The working mechanism of ultrasound contrast agent is pretty simple. Ultrasound contrast agent mainly consists of a shell and core composition where the core is a less soluble medical gas and shell can consist of lipids, proteins or polymers.
There is difference in acoustic impedances of liquid and gas, therefore the gas core of contrast agent generates a high back-scatter of incident ultrasound.
Breaking of bubble depends upon the power of incident ultrasound.
For general applications of micro and nanobubbles, their composition and synthesis techniques, you might follow these publications
On the basis of mechanism, two types of contrast agents are used, positive and negative. Positive are micro-bubble and increase reflectivity of sound waves to enhance the structure containing contrast agent. Negative contrast agent just as fluid increase through transmission and enhance the appearance of other structures.