Specific Media for Varied Modalities to Drive Growth in the European Contrast Media Markets

Product innovation, together with the introduction of novel, application-specific contrast media, is boosting market expansion.

Frost & Sullivan (Palo alto, CA, USA), an international growth consultancy company, found that the European Contrast Media Markets earned revenues of US$1.37 billion in 2006 and estimates this to reach $2.23 billion in 2013.

"Newer contrast media being developed for specific applications are displaying improved results and supporting consistent market growth,” said Frost & Sullivan research analyst Ranjit Ravindranathan. "The rising number of procedures that require contrast media is directly contributing to an increase in the number of modality installations and promoting market expansion.”

The European contrast media markets are demonstrating considerable potential, with all segments at varied stages of the growth curve. For instance, saturation in the X-ray/computed tomography (CT) field is being offset by strong growth in the magnetic resonance imaging (MRI) segment due to its enhanced applications, including in cardiology.

However, saturation in certain segments such as X-ray contrast is hindering overall market growth. Another challenge is to widen customer bases by developing innovative, application-specific products.

"Due to market maturity, the lack of, or low reimbursement rates, have an even greater effect,” added Mr. Ravindranathan. "Rising procedural costs, including the purchase of new technology with specific contrasts might prove to be a constraint initially, however, in the long-term, transition and adoption will be inevitable.”

To penetrate local markets, participants should acquire or establish strategic alliances with smaller firms, according to Frost & Sullivan. Companies should also introduce innovative products to encourage regular purchases by end users. Furthermore, market participants should train and educate radiologists about the availability and effectiveness of new contrast media technologies using radioactive contrasts.


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