The Global Contrast 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.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.
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Drivers: Increasing prevalence of Cancer and CVD
Globally, there has been a significant increase in the number of people suffering from cancer.the number of people suffering from cancer is expected to increase by 50% to 15 million by 2020 (Source: World Cancer Report, 2003 by WHO). Similarly, CVDs and strokes are the leading causes of death around the world. According to the World Health Organization (WHO), CVDs are the major cause of death globally. The WHO estimated that in 2015, approximately 17.7 million people died of CVDs, which represented 31% of the global deaths; this number is estimated to increase to 23.6 million by 2030. Contrast media injectors are used to inject contrast media at the time of diagnostic imaging to enhance image quality and improve patient safety. Thus, the increase in the number of cancer and CVD cases will stimulate the demand for improved healthcare facilities and advanced diagnostic imaging procedures, which, in turn, will drive the market for contrast media injectors.
Key Market Players
The major players in the contrast media injector industry are Bayer Ag (Germany), Bracco Imaging S.p.A (Italy), and Guerbet Group (France). An analysis of the market developments between 2016 and 2019 revealed that product launches, partnerships, expansions, and strategic acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the contrast media injector market.
Bayer was the leading player in the contrast media injector market in 2019. The company offers a comprehensive range of contrast media injectors. Bayer has a strong focus on innovation and invested USD 6.2 billion in research and development in 2018. The company’s strong focus on R&D has led to the innovation of products. For instance, in February 2018, Bayer launched the new Medrad Centargo CT injection system. Additionally, in July 2019, the US FDA approved Bayer’s Gadavist as the first contrast agent for cardio MRI, which will lead to significant demand for contrast injector in the space of cardiac magnetic resonance (MR) imaging.
Bracco Imaging S.p.A held the second position in the contrast media injector market in 2019. The company maintains a direct sales force to reach out to its customers. To maintain its strong position in the market, in November 2016, the company received US FDA approval for its CT Exprès 3D Contrast Media Delivery System. It succeeded in creating a strong foothold in the market, owing to its diversified product portfolio, broad geographic reach, and focus on acquisitions and product launches.
Guerbet Group held the third position in the contrast media injector market in 2019. The company offers an extensive portfolio of contrast media injectors under various categories (including CT, MRI, Angiography injectors). The company has a strong presence in EMEA (Europe, the Middle East, and Africa) countries followed by North America, APAC, and LATAM. The company has been focusing on innovation and received an award for its contrast media injector products in 2015. The company also launched Optivantage multi-use injector for injecting contrast agents used in X-ray medical examinations in November 2018.
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North America will continue to dominate the contrast media injector market during the forecast period
Geographically, North America dominated the contrast media injector market in 2019, while Asia Pacific is expected to register the highest CAGR during the forecast period. The large share of North America is attributed to the increasing number of diagnostic imaging units & examinations, rising aging population & corresponding disease conditions in the US, significant focus & government investments in the medical imaging arena, and increasing research activities in Canada.
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