The Global MRI Contrast Agents Market was valued at USD 798.3 Million in 2019 and is projected to reach USD 923.2 Million by 2027, expanding at a CAGR of 4.0% during the forecast period. The demand for MRI contrast agents is growing as demand for early diagnosis is increasing and volume of MRI examinations is on the rise. Moreover, growing number of MRI contrast agents approvals is expected to boost the demand in developing countries. Additionally, Growing Innovation in MRI Equipment is expected to create lucrative opportunities for manufacturers in the market.
Market Dynamics
Approximately 75% of clinical decisions are based on medical diagnostic tests focused on identifying or confirming the presence of a disease. Early diagnosis of the disease improves the chances of early recovery of the patient and lowers the total medical cost. The MRI scan gives detailed biological information about the human body. The recent developments in MRI such as perfusion imaging, MR spectroscopy, diffusion and diffusion of tensor imaging with tractography, functional imaging using bold technology, and neuroimaging, increases the demand for MRI scanning. Moreover, rising development of intraoperative MRI, which helps in various surgeries, such as neurosurgery, is expected to propel the number of MRI scans, thus driving the market. Numerous studies are being carried out on MRI contrast agents through collaborations and mergers between universities, manufacturers, and laboratories. Recently, several MRI contrast agents have been approved by the US FDA and other regulatory organizations.
For example, on November 25, 2020, MegaPro Biomedical Co. Ltd. completed a clinical trial on IOP Injection for MRI contrast agents in Hepatocellular Carcinoma (HCC).
On November 4, 2019, Clariscan, a macrocyclic, ionic, gadolinium-based, MRI contrast agent produced by General Electric was approved by the US FDA.
Bayer AG received FDA approval for Gadavist, as the first contrast agent for cardiac MRI in 2019. Hence, increasing approval rate of MRI contrast agents is projected to fuel the market.
However, several side effects and allergic reactions have been reported with the use of contrast agents. Immediate reactions occur within an hour of the injection. These reactions can range from mild (nausea, vomiting, mild hives, and pallor), to moderate (dyspnea, severe vomiting, severe hives, laryngeal edema, and rigor), to severe (cardiac arrhythmias or arrest, pulmonary edema, and circulatory collapse). The incidence of immediate reactions to nonionic contrast agents is severe (0.01% to 0.04%) and mild (3%). Delayed reactions, occurring hours to weeks after the injection of contrast agent, are usually self-limiting and cutaneous. Alternative imaging tests can provide similar information without causing any risks to patients who have a history of moderate to severe allergic reactions to MRI contrast agents. This, in turn, is expected to hamper the demand for MRI contrast agents during the forecast period.
An MRI equipment usually takes 30 minutes to 60 minutes to complete one scan. The scan time increases with the usage of contrast agents. In October 2017, the FDA cleared the first 7T MRI, more than doubling the static magnetic field strength available for use in the US. In 2016, Siemens introduced an MRI technology that reduces the scan time from four minutes to 16 seconds. Cardiac MRI is limited due to patients with cardiac problems often face complexity in performing MRI scan. However, in 2015, GE Healthcare introduced an MRI technology to simplify the MRI scan process for cardiac MRI.
Regional Outlook
In terms of regions, the global MRI contrast agents market is segregated into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America accounted for a significant share of the global market in 2019. The market in Asia Pacific is projected to expand at a substantial pace during the forecast period. North America is anticipated to hold the considerable share of the market during the forecast period due to growing investments in research activities and the presence of well-established healthcare infrastructure to develop effective MRI contrast agents. Growing incidences of cancer and cardiac disorders and rising advancements in diagnostic imaging technology are expected to fuel the MRI contrast agents market in Europe during the forecast period.
Key Benefits for Industry Participants & Stakeholders
- In-depth Analysis of the MRI contrast agents.
- Historical, Current and Projected Market Size in terms of Value.
- Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
- Industry Drivers, Restraints and Opportunities Covered in the Study
- Recent Industry Trends and Developments
- Competitive Landscape & Strategies of Key Players
- Neutral Perspective on Global MRI contrast agents market Performance
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