The global Diagnostic Radiopharmaceuticals and Contrast Media Market is estimated to be valued at US$ 6,811.4 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Diagnostic radiopharmaceuticals and contrast media are injected into the body to help detect various diseases like cancer, cardiovascular diseases, neurological disorders, and others. These agents allow medical professionals to visualize internal structures during imaging procedures such as X-rays, CT scans, MRI scans, and nuclear medicine scans. They play a vital role in accurate diagnosis and treatment planning.
Market key trends:
One of the key trends in the diagnostic radiopharmaceuticals and contrast media market is continuous software advancements. Medical imaging technology and analysis software is advancing at a rapid rate. Software with artificial intelligence and deep learning capabilities allow radiologists to analyze images more precisely. AI-integrated reporting tools can identify anomalies at faster rates with higher accuracy compared to manual analysis. Some software can also automate routine reporting tasks, freeing up radiologists to focus on more complex cases. Such software developments are improving diagnostics and fueling the demand for imaging agents in the market.
Segment Analysis
The global diagnostic radiopharmaceuticals and contrast media market can be segmented on the basis of product type into diagnostic radiopharmaceuticals and contrast media. The contrast media segment dominates the market as it is widely used in various diagnostic procedures like computed tomography (CT), magnetic resonance imaging (MRI), ultrasound, and angiography. Contrast agents help in enhancing the images obtained from these procedures to visualize internal organs better thereby aiding medical professionals for diagnosis.
Key Takeaways
The global Diagnostic Radiopharmaceuticals And Contrast Media Market Share is expected to witness high growth, exhibiting a CAGR of 5.8% over the forecast period, due to increasing prevalence of chronic diseases and growing geriatric population.
Regional analysis
Regionally, North America dominates the market and is expected to continue dominating during the forecast period. This is attributed to the presence of advanced healthcare facilities and rising healthcare spending in the region. Asia Pacific is expected to be the fastest growing market for diagnostic radiopharmaceuticals and contrast media owing to increasing healthcare awareness, healthcare reforms, and rapid economic growth in several Asia Pacific countries.
Key players
Key players operating in the diagnostic radiopharmaceuticals and contrast media market are Siemens Healthineers, Nordion Inc., Lantheus Holdings Inc., Guerbet Group, GE Healthcare, Curium, Bracco Imaging SpA, Bayer AG, Cardinal Health Inc., and NTP Radioisotopes SOC Ltd. Siemens Healthineers and GE Healthcare are the market leaders due to their diverse product portfolio and strong geographical presence across the globe.
The global diagnostic radiopharmaceuticals and contrast media market size is expected to reach US$ 6,811.4 Mn by 2023.
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