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India is rapidly emerging as a significant player in the global contrast media industry. With a burgeoning healthcare infrastructure and increasing diagnostic imaging procedures, India is poised to become one of the fastest-growing markets in the Asia-Pacific region. The country’s strategic position is bolstered by local and international manufacturers establishing a strong presence, driving innovation and accessibility in medical imaging technologies.
New Delhi, June 12, 2024 (GLOBE NEWSWIRE) — According to the latest research by Astute Analytica, the India contrast media market is projected to surpass a valuation of US$ 220.8 million by 2032, up from US$ 147.3 million in 2023, at a CAGR of 4.6% during the forecast period 2024–2032.
The landscape of contrast media consumption in India has evolved significantly in recent years, driven by advancements in medical imaging technologies and the burgeoning healthcare infrastructure. As of 2024, the demand for contrast media, which is essential for enhancing the visibility of internal structures in imaging procedures, has surged. This increase is largely attributed to the rising prevalence of chronic diseases, such as cardiovascular ailments and cancer, necessitating more frequent diagnostic imaging. This growth is underpinned by the expanding network of diagnostic centers and hospitals equipped with advanced imaging modalities.
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One of the key factors contributing to the increased consumption of contrast media in India is the rapid adoption of advanced imaging techniques like MRI and CT scans. Astute Analytica’s study of India’s contrast media markets reveal that the number of MRI scans conducted annually in India has increased by 15% over the past three years, while CT scan volumes have risen by 12%. Additionally, the use of contrast-enhanced ultrasound (CEUS) has also gained traction, particularly in hepatology and oncology, due to its non-invasive nature and effectiveness in detecting lesions. The Indian Radiological and Imaging Association (IRIA) reports that the usage of contrast media in these procedures has grown by approximately 10% annually, highlighting the critical role of contrast agents in accurate diagnosis and treatment planning.
Favorable Government Policies and Healthcare Support add Fuel to Contrast Media market Growth in India but Not Without Challenges
the government’s push towards improving healthcare access through initiatives like Ayushman Bharat has played a pivotal role in boosting the consumption of contrast media. With over 500 million beneficiaries covered under this scheme, the demand for diagnostic imaging services has escalated, leading to a corresponding rise in contrast media usage. The establishment of numerous tertiary care centers and the upgrading of existing facilities with state-of-the-art imaging equipment have further fueled this demand. For instance, the number of accredited diagnostic centers in India has increased by 25% over the past five years, indicating a robust infrastructure capable of supporting the growing need for imaging services.
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However, challenges remain, particularly in terms of cost and accessibility in the contrast media market of India. Despite the significant growth, the high cost of contrast agents and imaging procedures can be prohibitive for a large segment of the population. Efforts are being made to address these issues through price regulation and the promotion of generic contrast agents, which are expected to provide more affordable options. Moreover, ongoing research and development in the field aim to improve the safety and efficacy of contrast media, thereby enhancing patient outcomes. In conclusion, while the consumption of contrast media in India is on a definite upward trajectory, sustained efforts are required to ensure equitable access and affordability, thereby maximizing the benefits of advanced diagnostic imaging for all segments of the population.
Key Findings in India Contrast Media Market
Market Forecast (2032)
US$ 220.8 million
CAGR
4.6%
By Category
Low osmolality contrast media (85.9%)
By Type
Iodinated (64.8%)
By Modality
X-ray/Computed Tomography (CT) (72.3%)
By Application
Cardiology (28.7%)
Top Trends
Increasing Adoption of Advanced Imaging Technologies
Rising Demand for Minimally Invasive Procedures
Growth in Diagnostic Imaging Centers
Top Drivers
Top Challenges
Explosive Surge in Demand for Iodinated Contrast Media in India, Bring in More than US$95.4 Million in Revenue
The increasing demand for iodinated type in India contrast media market can be attributed to a multitude of factors, primarily driven by the country’s burgeoning healthcare sector and the rising prevalence of diagnostic imaging procedures. With the Indian diagnostic imaging market expected to grow at a CAGR of 8.5% from 2021 to 2026, the necessity for advanced imaging techniques has surged. The number of CT scans performed annually in India has reached over 12 million, with iodinated contrast media being used in approximately 60% of these procedures. Furthermore, the increasing incidence of chronic diseases such as cancer and cardiovascular ailments, which require precise imaging for diagnosis and treatment, has amplified the reliance on iodinated contrast agents. The growing middle-class population, with improved access to healthcare services, has also contributed significantly to the rising usage of these media.
Iodinated contrast media have become the preferred type of contrast in India contrast media market due to their superior diagnostic efficacy and safety profile. These agents boast a high iodine content, which enhances the contrast of blood vessels and tissues in imaging, leading to more accurate diagnoses. Studies indicate that iodinated contrast media are used in 80% of radiological exams involving contrast agents in India. Moreover, the low incidence of adverse reactions, reported at less than 1%, compared to other types of contrast media, makes them a safer choice for patients. The rapid advancements in technology and the introduction of newer, more efficient iodinated contrast agents have further cemented their dominance. The availability of cost-effective generics and the presence of robust local manufacturing capabilities, which meet 70% of the domestic demand, have also made these media more accessible and affordable.
