Canada Contrast Media Market Size, Share & Trends Analysis Report By Modality (Ultrasound, MRI), By Route Of Administration (Oral Route, Intravenous), By Product, By Application, By End-use,- Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2033

Canada Contrast Media Market Size and Growth

The Canada contrast media market size was exhibited at USD 188.15 million in 2023 and is projected to hit around USD 384.19 million by 2033, growing at a CAGR of 7.4% during the forecast period 2024 to 2033.

Canada Contrast Media Market Key Takeaways:

• The X-ray/Computed Tomography (CT) segment held the largest share of 64.36% in 2023.
• The Iodinated segment dominated the market with a share of 61.1% in 2023.
• The intravenous segment held the largest share of 48.9% in 2023 and is expected to grow at the fastest CAGR during the forecast period.
• The neurological disorders segment held the largest share of 28.8% in 2023.
• The hospitals segment held the largest share of 66.0% in 2023 due to the rise in admissions of patients suffering from chronic disorders.

Report Scope of Canada Contrast Media Market

Contrast media are agents used in medical imaging to enhance the visibility of internal body structures. They are crucial in diagnostic procedures such as X-rays, CT scans, MRIs, and ultrasounds. In Canada, the market for these substances is driven by increasing demand for advanced diagnostic imaging, the rising prevalence of chronic diseases, and a growing aging population.

According to the Canadian Cancer Society's 2024 report, researchers anticipated 88,100 cancer-related deaths and 247,100 new cancer cases in Canada for 2024. They projected that each day in 2024, approximately 675 Canadians would be diagnosed with cancer, and 241 Canadians would succumb to the disease. Technological advancements in imaging techniques and introducing novel contrast agents further propel the market. In addition, government initiatives aimed at improving healthcare infrastructure and accessibility contribute significantly to market expansion. With healthcare facilities increasingly adopting advanced imaging modalities, the demand for contrast media is set to rise steadily, ensuring robust market growth over the coming years.

Technological advancements play a pivotal role in the market growth. Developing new contrast agents that are more effective and safer for patients is a significant driver. For instance, the advent of microbubble contrast agents has enhanced ultrasound imaging, while gadolinium-based agents have improved MRI diagnostics. These innovations facilitate better image clarity and diagnostic accuracy, critical in early disease detection and treatment planning.

Furthermore, advancements in imaging technology, such as high-resolution and 3D imaging, require high-quality contrast media to achieve optimal results. For instance, in March 2024, Applied Pharmaceutical Innovation (API) and Voyageur Pharmaceuticals Ltd. entered into a Master Services Agreement (MSA). This collaboration is poised to significantly boost both organizations' dedication to innovation and bolster Canada's life sciences sector. The strategic partnership aims to expedite Voyageur's imaging contrast medium's development, production, and commercialization. Integrating artificial intelligence (AI) in imaging processes also supports advanced contrast media, enabling more precise and efficient diagnoses. As technology evolves, the Canadian market will likely see the introduction of even more sophisticated contrast agents, further driving market growth.

In addition, government initiatives and healthcare policies significantly impact the market in Canada. The Canadian government has been actively investing in the healthcare sector to enhance the quality and accessibility of medical services. Policies to reduce diagnostic wait times and improve patient outcomes directly influence the demand for advanced imaging modalities and contrast media. Programs such as the Canadian Institutes of Health Research (CIHR) funding and provincial healthcare funding initiatives support the adoption of cutting-edge medical technologies, including advanced contrast agents.

Furthermore, regulatory frameworks ensure the safety and efficacy of contrast media, promoting trust and widespread use among healthcare professionals. As the government continues prioritizing healthcare improvements and technological advancements, the market is expected to benefit from increased investment and supportive policies. For instance, in January 2023, Bayer AG announced that its iodine-based contrast agents, Ultravist-300 and Ultravist-370, were approved for contrast-enhanced mammography (CEM) in the European Union. Regulatory agencies worldwide are establishing guidelines to ensure Canada's contrast media therapies' safety, efficacy, and ethical use. Streamlined approval processes and clearer regulatory pathways encourage commercialization and market expansion investment, facilitating patient access to advanced treatment options.

