Contrast Media Injectors Market by Product [Consumables, Injector Systems, and Accessories], Application [Radiology and Interventional Cardiology], End User [Hospitals and Diagnostic Centers] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global contrast media injectors market was pegged at ~US$ 1.41 billion in 2020. The market is expected to witness a CAGR of ~7.1% from 2021 to 2031.
The rising incidence of chronic diseases coupled with the growing geriatric population are the major drivers of the contrast media injectors market. Moreover, technological advancements, government initiatives, and adoption of different strategies by the prominent players to increase their footprints across the globe are some of the pivotal factors fueling the market growth. However, the high cost of the contrast media injectors and recall of products are likely to restrain the market growth to a certain extent.
Regulatory approvals and clearances from the government bodies help fast-track the development and commercialization of surgical refractors products. For instance, in December 2019, Bayer received FDA approval to expand the indication of its MEDRAD Stellant FLEX Computed Tomography (CT) Injection System with Certegra Workstation for use in Contrast Enhanced Mammography (CEM).
According to WHO, cardiovascular diseases (CVDs) are the leading cause of deaths globally, accounting for an estimated 17.9 million lives each year, i.e. an estimated 31% of all deaths worldwide. Furthermore, cancer is the second leading cause of death globally and was responsible for an estimated 9.6 million deaths in 2018. By 2040, the global burden is expected to grow to 27.5 million new cancer cases and 16.3 million cancer deaths simply due to the growth and aging of the population. An increase in the prevalence of such diseases has increased awareness about the early diagnosis and treatment, which in turn is expected to boost the growth of the market.
In an effort to maintain their position in the market, prominent companies are collaborating and c. For instance, in May 2020, German medical technology manufacturer Ulrich medical presented a version of its CT motion contrast media injector designed for the American market at RSNA in Chicago. It was marketed in cooperation with partner GE Healthcare.
However, the high cost of contrast media injectors is expected to restraint the market to a certain extent. Furthermore, recall of the injectors has also affected the growth of the market to a certain extent. High cost and recall of injectors decrease the willingness to repeat purchase, which in turn decreases the market volume and eventually hampers the market growth.
The Asia Pacific region is projected to be the fastest-growing contrast media injectors market. The growth of the region can mainly be attributed to the presence of a large patient pool, developing healthcare infrastructure, and rising awareness about the early diagnosis of life-threatening diseases. Countries such as India and China in the APAC region, are projected to offer significant growth opportunities owing to the increasing prevalence of chronic diseases and rising geriatric population in the region.
Some of the prominent players operating in the contrast media injectors market are Bayer, Bracco Imaging S.p.A., Nemoto Kyorindo co., Ltd., ulrich GmbH & Co. KG, Shenzhen Anke High-tech Co., Ltd., Medtron AG, Apollo RT Co. Ltd., Sinomdt, Guerbet, and Shenzhen Seacrown Electromechanical Co., Ltd., among others.