India Contrast Media Market Outlook to 2030

India Contrast Media Market Overview

• India Contrast Media Market is growing at a notable rate. This is reflected in the Global Contrast Media Market reaching a valuation of $6 billion. The market is driven by the increasing prevalence of chronic diseases such as cardiovascular diseases and cancer, which require diagnostic imaging.

• Key players in India Contrast Media Market include GE Healthcare, Bayer AG, Bracco Imaging, Guerbet Group, and Daiichi Sankyo Company. These companies dominate the market due to their extensive product portfolios, strong distribution networks, and significant investments in research and development.
• In 2021, Sun Pharmaceutical Industries has received approval from the Drugs Controller General of India (DCGI) for its COVID-19 treatment, Molxvir (Molnupiravir). This approval allows Sun Pharma to introduce Molxvir in India, following a non-exclusive licensing agreement with Merck Sharp & Dohme (MSD) and Ridgeback Biotherapeutics to manufacture and supply the drug.
• Mumbai, Delhi and Bengaluru are the dominant cities in the India Contrast Media Market due to their advanced healthcare infrastructure and higher concentration of diagnostic imaging centers. These cities have a higher patient influx and better access to healthcare services, contributing to their market dominance.

India Contrast Media Market Segmentation

India Contrast Media Market can be segmented based on several factors:

By Product Type: India Contrast Media Market is segmented by Product Type into Iodinated Contrast Media, Gadolinium-based Contrast Media and Microbubble Contrast Media. In 2023, Iodinated Contrast Media reign as the most dominant sub-segment. The affordability and efficacy of iodinated contrast agents make them the preferred choice for a variety of diagnostic procedures across the country.

By Application: India Contrast Media Market is segmented by Application into Radiology, Interventional Radiology and Interventional Cardiology. In 2023, Radiology industry emerges as the most dominant sub-segment. Radiology applications dominate due to the extensive use of contrast agents in enhancing the quality of images and aiding in accurate diagnosis, particularly for cancer and neurological disorders.

By Region: India Contrast Media Market is segmented by region into North, South, East & West regions. In 2023, the North region held the largest market share due to the presence of top-tier hospitals and diagnostic centers in states like Delhi and Uttar Pradesh. The higher healthcare expenditure and better access to advanced medical technologies contribute to the dominance of the North region in the market.

India Contrast Media Market Competitive Landscape

• GE Healthcare: In 2024, GE HealthCare and MediView XR have announced the world's first installation and clinical use of the OmnifyXR Interventional Suite at North Star Vascular and Interventional in Minneapolis, Minnesota. This innovative augmented reality-based suite is designed to transform interventional radiology practices by integrating a holographic heads-up display that streams live medical imaging and allows for the visualization of 3D anatomical models.
• Bayer AG: In 2024, Bayer AG has announced a strategic partnership with Samsung Electronics America to address sleep disturbances associated with menopause. This collaboration aims to fill existing data gaps and enhance the understanding of how these disturbances impact women's health and quality of life.

India Contrast Media Industry Analysis

India Contrast Media Market Growth Drivers:

• Increasing Prevalence of Chronic Diseases: In 2021, India had 74 million confirmed diabetics, about a tenth of the population aged 20-79, highlighting a significant health concern; this rising prevalence of diabetes drives an increased need for frequent diagnostic imaging, consequently boosting the demand for contrast media as healthcare providers seek to manage and monitor the condition more effectively through advanced imaging techniques.
• Rising Number of Diagnostic Imaging Procedures: In 2022, there were over 1.5 million MRI scans and 2.2 million CT scans conducted in India. This surge is driven by improved access to healthcare services and increased awareness among the population about the benefits of early diagnosis, boosting the demand for contrast agents used in these procedures.
• Expanding Healthcare Infrastructure: Indias healthcare infrastructure is expanding rapidly, with significant investments in both public and private sectors. The government allocated 90,625 crore for healthcare in the Union Budget 2024, marking an increase from previous years. This funding is directed towards upgrading existing facilities and establishing new hospitals and diagnostic centers, which are expected to increase the utilization of contrast media for various diagnostic purposes.

India Contrast Media Market Challenges:

• High Cost of Advanced Contrast Agents: The high cost of advanced contrast agents is a major challenge in the Indian market. This cost barrier limits the widespread adoption of such agents, particularly in rural and semi-urban areas where disposable incomes are lower.
• Adverse Reactions and Side Effects: The potential for adverse reactions and side effects associated with contrast media is another significant challenge. These reactions can range from nausea and vomiting to more severe outcomes such as nephrotoxicity, which can deter both healthcare providers and patients from opting for contrast-enhanced imaging procedures.

India Contrast Media Market Government Initiatives

• Pradhan Mantri Aatmanirbhar Swasth Bharat Yojana (PM-ASBY): Announced in the Union Budget 2021-22, PM-ASBY is a new centrally sponsored scheme to develop capacities of primary, secondary, and tertiary care health systems. This scheme has an outlay of around $8.6 billion allocated for a duration of six years up to FY 2025-26. This scheme will boost the contrast media market by enhancing healthcare infrastructure and diagnostic capabilities, leading to increased demand for advanced imaging technologies.
• National Digital Health Mission (NDHM): The NDHM, launched in 2020, focuses on creating a digital health ecosystem that integrates various stakeholders in the healthcare sector. By 2024, the government plans to roll out NDHM across all states with a budget of 1,600 crore. This initiative aims to digitize health records, including imaging data, which will streamline diagnostic processes and boost the demand for contrast media.

India Contrast Media Future Market Outlook

By 2028, India Contrast Media Market is projected to grow exponentially, driven by continuous advancements in imaging technologies and increasing healthcare expenditure.

Future Trends

• Integration of AI in Diagnostic Imaging: Over the next five years, the integration of artificial intelligence (AI) in diagnostic imaging is expected to revolutionize the India Contrast Media Market. By 2028, AI-enabled imaging systems are projected to be widely adopted across major hospitals and diagnostic centers, driving demand for contrast agents.
• Expansion of Telemedicine and Remote Diagnostics: With the governments focus on improving healthcare access through digital platforms, the use of contrast agents in remote diagnostic procedures is expected to rise. By 2028, tele-radiology services are anticipated to become more prevalent, enabling radiologists to interpret images remotely and recommend contrast-enhanced imaging when necessary.