological images of the body by using magnetic fields in various gradients. Hence, MRI contrast media market revenue is rising for the applications in viewing various dysfunstions in the organs.

For instance, functional MRI (fMRI) is used to examine brain activity, diffusion MRI is used to map the structure of white matter in the brain, and MR angiography is used to see blood vessels. These developments are enhancing patient care and extending the possibilities of MRI.

Adverse Reactions to MRI Contrast Media Agents are Hampering the Global MRI Contrast Media Agents Market Growth

Because adverse reactions to MRI contrast media agents are extremely rare, they are typically regarded as safe. Anaphylaxis and other allergic responses can happen to some people. In patients with compromised kidney function, several contrast agents also pose a risk of nephrogenic systemic fibrosis (NSF). These safety worries might make some patient populations less likely to employ contrast media agents, and they might encourage careful prescribing habits.

MRI Contrast Media Agents Market Segment Analysis

The global MRI contrast media agents market is segmented based on type, product, indication, end-user, and region.

The Paramagnetic Agent Segment is Expected to Hold a Dominant Position in the Market Over the Forecast Period

The paramagnetic MRI contrast media agents segment accounted for the highest market stake accounting for approximately 57.3% of the MRI contrast media agents market in 2022. In order to improve image quality and highlight areas of hypervascularity and related disease, magnetic contrast agents are utilized. They mostly change the T1 relaxation time in the tissues where they have accumulated, which is why they have their largest impact on T1-weighted imaging.

There is at least one unpaired electron in paramagnetic materials. When a magnetic field is supplied, the protons of paramagnetic materials align their net magnetization vector parallel to B0, whereas when it is not there, their angular momentum is random. When contrasted with diamagnetic and ferromagnetic materials.

Source: DataM Intelligence Analysis (2023)

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MRI Contrast Media Agents Market Geographical Share

North America Holds A Dominant Position in the Global MRI Contrast Media Agents Market

North America is estimated to hold around 39.4% of the total market share throughout the forecast period. Between 2020 and 2050, there will be a 61.1% increase in the number of Americans aged 50 and older, from 137.3 million to 221.1 million. There will be 142.7 million people aged 50 and older in 2050 who have at least one chronic disease, up from 71.5 million in 2020, a 99.5% rise. Simultaneously, it is anticipated that the number of people with multimorbidity will rise by 91.16%, from 7.8304 million in 2020 to 14.9 million in 2050.

By 2050, Hispanic and other races will make up 64.5% of those with chronic conditions, compared to 61.5% of non-Hispanic black people and 64.6% of non-Hispanic white people.

Source: DataM Intelligence Analysis (2023)

MRI Contrast Media Agents Market Companies

The major global players in the market include GE Healthcare, Bracco Imaging SPA, Bayer AG, Guerbet, Lantheus Medical Imaging, Unijules Life Sciences, B. Chemicals and Pharmaceuticals Ltd., SANOCHEMIA Pharmazeutika GmbH, Taejoon Pharm, and Jodas Expoim among others.

COVID-19 Impact Analysis

Russia-Ukraine Conflict Analysis

The Russia-Ukraine war may affect the MRI contrast media agents market due to economic instability being impacted during times of geopolitical instability and economic uncertainty. The conflict led to regional economic instability, which may affect investments in and expenditures on healthcare. Budget cuts or resource reallocation due to economic Bracco Imaging SPAnturns or volatility have an impact on how medical imaging equipment and contrast media agents are purchased and used.  

Artificial Intelligence Analysis:

Artificial intelligence (AI) is increasingly being used in the MRI contrast media agents market to improve various aspects of image resolutions. The quality of MRI images acquired with contrast media agents can be improved using AI approaches like deep learning. These methods can boost image resolution, minimize noise, and enhance overall image quality. AI-based image enhancement approaches lead to more precise diagnoses and improved visualization of contrast agent dispersion by making subtle details and structures more visible.

By Product   

• Paramagnetic Agents
• Superparamagnetic Agents

By Type

• Clinical
• Preclinical

By Indication

• Cancer
• Gastrointestinal
• Intravenous
• Hepatobiliary
• Neurological Imaging
• Others

By End-user

• Hospitals
• Diagnostic and Imaging Centers
• Other

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In September 2022, the FDA granted priority review approval to Elucirem (Gadopiclenol), a novel macrocyclic GBCA for use in contrast-enhanced magnetic resonance imaging (MRI), according to Guerbet, a worldwide medical imaging firm.

Why Purchase the Report?

• To visualize the global MRI contrast media agents market segmentation based on the product, type, indication, end-user, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of MRI contrast media agent’s market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global MRI contrast media agents market report would provide approximately 69 tables, 66 figures, and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies