The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The MRI contrast media market has seen substantial growth in recent years and is projected to continue expanding at a robust pace. This blog delves into the factors driving this growth, key market trends, and notable advancements in the industry.

Current Market Size and Growth

• Market Size: The MRI contrast media market grew from $1.48 billion in 2023 to $1.56 billion in 2024.
• Growth Rate: This represents a compound annual growth rate (CAGR) of 6%.

Key Drivers in the Historic Period

• Early Diagnosis Demand: Rising demand for early and accurate diagnosis.
• Increased Public Awareness: Greater public awareness of health issues.
• Combination Imaging Modalities: Development of advanced imaging techniques.
• Novel Use Cases: Identification of new applications for contrast agents.

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Future Market Projections

• Forecasted Growth: Expected to grow to $1.99 billion by 2028.
• Future CAGR: Projected at 6.2%.

Key Drivers in the Forecast Period

• Rise in Cancer Cases: Increasing incidence of cancer.
• Chronic Diseases: Growing prevalence of chronic conditions.
• R&D Investment: Boost in research and development activities.
• Healthcare Expenditure: Rising healthcare spending.
• Expanding MRI Applications: Broader use of MRI in various medical fields.

Key Market Trends

• Collaborative Research: Advancements driven by collaborative efforts.
• Technological Innovations: Continuous technological advancements.
• Product Innovations: Development of safer and more effective contrast agents.

Cancer Cases and Market Growth

• Global Cancer Statistics: In 2022, there were 20 million new cancer cases, leading to 9.7 million deaths.
• Future Projections: Expected to reach 35 million new cases by 2050.
• Impact on MRI Market: Enhanced need for MRI contrast agents to detect and characterize tumors.

Role of Gadolinium-Based Compounds

• Enhanced Visualization: Gadolinium-based compounds improve MRI imaging by altering tissue magnetic properties.
• Detection and Characterization: Crucial for detecting, sizing, and assessing tumor invasion.

Leading Companies in the MRI Contrast Media Market

• Key Players: Bayer AG, GE Healthcare Technologies Inc., Fresenius Kabi AG, Fujifilm Holdings Corporation, Bracco S.p.A., Guerbet LLC, and more.
• Product Focus: Development of macrocyclic gadolinium-based contrast agents (GBCA) for improved safety and diagnostic capabilities.

Product Innovation: Guerbet’s Elucirem Injection

• Elucirem (Gadopiclenol) Injection: Launched in February 2023 by Guerbet.
• Unique Features: Highly stable macrocyclic GBCA with high relaxivity.
• Clinical Applications: Effective in detecting lesions with abnormal vascularity in various body regions.

Strategic Acquisition: Bracco Imaging S.P.A

• Acquisition Details: Bracco Imaging acquired the remaining 49% stake in Bracco-Eisai Co. Ltd. in March 2023.
• Purpose: To enhance responsiveness to the evolving healthcare landscape and sustain contributions to patient care.
• Company Profile: Bracco-Eisai Co. Ltd. is a Japan-based provider of MRI contrast media.

Market Segmentation

1. By Product:
   • Extracellular Contrast Agents
   • Blood-Pool Agent
   • Hepatobiliary Agents
2. By Application:
   • Neurological Disorders
   • Musculoskeletal Disorders
   • Cardiovascular Disorders
   • Cancer Detection
   • Other Applications
3. By End-User:
   • Hospitals
   • Diagnostic and Imaging Centers
   • Research Institutes
   • Other End Users

Regional Insights

• North America: The largest region in the MRI contrast media market in 2023.

The MRI contrast media market is set for significant growth, driven by rising disease prevalence, technological advancements, and strategic industry moves. The continued innovation and collaboration among leading companies promise to enhance diagnostic capabilities and patient outcomes in the years to come.

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