The European contrast media markets are demonstrating considerable potential, with all segments at varied stages of the growth curve, according to market research firm Frost & Sullivan of San Jose, Calif. Product innovation, together with the introduction of novel, application-specific contrast media is boosting market expansion, the company said.
According to senior 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.
Frost & Sullivan said that the European contrast media markets earned revenues of $1.37 billion (U.S.) in 2006 and estimates the market will grow to $2.23 billion in 2013.
The company noted that saturation in certain segments, such as x-ray contrast, is hampering overall market expansion. Another challenge is the lack of, or low, reimbursement rates for contrast media in the European market space, Frost & Sullivan said.