The U.S. gadolinium-based contrast media market size is expected to reach USD 766.4 million by 2027, expanding at a CAGR of 4.7%, according to a new report by Grand View Research, Inc. Increasing prevalence of long term diseases and complex comorbidities and advancement in technologies are expected to propel market growth over the forecast period. In addition, label expansions strategies such as mergers and acquisitions by key players to enhance their market position will further contribute to market growth.
Acquisitions by companies assist in increasing their presence with a wider geographical reach and stronger portfolios. In addition, technological advancements such as the introduction of digital solutions aiding the management of contrast agent injection are anticipated to drive the market. For instance, in November 2019, U.S. FDA approved a Macrocyclic MRI Contrast Agent named Clariscan developed by GE Healthcare, which is used to detect and visualize areas with disruption of the blood-brain barrier in adult and pediatric patient.
Gadolinium-based Contrast Agents (GBCAs) are used in about one in three MRI scans to improve the clarity of the images or pictures of the body’s internal structures. The GBCA’s helps in improving the visibility of inflammation, tumors, blood vessels, and, for some organs, blood supply. Furthermore, according to the National Health Council, in 2020, nearly 157.0 million people in the U.S. were affected by chronic diseases, out of which around 81.0 million had multiple conditions, which is indicative of a high incidence of chronic conditions. The increasing prevalence of chronic diseases and comorbidities is driving the market.
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U.S. Gadolinium-based Contrast Media Market Report Highlights
• The extracellular agents segment spearheaded the market in 2019 as they are most commonly used in the imaging of tumor and inflammation as well as in Magnetic Resonance Arthrography (MRA)
• The MRI segment was the largest in terms of revenue share in 2019 and the market’s best option for imaging of soft tissues, visualizing lesions for detection of neurological disorders, and liver diseases
• The neurology segment dominated the market in 2019. The cardiovascular segment is expected to witness the highest CAGR over the forecast period. This can be attributed to technological advancements in the field.
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U.S. Gadolinium-based Contrast Media Market Segmentation
Grand View Research has segmented the U.S. Gadolinium-based contrast media market on the basis of type, modality, and indication:
U.S. Gadolinium-based Contrast Media Type Outlook (Revenue, USD Million, 2016 - 2027)
• Extracellular agents
• Blood pool agents
• Hepatobiliary agents
U.S. Gadolinium-based Contrast Media Modality Outlook (Revenue, USD Million, 2016 - 2027)
U.S. Gadolinium-based Contrast Media Indication Outlook (Revenue, USD Million, 2016 - 2027)
• Others (Musculoskeletal)
List of Key Players of U.S. Gadolinium-based Contrast Media Market
• Bayer AG
• GE Healthcare
• Lantheus Medical Imaging, Inc.
• Bracco Diagnostic, Inc.
• Trivitron Healthcare
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Contrast Media Market Size, Share & Trends Analysis Report By Product Type (Iodinated, Gadolinium-based, Barium-based), By Application, By Modality (MRI, X-ray/CT, Ultrasound), By Region, And Segment Forecasts, 2021 - 2028
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