London, United Kingdom (PressExposure) December 09, 2009 -- The global contrast media market was valued at $5.4 billion in 2008, growing at 5% Compounded Annual Growth Rate (CAGR) to reach $7.9 billion in 2015. The global market will witness a modest growth due to patent expiry of leading contrast agents such as Myoview and Visipaque in 2010-2011, consequent entry of generics, declining reimbursement and adverse clinical studies associated with contrast agents.
During 2007â2008, patents for leading Magnetic Resonance Imaging (MRI) contrast agents such as Omniscan and MutiHance expired. Patents for Myoview and Visipaque are also set to expire in the next one or two years. This has resulted in the emergence of generic contrast media players such as Imaging Agents and has resulted in price reduction. This trend is expected to continue over the next five years, as more generic players enter the market leading to consequent price reduction. Uncertainty over reimbursement of contrast agents in the future and declining prices are likely to adversely affect the revenues, despite the rise in the number of imaging procedures.
This analysis was taken from a research paper published by GlobalData, to download the full Research Paper for free, click below:
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