(EMAILWIRE.COM, May 09, 2019 ) According to research report the global contrast media market is expected to reach USD 5.53 Billion by 2022 from an estimated USD 4.57 Billion in 2017, growing at a CAGR of 3.9% during the forecast period. Growth in the contrast media market can primarily be attributed to factors such as increasing number of approvals for contrast agents and growing number of public & private diagnostic centers. The increasing number of research and funding activities for research of contrast agents and their applications provides immense opportunities for players in the contrast media market

The key players in this market are continuously striving to gain product approvals to secure larger shares and expand their existing product portfolios. The overall market was dominated by Bayer HealthCare (Germany), GE Healthcare (U.S.), Guerbet Group (France), Bracco Imaging S.p.A (Italy), Lantheus Medical Imaging (U.S.), nanoPET Pharma GmbH (Germany), CMC Contrast AB (Sweden), Daiichi Sankyo (Japan), and Subhra Pharma Private Limited (India).

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Bayer HealthCare (Germany) was the leading player in the contrast media/contrast agents market with a share of ~24% in 2015. The company continuously strives to strengthen its market position in various geographies by focusing on getting approvals for contrast media products across the world. Gadovist injection, a gadolinium-based contrast agent by Bayer, has received FDA approval in the U.S. and Japan. Gadovist is the first FDA-approved contrast agent for pediatric patients less than 2 years of age, including term neonates. The company’s major share in the market can be attributed to its broad product portfolio, several years of experience, extensive distribution channel, and various growth strategies, such as product approvals, collaborations, and expansions. The company focuses on developing innovative healthcare products with a positive cost-benefit ratio.

Bayer HealthCare invested 5.8%, 5.5%, and 5.5% of its total healthcare revenue in 2013, 2014, and 2015, respectively, in R&D activities. The company has gained a major share in the contrast media/contrast agents market on account of its comprehensive product portfolio, wide geographical reach; focus on organic growth strategies, as well as constant focus on research and developmental activities.

GE Healthcare (U.S.) held the second-largest share of ~21% in the contrast media/contrast agents market in 2015. The firm has a strong customer base in approximately 175 countries, primarily operating in North America, Europe, the Pacific Basin, the Americas, and the Middle East & Africa. Some subsidiaries of the firm include GE Healthcare USA Holdings, Inc., GE Healthcare Ltd. (Japan), GE Healthcare Biosciences AB (U.S.), and GE Healthcare AS (Norway). GE Healthcare received the Norwegian Medicines Agencys (NOMA) approval for SONAZOID, a contrast agent used in ultrasound imaging of focal liver lesions. However, with competition in the market and the entry of new companies, it is necessary for GE to innovate continuously in order to keep its technology at the forefront and maintain its position in the market. The company’s robust product portfolio, large number of subsidiaries, focus on customers, and new product launches have also helped expand its share in the contrast media/contrast agents market.

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Players operating in the contrast media/contrast agents market adopted strategies such as product approvals, which was the most-preferred strategy (43.6% of the total strategic developments in the market during 2013 to 2016). The key players that have adopted this strategy include Bayer HealthCare (Germany), GE Healthcare (U.S.), Guerbet Group (France), Bracco Imaging S.p.A (Italy), Spago Nanomedicine AB (Sweden), and CMC Contrast AB (Sweden).
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