Global Growth of Contrast Media Injectors Market Forecast
FMI, an ESOMAR-certified market research firm, estimates global contrast media injectors market revenues to reach US$ 1.2 Bn in 2020. In its new study, FMI takes a long-term optimistic view of the market, estimating global revenues to grow at 4.9% CAGR through 2030. The report opines that AI’s growing penetration in the healthcare sector will also rub off on contrast media injectors industry during the next decade.
Key Takeaways of Contrast Media Injectors Market Study
- North America is expected to be the most lucrative region and account for more than 32% of revenue in the global contrast media injectors in 2020 and this trend is expected to continue during the forecast period
- Larger patient pool and increasing government support towards developing healthcare system in Asian countries are expected to propel the growth of the contrast media injectors market in the region
- AI is expected to speed up the process of injecting contrast media in the forecast period
- Increasing applications in orthopedic surgeries and neurosurgeries to bolster the market in the forecast period
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New Product Launches and Approval – The Ongoing Trend
The market players are into getting their new products launched as well as approved to stay in the competition and also keep pace with the market scenario (that of continuing to innovate). The constructive steps in this regard are:
- In Apr 2020, Guerbet announced getting approved by the US FDA for manufacturing gadoterate meglumine (Dotarem) injection inside the US. Till late 2019, this production used to happen outside of the US.
- In Nov 2019, the US FDA approved an MRI contrast agent “Clariscan” for intravenous use in spine, brain (intracranial), and associated tissues.
- In Aug 2019, Bracco Diagnostics, Inc. announced getting approved by the US FDA for oral suspension of barium sulfate (Varibar Thin Liquid). The basic use of this contrast agent is detection and assessment of dysphagia.
High Cost of Contrast Media Injectors: Key Challenge to Growth
Contrast media injectors are a costly course of treatment. As such, medium- and small-sized hospitals need to give a second thought while having them under their umbrella. Plus, CT injectors’ cost ranges between US$30,000 and US$40,000 and MRI injectors range from US$35,000 to US$ 40,000. Accessories cost is not included herein. Only ample funding can allow these hospitals to go for contrast media injectors.
Besides, opting for IT-enabled contrast media injectors would add to the overheads as dedicated IT personnel need to be employed over here. These factors are bound to hamper the contrast media injectors market even in the long run.
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Leading Players in Contrast Media Injectors Market
The contrast media injectors market players are trying out every possible mode of organic/inorganic growth to sustain themselves in the market. For instance – Windsong Radiology Group acquired MEDRAD Stellant FLEX Injection System to help both – Windsong and Bayer to avert downtime, standardize care, and minimize operational costs.
Shenzhen Anke High-tech Co. Ltd.’s single-head CT SCAN contrast media injector is endowed with injection interruption that facilitates flexible handling of emergencies. Contrast media injectors offered by Ulrich GmbH & Co. KG facilitate user-friendly handling and have been into the market since the last 3 decades with use in MRI and CT.
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The above-mentioned players along with the others in the contrast media injectors market include:
Americas
- Mallinckrodt (Guerbet SA)
- GE Healthcare
Europe
- Bayer AG
- Ulrich GmbH & Co. KG
- Bracco Imaging S.p.A
- Medtron
Asia Pacific
- Nemoto Kyorindo Co. Ltd
- Shenzhen Anke High-tech Co. Ltd
*The list is only for representational purposes not exhaustive. Full competitive intelligence with SWOT analysis available in the report
Key Segments
Product Type
- Angiographic Injectors
- Computed Tomography (CT) Injectors
- Magnetic Resonance Imaging (MRI) Injectors
End User
- Hospital
- Ambulatory Surgical centers
- Diagnostics Centers
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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