Canada Contrast Media Market By Modality Insights

The X-ray/Computed Tomography (CT) segment held the largest share of 64.36% in 2023. The increasing prevalence of chronic diseases, such as cancer and cardiovascular conditions, drives the demand for CT scans. CT imaging requires high-quality contrast agents to enhance image clarity and diagnostic accuracy.A study published by the National Library of Medicine in August 2022 revealed that over 5.4 million CT examinations were performed in Canada in 2019, with 50% utilizing contrast enhancement. The advent of safe radiopaque contrast agents for CT imaging has markedly improved the technique's effectiveness, enabling clear visualization of internal organ abnormalities and vascular structures. Contrast-enhanced CT imaging has become a crucial diagnostic tool for various medical decisions, particularly in emergency settings and high-resolution anatomical monitoring of cancer treatment. These advancements are projected to drive growth in the CT segment in the coming years.

The ultrasound segment is projected to grow the fastest during the forecast period. The swift introduction of ultrasound systems across Canada is expected to drive market growth in the near future.Industry stakeholders are joining forces to enhance the understanding of ultrasound contrast agents (UCAs). For instance, in April 2024, Northwest Imaging Forums (NWIF) and the International Contrast Ultrasound Society (ICUS) established an educational collaboration to oversee the administration of intravenous UCAs and conduct Contrast-Enhanced Ultrasound (CEUS) studies. The ICUS board includes healthcare professionals from Canada. The involvement of Canadian members in organizations dedicated to UCAs is expected to drive segment growth throughout the forecast period.

Canada Contrast Media Market By Product Insights

The Iodinated segment dominated the market with a share of 61.1% in 2023. CT procedures using intravenous iodinated contrast agents are extensively employed for diagnosing, treating, planning, and monitoring a wide range of diseases. Iodine-based contrast media enhance CT and X-ray images, providing better visualization of internal organs, the gastrointestinal tract, arteries, veins, soft tissues, and the brain. These contrast agents include various molecules such as iodixanol, iohexol, and iopamidol. The growing use of iodinated contrast media has led to shortages, prompting several authorities and organizations to focus on optimizing their use. For instance, in March 2023, the Canadian Agency for Drugs and Technologies in Health published a review identifying strategies to mitigate ICM shortages and strengthen the supply chain.

The microbubble segment is projected to grow at the fastest CAGR over the forecast period. The increasing approvals from Health Canada, the regulatory authority for microbubble contrast media products, are expected to propel segment growth in the upcoming years. For instance, in April 2024, Agitated Solutions, Incorporated obtained a Medical Device Establishment License (MDEL) from Health Canada for its innovative Orbis Microbubble Generator. The company's platform includes a contrast delivery and maneuver automation system alongside a proprietary ultrasound contrast agent (Orbis). Currently exclusive to Canada, the availability of these contrast agent products nationwide is anticipated to stimulate segment expansion throughout the forecast period.

Canada Contrast Media Market By Route of Administration Insights

The intravenous segment held the largest share of 48.9% in 2023 and is expected to grow at the fastest CAGR during the forecast period.Intravenous iodinated contrast media are crucial in CT scans and are widely used for disease assessment and treatment response evaluation. These contrast agents enhance tissue differentiation, accurately characterizing various lesions observed during the scan. Their significance is particularly notable in identifying lacerations affecting solid organs. The use of intravenous contrast media is essential and irreplaceable in most CT examinations focusing on the abdomen and pelvis. Furthermore, ultrasound contrast agents are injected intravenously to enhance the clarity and functionality of ultrasound images during CEUS examinations. Several industry players provide intravenous contrast agents in the market. For instance, VISIPAQUE 320 by GE Healthcare Canada, Inc. is administered intravenously to aid in medical imaging procedures.

The rectal route segment is expected to grow significantly during the forecast period. Contrast agents can also be effectively administered rectally to evaluate conditions such as cancer, ulcerative colitis, or Crohn’s disease. This diagnostic approach involves using contrast media, such as barium sulfate, which is introduced into the lower gastrointestinal tract through an enema administered rectally. The primary goal is to augment the clarity and precision of CT imaging, specifically targeting the lower gastrointestinal tract, encompassing both the colon & rectum.

Canada Contrast Media Market By Application Insights

The neurological disorders segment held the largest share of 28.8% in 2023.The diagnostic assessment of the Central Nervous System (CNS) for neurological disorders drives the uptake of MRI contrast agents, which offer superior imaging of neural structures compared to CT scans. Gadolinium-based Contrast Agents (GBCAs) are employed in MRI procedures to enhance image clarity, thereby improving diagnostic precision by highlighting blood vessels, inflammation, and tumors. Certain GBCAs, such as Prohance, are approved for intravenous administration in adults and pediatric patients aged 2 and above to visualize lesions with abnormal vascularity in the brain, spine, and related tissues. Due to these advantageous properties, the adoption of GBCAs is anticipated to rise. In addition, X-ray and CT contrast agents are widely used to diagnose neurological disorders, further bolstering growth in this segment.

