Drivers: Global Contrast and Imaging Agents in Interventional X-Ray Market
RISING NUMBER OF CHRONIC DISEASES:
In recent years, the prevalence of chronic diseases (such as cardiac disorders, stroke, chronic lung disease and many others) has increased considerably over a period of time. This rise in prevalence of chronic diseases can be attributed to unhealthy lifestyles, including excess consumption of alcohol and tobacco. Poor nutrition and lack of physical activity are among the other factors leading chronic disorders to grow rapidly.
- According to National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), stated that in America, each year 6 in 10 adults have a chronic disease whereas 4 in 10 adults have two or more chronic diseases in the U.S.
- As per an article published by U.S. Department of Health and Human Services, stated that in America, each year 7 of 10 deaths are caused due to chronic diseases.
With the rising prevalence of chronic diseases, patients are going for diagnosis of those diseases and thus the demand for diagnostic centres with x-ray devices are increasing. This growing demand of devices would increase the use of contrast and imaging agents to have in interventional x-ray market.
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RISING AGING POPULATION:
As fertility declines and life expectancy rises, the proportion of the ageing population is rising. The rapidly increasing aging population and the subsequent rise in chronic conditions are major factors driving the contrast and imaging agents in interventional X-ray market demand as aged populations are more prone to various diseases which need to be diagnosed for further treatment and require the usage of X-ray devices for the diagnosis.
There are some statistics given below for prevalence of diseases and they are as follows:
- According to World Bank, the population ageing 65years or above is increased from 15.71% in 2014 to 16.57% in 2017 out of the total population in Canada.
Technological developments in the healthcare sector by providing various innovative products, increasing health awareness etc. are among the factors driving the ageing population. With the rising geriatric population, prevalence of diseases and their treatment and diagnosis needs are also increasing which has led to the use of x-ray devices which in turn has increased the demand for contrast and imaging agents.
GROWING NUMBER OF DIAGNOSTIC CENTERS:
Rising incidence of infectious diseases in developing countries, increasing prevalence of cardiac diseases and growing preference for healthcare over the globe have increased the adoption of diagnostic centres globally. The use of diagnostic imaging has been increased contributing to the medical costs and exposure to ionizing radiation. The demand for diagnostic centres is rising due to the rising number of diseases to be diagnosed for further treatment and technological development of various products such as use of digital technology.
The numbers of physicians or doctors etc. are increasing now-a-days. As the physician’s number is increasing, the growth of diagnostic centers will also increase having a direct impact on the demand of contrast agents used in interventional x-ray market. The growing number of chronic disorders has increased the number of diagnostic centers in Canada which would also lead to a rise in the demand of digital equipment such as x-ray, CT scan etc. in the diagnostic centers. The need for digital equipment would lead to the rising demand of contrast agents in interventional x-ray market.
Restraint: Global Contrast and Imaging Agents in Interventional X-Ray Market
SIDE EFFECTS ASSOCIATED WITH CONTRAST AGENTS:
The side effects associated with contrast agents is hampering the global contrast and imaging agents in interventional x-ray market to grow. Contrast agents are used for improving the visibility of structures and internal organs in X-ray based imaging procedures. There might be some side effects such as itching to a life-threatening situation, which is referred as contrast-induced nephropathy.
Renal toxicity is an adverse reaction related with the usage of intravenous contrast agents. Other adverse reactions include anaphylactic reactions, local tissue damage and delayed allergic reactions. The relative risk of such reactions can be decreased by using the smallest amount of contrast agent possible. Awareness of the various types of risks and pre-screening of their presence will allow the early recognition and treatment of such factors. Thus the side effects related to contrast agents would hamper the market demand.
Opportunity: Global Contrast and Imaging Agents in Interventional X-Ray Market
RISING HEALTHCARE EXPENDITURE:
The rising healthcare expenditure will have a direct impact on the global contrast and imaging agents in interventional x-ray market. This increase in healthcare expenditure is caused by growing incidence of disease in the population, innovations in treatment and changing clinical thresholds to diagnose and treat disease.
Mention below is some of the statistics related to the health expenditure in Canada.
- According to Canadian Institute for Health Information, stated that in Canada, the total health expenditure is estimated to reach USD 253.5 billion in 2018. It is expected that overall health expenditure will represent 11.3% of Canada’s GDP.
- According to Canadian Institute for Health Information, stated that in Canada, in 2018 the total health expenditure is estimated to increase and reach USD 6,839 per Canadian as compared to USD 6,630 in 2017.
Thus we can see that as the health expenditure is increasing the demand of different radiology equipment would also increase which will rather help in increasing the demand for contrast agents in the market.
Challenge: Global Contrast and Imaging Agents in Interventional X-Ray Market
LACK OF AWARENESS REGARDING THE PROPER DOSAGE OF CONTRAST AGENT:
Lack of awareness regarding the proper dosage of contrast agent can act as a challenging factor for global contrast and imaging agents in interventional x-ray market. Contrast agents are essential for accurate diagnoses and are mostly effective and safe when administered correctly. But, reactions to these contrast agents do occur and sometimes may be life threatening. The physicians or doctors conducting the radiology tests such as x-ray or CT must be well aware of the proper dosage of contrast media to be given to patients.
In many CT sections, it is very common to administer CT contrast agent as per a fixed weight scale. Thus, it is very necessary to have knowledge regarding the dosage of contrast agent to be taken. If appropriate dosage is not provided, then there might be risks related to the same such as allergic reactions etc. which would have an adverse impact on the growth of the market of contrast and imaging agents in interventional x-ray market.
Market Trends:
On the basis of agent type, the market is segmented into iodinated contrast media, barium-based contrast media, microbubble contrast media, gold nanoparticle contrast agents and others. In 2018, iodinated contrast media segment is expected to dominate the global contrast and imaging agents in interventional X-ray market share and expected to grow with the highest CAGR in the forecast period of 2019 to 2026.
On the basis of application, the market is segmented into cardiology, gastroenterology, neurology, oncology, urology and general Surgery. The cardiology segment is further sub segmented into percutaneous coronary intervention, structural heart disease, congenital heart disease and electrophysiology. In 2018, cardiology segment is expected to dominate the market share and expected to grow with the highest CAGR in the forecast period of 2019 to 2026.
On the basis of end user, the market is segmented into imaging centers, hospital, clinics, diagnostic center, ambulatory surgical centers and private practices. In 2018, imaging centers segment is expected to dominate the market share and is expected to grow with the highest CAGR of 6.0% in the forecast period of 2019 to 2026.
Major Players: Global Contrast and Imaging Agents in Interventional X-Ray Market
Some of the prominent participants operating in this market are General Electric Company, BRACCO, Guerbet, Lantheus Medical Imaging, Inc., FUJIFILM VisualSonics Inc., Imax, Taejoon Pharm, J.B.Chemicals & Pharmaceuticals Ltd. and among others.