The strategic initiatives undertaken by the Indian government to enhance healthcare infrastructure have played a pivotal role in fostering the demand for iodinated contrast media. The allocation of $11.28 billion to the healthcare sector in the Union Budget 2022-23, coupled with schemes like Ayushman Bharat, which aims to cover over 500 million beneficiaries, has significantly boosted diagnostic services. Additionally, the establishment of new diagnostic centers and the modernization of existing ones have led to a 15% increase in imaging procedures annually. The rising awareness about early diagnosis and preventive healthcare among the Indian population has also contributed to the increased utilization of iodinated contrast media. As the healthcare landscape continues to evolve, the demand for these indispensable diagnostic tools is poised for sustained growth, underscoring their vital role in India’s medical imaging domain.
The Silent Revolution of Low Osmolality Contrast Media’s Ascendancy in India, Top of the Chart with US$ 126.5 million Contribution
Low osmolality contrast media (LOCM) is experiencing a surge in popularity across India contrast media market due to its significant advantages in patient safety and diagnostic precision. With a burgeoning middle class and an expanding healthcare infrastructure, the demand for safer, more effective diagnostic procedures has skyrocketed. LOCM, known for its reduced adverse effects, aligns perfectly with these evolving healthcare needs. A study by the Indian Radiological and Imaging Association (IRIA) found that LOCM usage has increased by 35% over the past three years. This is largely driven by the compound’s lower incidence of nephrotoxicity, reported to be 4% compared to the 12% seen with high osmolality contrast media (HOCM).
The adoption of LOCM is also motivated by the rising prevalence of chronic diseases in India, such as diabetes and cardiovascular conditions, which require frequent imaging studies. For instance, diabetes affects over 77 million Indians, and the safer profile of LOCM is critical for these patients. Additionally, the Indian Society of Nephrology highlights that LOCM reduces the risk of contrast-induced nephropathy (CIN) by 50%, making it a preferred choice in renal imaging in the contrast media market. Hospitals in metropolitan areas like Mumbai and Delhi have reported a 40% increase in the usage of LOCM, reflecting its acceptance in both public and private healthcare sectors.
Economic factors also play a crucial role. While LOCM is more expensive than HOCM, its cost-effectiveness is demonstrated through reduced hospitalization rates and fewer complications. A recent report indicated that hospitals using LOCM experienced a 25% reduction in post-procedural care costs. Moreover, patient satisfaction scores have improved by 60% in facilities that have transitioned to LOCM, further cementing its status as the gold standard in contrast media. As India continues to modernize its healthcare system, the trend towards safer, patient-centric approaches like LOCM is set to accelerate, ensuring better health outcomes for millions.
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Cardiology is Leading Consumer of Contract Media, Generates More than $42.2 Million in Revenue Thanks High Prevenance of CVDs in India
The prevalence of cardiovascular diseases in India contrast media market has been on the rise, significantly impacting public health. In 2023, 63% of total deaths in India were due to non-communicable diseases (NCDs), with 27% attributed to CVDs. By 2023, mortality from NCDs accounted for 65% of total deaths, with over 25% linked to cardiovascular diseases and related risk factors such as diabetes. The age-standardized mortality rates from cardiovascular diseases in South Asia, including India, ranged from 248.6 to 350.9 per 100,000 persons in 2021. This trend underscores the growing burden of CVDs in the region, necessitating urgent public health interventions. Additionally, CVDs account for 45% of deaths in the 40–69-year age group in India, highlighting the impact on the working-age population.
The rapid advancements in diagnostic imaging technologies have also contributed to the increased revenue coming from contrast media market in cardiology. Innovations in cardiac imaging, such as the development of high-resolution CT and MRI scanners, have enhanced the ability to detect and diagnose heart conditions with greater precision. These technologies often require the use of contrast agents to improve image clarity and detail, making them indispensable in modern cardiology. Additionally, the adoption of minimally invasive procedures, which rely heavily on imaging guidance, has further driven the demand for contrast media. The market for contrast media injectors, which includes consumables and systems specifically designed for cardiology applications, is expected to grow significantly, reflecting the increasing reliance on these technologies.
With more hospitals and diagnostic centers being equipped with advanced imaging facilities, the accessibility to cardiac diagnostic services has improved. This has led to a higher volume of imaging procedures being performed, thereby boosting the consumption of contrast media. Furthermore, initiatives to raise awareness about the importance of early diagnosis and treatment of cardiovascular conditions have encouraged more individuals to undergo regular check-ups and diagnostic tests. This proactive approach to healthcare has resulted in a steady increase in the use of contrast media in cardiology, as early and accurate diagnosis is critical for effective treatment and management of heart diseases in India’s contrast media market.
Top Players in India Contrast Media Market
Allex Medical Systems
Aurobindo Pharma Limited
Bayer AG
Bracco Imaging S.p.A.
Cadila Healthcare Limited
Cipla Limited
Congruent Pharmachem Private Limited
GE Healthcare
Guerbet Group
J.B. Chemicals & Pharmaceuticals Ltd.
Jodas Expoim Pvt. Ltd.
Lifecura Pharma
Lupin Limited
Medicon Lifesciences
Sun Pharmaceutical Industries Ltd.
Torrent Pharmaceuticals Ltd.
Other Prominent Players
Market Segmentation Overview:
By Category
By Type
Iodinated
Gadolinium Based
Others
By Modality
By Application
Oncology
Lung Cancer
Breast Cancer
Others
Cardiology
Neurology
Inflammations
Others
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