The cardiovascular disorders (CVD) segment is expected to grow at the fastest CAGR during the forecast period. Contrast-enhanced ultrasound imaging, specifically echocardiography, is widely used for cardiovascular system imaging in adult and pediatric patients. Canada offers several contrast agents tailored for diagnosing CVDs. For instance, Definity, an ultrasound-enhancing agent, is approved for improving imaging of cardiac structures such as endocardial borders and ventricular chambers, particularly in cases where standard echocardiograms are inadequate. This enhances the diagnostic accuracy of cardiovascular disorders. In addition, GE Healthcare's VISIPAQUE 320 is designed for angiocardiography, including procedures like aortic root injections, left ventriculography, and selective coronary arteriography. It aids in diagnosing coronary artery conditions and assessing the function of the heart's chambers and valves. The availability of these specialized contrast media products is expected to drive growth in the cardiovascular imaging segment in the coming years.

Canada Contrast Media Market By End Use Insights

The hospitals segment held the largest share of 66.0% in 2023 due to the rise in admissions of patients suffering from chronic disorders. The increasing number of MRIs and CTs performed in hospitals and the growing inclination of hospitals toward digitization and automation of radiology patient workflow are anticipated to boost segment growth. According to the Canadian Medical Imaging Inventory Service Report released in August 2022, more than 90% of CT and MRI services are provided within publicly funded healthcare facilities.

The private clinics segment is expected to grow at the fastest CAGR during the forecast period. As per the Canadian Medical Imaging Inventory Service Report issued in August 2022, approximately 10% of MRI and CT services are conducted in privately operated imaging clinics across Canada. The increasing presence of private clinics, an aging population, and extended wait times for imaging services are expected to bolster segment expansion in the foreseeable future.

Canada Contrast Media Market Recent Developments

• In May 2024, Voyageur Pharmaceuticals, Ltd announced securing a USD 1.9 million sales contract for SmoothX 2% Barium Contrast. The agreement was made with a specialized radiology products sales company in Latin America. This initial contract grants the distributor exclusive marketing and sales rights for SmoothX 2% in two countries. SmoothX 2% is a contrast medium in diagnostic abdominal Computed Tomography (CT) examinations.
  
  
• In March 2024, Lantheus Holdings, Inc. announced that Health Canada had approved the supplemental new drug application (sNDA) for DEFINITY (Perflutren Lipid Microsphere) as an ultrasound-enhancing agent intended for pediatric patients with suboptimal echocardiograms.
  
  
• In March 2024, Bracco Imaging and Samsung Medison unveiled a new agreement focused on optimizing the utilization of ultrasound contrast agents. The partnership aims to enhance image resolution, streamline workflow, and improve clinical benefits for healthcare providers and patients.
  
  
• In April 2024, Bayer AG partnered with Google Cloud to co-develop artificial intelligence (AI) solutions to assist radiologists and improve patient care. As part of this collaboration, Bayer will broaden its innovation platform to expedite creating and implementing AI-driven healthcare applications, particularly in radiology. This initiative will harness Google Cloud's advanced technology, including its generative AI tools.

Some of the prominent players in the Canada contrast media market include:

• Bayer AG
• GE HealthCare
• Guerbet
• Lantheus Holdings, Inc.
• Bracco
• Voyageur Pharmaceuticals, Ltd
• Grupo Juste

Segments Covered in the Report

This report forecasts revenue growth at country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the Canada contrast media market

Modality

• Ultrasound
• Magnetic Resonance Imaging
• X-ray/Computed Tomography

Product

• Microbubble
• Gadolinium-Based
• Iodinated
• Iodixanol
• Iohexol
• Iopamidol
• Others
• Barium-Based

Application

• Cardiovascular Disorders
• Neurological Disorders
• Gastrointestinal Disorders
• Cancer
• Nephrological Disorders
• Musculoskeletal Disorders
• Others

Route of Administration

• Intravenous
• Oral Route
• Rectal Route

End Use

• Hospitals
• Private Clinics
• Others