U.S. Cancer Contrast Media Market Growth & Trends
The U.S. cancer contrast media market is anticipated to reach USD 1.53 billion by 2030 and is anticipated to expand at a CAGR of 11.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing collaboration and partnerships among key market players, coupled with growing government and private sector R&D investments, alongside the integration of AI in diagnostic imaging enhance the capabilities of contrast media. Thus, these factors collectively propel the growth of U.S. cancer contrast media market.
Introducing new products can ignite positive competition among manufacturers, fostering innovation, lowering prices, and ultimately enhancing choices for both patients and healthcare providers. The potential for expanding the overall market depends upon the manufacturing of novel contrast agents that offer heightened safety, enhanced target specificity, or distinctive imaging properties. This opens up new pathways for both diagnosis and treatment. For instance, in April 2023 , GE Healthcare has broadened its range of contrast media by introducing two premier macrocyclic molecules, namely Clariscan (gadoteric acid) and Pixxoscan (gadobutrol), to its customer base for MRI agents. The industry key players are involved in enhancing R&D by introducing novel products to the market by expanding their product portfolio, which drives market growth.
Moreover, increased funding in healthcare budgets often facilitates public health initiatives promoting early cancer detection and enhanced accessibility to advanced diagnostic tools. These initiatives enhance awareness of the importance of contrast-enhanced imaging, consequently fueling demand for corresponding contrast media. The growth in healthcare budgets attracts new players and motivates existing stakeholders to compete in the market. This dynamic stimulates innovation, fosters price competitiveness, and ultimately leads to a broader range of options for both healthcare providers and patients. Such initiatives create a lucrative opportunity for market expansion.
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U.S. Cancer Contrast Media Market Report
U.S. Cancer Contrast Media Market Report Highlights
- Iodinated contrast media dominated the type segment with a share of 39.5% in 2023 owing to the increasing medical imaging procedures.
- The radioactive agents segment is expected to grow at the fastest CAGR over the forecast period.
- The nuclear imaging segment held the largest market share of 38.2% in 2023 and is anticipated to witness fastest growth over the forecast period owing to its ability to provide detailed and accurate images of internal structures and functions within the body which allows healthcare professionals for precise diagnosis.
- Sedentary lifestyle, increasing incidences of smoking and rising air pollution are contributing to the growing prevalence of cancer cases in U.S.
Recent Developments
- In May 2023 , Guerbet revealed that Elucirem (gadopiclenol) was categorized as a Group II agent by the ACR Committee on Drugs and Contrast Media, based on the most recent scientific and clinical findings. This cutting-edge GBCA by Guerbet belongs to the advanced generation, boasting a remarkably stable macrocyclic gadolinium-based contrast agent (GBCA) with the highest relaxivity in its class for magnetic resonance imaging (MRI). Its approval for usage extends to both adults and children aged 2 years and older. Notably, Elucirem necessitates only half the gadolinium dose compared to conventional non-specific GBCAs, effectively addressing practitioners’ concerns regarding gadolinium exposure.
- In December 2022 , On Target Laboratories, Inc. revealed that the U.S. FDA approved the extended usage of CYTALUX in the treatment of lung cancer. CYTALUX, recognized as the pioneering targeted molecular imaging agent, uniquely lights up both lung and ovarian cancer during surgery, facilitating the identification and removal of a greater extent of cancerous tissue. This expanded approval empowered surgeons to seamlessly incorporate CYTALUX into their treatment strategies for adult patients diagnosed with or suspected of having lung cancer, broadening its application from its previous approval solely for adults with ovarian cancer.
