Global MRI Contrast Agents Market Size Likely to Grow at a CAGR of 7.3% By 2033

The CMI Team’s most recent market research predicts that from 2024 to 2033, the global MRI Contrast Agents Market will grow at a CAGR of 7.3%. In 2024, the market size is projected to reach a valuation of USD 2.5 Billion. By 2033, the valuation is anticipated to reach USD 4.2 Billion.

MRI Contrast Agents Market: Growth Factors and Dynamics

A growing number of diagnostics centres and hospitals

The creation of additional diagnostic facilities and hospitals, particularly in developing countries, is boosting the availability of MRI scans, driving up demand for contrast agents. According to secondary analysis, the first quarter of FY25 was stable, with hospitals and diagnostics growing by 12-15 percent.

In FY24, the Indian hospital market was valued at ₹8.21 lakh crore, while the diagnostic labs market was valued at ₹1.2 lakh crore. These markets are expected to rise due to strong margins and prospects. Thus, the aforementioned statistics drive market expansion.

Rising healthcare expenditure

With growing healthcare spending, hospitals and diagnostic centres are more likely to use advanced imaging technology such as MRI, which drives the market growth. According to data published by the American Medical Association, healthcare spending in the US increased by 4.1% in 2022 to $4.5 trillion, translating to $13,493 per person.

This growth rate is comparable to the pre-pandemic rate (4.1% in 2019). Although government investment to contain the pandemic resulted in considerable increases in NHE, these expenditures fell dramatically in 2021, while medical goods and services usage rebounded. By 2022, top-level health spending trends will be more similar to those seen before the pandemic.

Presence of alternatives

Ultrasound and Positron Emission Tomography (PET) scans are two types of contrast-free imaging methods available in the market. These MRI imaging technologies are growing to provide detailed pictures without the need for contrast agents. This technology might reduce dependence on contrast-enhanced MRI scans, posing a threat to the MRI contrast agent industry.

Report Scope

MRI Contrast Agents Market: New Launches and Acquisitions

• In June 2023, Bayer launched the Phase III clinical development program QUANTI, which will assess the efficacy and safety of gadoquatrane, a next-generation extracellular, macrocyclic, gadolinium-based contrast agent (GBCA) for use in magnetic resonance imaging (MRI).

List of the prominent players in the MRI Contrast Agents Market:

• Bayer AG
• GE Healthcare
• Bracco
• Guerbet
• Vitalquan LLC
• Miltenyi Biotec B.V. & Co. Kg
• Mallinckrodt Inc.
• JB Pharma
• Beijing Beilu Pharmaceutical Co. Ltd.
• DAIICHI SANKYO COMPANY LIMITED
• Trivitron Healthcare
• BioPAL Inc.
• Bruker
• Others