LONDON, Nov. 7, 2012 /PRNewswire/ -- In many European countries, the distribution of contrasting agents is mainly through public tenders. Due to these tender systems, the average price of contrasting agents is reducing at the rate of 4% to 9% per annum in some regions.
Although the volume of contrasting agents used is increasing, the market is not able to grow at a very high rate, due to price erosion and restricted revenue per procedure. In the case of radiopharmaceuticals, although there is a rise in the relative number of vials being sold, there is not a big difference in the overall revenue generated, due to falling prices.
New analysis from Frost & Sullivan, Analysis of the European Radiopharmaceuticals and Contrast Media Market, (www.medicalimaging.frost.com), finds that the market earned revenues of $1.39 billion in 2011 and estimates this to reach $1.69 billion in 2017. The research covers contrast media used with X-ray, CT, MRI.
As growth of the contrast media market in X-ray and CT applications has attained maturity, revenue growth is accounted mainly to growth in the MRI contrast and ultrasound contrast segments.
"The increase in aged demographic would have an indirect impact on the contrast media market, as they would lead to a greater number of medical procedures and thus to a greater use of contrast media. This is one of the most important driving factors for this market," notes Frost & Sullivan Program Manager Sujith Eramangalath.
On the other hand, the usage expansion of nuclear medicine in other fields besides oncology, along with a large number of patients diagnosed with these conditions, is driving the radiopharmaceuticals market.
However, the radiopharmaceuticals market in Europe is highly regulated in terms of reimbursement and utilization.
"Many European countries have strict reimbursement policies regarding radioactive agents",
|SOURCE Frost & Sullivan|
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