The European contrast media and radiopharmaceuticals markets are seeing some segments experience growth while others near saturation, according to a recent report from market research and consulting firm Frost & Sullivan.
For instance, in the contrast media market, the x-ray and CT segment is experiencing a slump in growth largely due to the introduction of new technologies that require less contrast media. On the other hand, the MRI and ultrasound segments are witnessing exceptional growth, according to the San Jose, CA-based firm.
A similar situation prevails in the radiopharmaceuticals market, with PET agents growing much faster than other segments. The European market is also experiencing a fair amount of price erosion that is slowing its overall growth, Frost & Sullivan said.
The firm said that the European contrast media market generated revenue of $779.4 million (U.S.) in 2003, and is expected to grow at a compound annual growth rate (CAGR) of 6.8% to reach $1.24 billion in 2010. The radiopharmaceuticals market generated revenue of $415.9 million in 2003, and is forecast to grow at a CAGR of 6.4% to reach $643.6 million by 2010.
The group predicted that the MRI segment, which currently contributes a sizeable portion to the contrast media market's revenues, is expected to show double-digit growth over the forecast period (2003 to 2010).
By AuntMinnie.com staff writers
October 21, 2004
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