Contrast Media Injectors Market To Reach USD 1.9 Billion By 2025
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Factors such as the growing prevalence of cancer and CVD; a large number of approvals for contrast agents; and increasing investments, funds, and grants by government organizations are driving the growth of the contrast media injectors market. However, the high cost of contrast media injectors and consumables & accessories is restraining the growth of the market to a certain extent.
The globalcontrast media injectors market size is estimated to be USD 1.3 billion in 2020 and projected to reach USD 1.9 billion by 2025, at a CAGR of 7.4% between 2020 and 2025. Contrast Media Injectors Market By Product (Injector Systems (CT Injector, MRI Injector), Consumables (Syringes), Accessories), Application (Radiology, Interventional Cardiology), & End Users (Hospitals) – Global Forecast to 2025
Opportunity: IT-enabled solutions for contrast media injectors
Contrast media injectors are now enabled with an LCD screen to maintain flow rates and monitor patient status. Also, market players are introducing new software for injector systems that can generate data in real-time. Information such as contrast media flow rate, injection pressure, injection speed, and type of contrast media can be easily accessed through this software. The IT department of a hospital can connect this software directly to their hospital information systems or electronic medical records and access patient data from picture archiving and communication systems. This reduces the time, error rate, and effort to upload statistical data and images manually.
Challenge: Dearth of trained professionals
A high degree of technical skill and expertise is required to handle advanced and sophisticated diagnostic imaging systems. According to the US Bureau of Labor Statistics, radiology technicians may witness employment growth of about 21% between 2012 and 2022. Although this is significant, the dearth of specialists and radiologists is an important challenge for countries across the globe
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Based on the product, the contrast media injectors market is segmented into injector systems, consumables, and accessories. The consumables segment is expected to witness the highest growth rate during the forecast period. The high growth rate in this segment can be attributed to the growing requirement of consumables to maintain safety and hygienic conditions during diagnostic procedures.
Based on application, the contrast media injectors market is segmented into radiology, interventional radiology, and interventional cardiology. In 2018, the radiology segment accounted for the largest share of the contrast media injectors market. The rising number of radiology procedures using contrast media is driving the growth of this application segment.
Based on end-user, the contrast media injectors market is segmented into hospitals and diagnostic imaging centers. The key factors contributing to the growth of diagnostic imaging centers is the increase in the number of private imaging centers (fueled by the rising demand for early diagnosis and diagnostic imaging) and lack of imaging modalities in small and mid-scale hospitals. e-estimated, p-projected.
Geographically, the contrast media injector market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. Asia Pacific is expected to grow at the highest CAGR during the forecast period, primarily due to factors such as the rising R&D investments and favorable demographic scenario in China, rising aging population and cancer incidence in Japan, growing investment in the Indian radiology market, and increasing focus of market players & increasing government support to strengthen healthcare service delivery in other countries are driving the growth of this regional segment.
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Leading Companies in Contrast Injectors Market
Major players in this market include Bayer Ag (Germany), Bracco Imaging S.P.A (OTCPK:ITALY), Guerbet Group (France), Ulrich GmbH & Co. KG (Germany), Nemoto Kyorindo Co., Ltd (Japan), Sino Medical-Device Technology Co., Ltd. (Sinomdt) (CHINA), APOLLO RT Co. Ltd. (Hongkong), Shenzhen Anke High-tech Co. Ltd (CHINA), Shenzen Seacrown Electromechanical Co Ltd. (CHINA), and Medtron AG (Germany).
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