Contrast Media and Radiopharmaceutical Market

Drastic changes in the European contrast media and radiopharmaceutical field are resulting in some sectors experiencing growth while others are close to saturation. For example, in the contrast media field, the x-ray/computed tomography (CT) area is witnessing a decline in growth mainly caused by the introduction of new technologies that require less contrast agents. However, the magnetic resonance imaging (MRI) and ultrasound fields are experiencing remarkable growth.

A comparable situation exists in the radiopharmaceuticals field with positron emission tomography (PET) agents growing at a much more rapid rate than the other sectors. Apart from a saturation in some areas, the market is also experiencing a reasonable amount of price erosion that is slowing its overall growth.

"However, MRI contrasting agents and PET radiopharmaceuticals are showing tremendous growth potential and helping balance the effects of market saturation and price erosion in the overall contrast media and radiopharmaceuticals markets,” remarked Srividya Badrinarayanan, a research analyst at Frost & Sullivan, a technology growth consultancy firm (Palo Alto, CA, USA).

While the imaging field anticipates the introduction of new products, specifically in the field of MRI contrast media and ultrasound sectors, the slow rate of product adoption by technologists and physicians is apt to be a limiting factor. This reluctance to adopt new products is attributed to the price sensitiveness of the market.

Vague reimbursement policies and pricing are also restricting market growth. Individual countries have different policies on the reimbursement of contrasting agents, with some countries having no defined guidelines at all. Countries such as Italy and Germany follow very strict policies. This generates uncertainty among participants trying to introduce their products in these countries. In many instances, the reimbursement provided by the authorities is small, causing physicians to stay away from high-cost, although effective, products. A result of this is the industry as a whole loses out.

In spite of the problems, the European contrast media and radiopharmaceutical market does provide opportunity for expansion. However, R&D departments of industry participants are apt to see a wave of mergers and acquisitions occurring in the near future. Lastly, with radiologists and technicians throughout Europe continually looking to identify better imaging agents that provide enhanced image quality and help in the improved detection of disease, the future for this market appears promising.




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