2013-01-11 17:18:28 - Global contrast media market dominated by GE Healthcare, Bayer Healthcare Pharmaceuticals and Covidien
The global contrast media market has been forecast to increase at a compound annual growth rate (CAGR) of 6.8% over the next five years, increasing from a valuation of $6.2 billion in 2012, to hit a market value of $8.6 billion by 2017.The global contrast media market is broadly segmented into barium-based, iodinated and gadolinium-based contrast media. These products are further categorized based on the medical procedure (X-ray, CT, MRI, ultrasound, and catheterisation laboratory), route of administration (oral, injection, rectal, and urethral), medical indication (cardiovascular, respiratory, musculoskeletal, gastrointestinal, and neurology, nephrology and oncology) and finally application (radiology, interventional radiology and interventional cardiology). The global contrast media market and contrast agents market has evolved significantly over the past century, from barium
and iodine-based agents that were used initially by medical practitioners and radiologists, to the more advanced agents like radiopharmaceuticals and gold nanoparticles that are currently in use. Sophisticated techniques such as targeted MRI imaging and gas microbubble technology in ultrasound will prove to be essential drivers in the widespread use of contrast agents in the future.The global marketplace is highly competitive, with several small players specific to a particular geography challenging major ones. Owing to the recession and the emerging opportunities in developing countries, many small companies have similar product offerings at competitive prices.Key companies currently dominating the global contrast media market include GE Healthcare (UK), Bracco Diagnostic, Inc. (Italy), Bayer Healthcare Pharmaceuticals (Germany), Covidien (Ireland) and Guerbet Group (France).The global contrast media market, though fairly mature at present, still shows potential to grow over the next five years. Industry growth is set to be driven by the increasing demand for diagnostic imaging and image guided surgical procedures, technological advances in diagnostic imaging and the ever-increasing incidence rates of cancer and cardiac disorders.For more information on the global contrast media market, see the latest research: Global Contrast Media MarketFollow us on Twitter @CandMResearch
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