The Global Contrast Media Injectors Market in terms of revenue was estimated to be worth $1.6 billion in 2024 and is poised to reach $2.3 billion by 2029, growing at a CAGR of 8.0% from 2024 to 2029. The comprehensive research encompasses an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights derived from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchasing dynamics.
A major driver is the rising incidence of cancer and cardiovascular diseases (CVDs), particularly among the aging population. Additionally, advancements in injector technology have led to the increasing demand for contrast media injectors catering diagnostic accuracy and early detection. Moreover, rising disposable incomes, coupled with expanding access to healthcare services in emerging markets, further fuel the demand contrast media injectors.
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Key Market Players
The contrast media injectors market is consolidated. As of 2023, the key players operating in the global contrast media injectors market are Bayer AG (Germany), Bracco Imaging S.p.A. (Italy), Guerbet (France), Medtron AG (Germany), Ulrich GmbH & Co. Kg (Germany), and Nemoto Kyorindo (Japan).
Driver: Rising volume of contrast-mediated CT and MRI examinations
Growing awareness among patients about the advantages of early disease diagnosis is a major factor driving the global demand for diagnostic imaging procedures. Clinicians worldwide prefer computed tomography (CT) and magnetic resonance imaging (MRI) as their primary imaging modalities. Complex imaging procedures require contrast media to obtain an improved visualization. Increasing use of contrast agents in the diagnostic procedures correlates with a rising demand for contrast media injection systems. Thus, growing target disease population coupled with promising outcomes associated with these scans are further expected to increase demand for contrast-enhanced procedures. This, in turn, will drive the demand for contrast injectors, further supporting the market growth.
Restraint: High cost of contrast media injector
High cost of contrast media injectors is one of the restrains in market. Premium product pricing hinders the adoption in emerging countries. Small healthcare facilities rely on third-party payers to reimburse the costs. The high cost of the equipment makes it difficult for most hospitals in emerging economies to afford this technology. Hence, smaller end users are hesitant to invest in this equipment. As a result, they often choose more economical conventional systems. This will hinder the adoption for transitioning from traditional systems to new technologically advanced systems, presenting a significant obstacle to the market.
Opportunity: Rising healthcare expenditure across emerging economies
Growing healthcare expenditure in emerging nations such as China, India, Brazil, and Mexico are expected to offer lucrative opportunities for contrast media injectors market. For instance, according to GLOBOCAN 2020 data, over 50% of the global cancer population resides in emerging economies. Increasing government initiatives towards providing advanced healthcare services and improving reimbursement coverage support the adoption of contrast media injectors. Rapid increase in the per-capita healthcare expenditure and the rising public demand for affordable healthcare in emerging economies to further expected to drive the demand for contrast media injectors in developing countries.
Challenges: Dearth of trained professionals
Handling advanced and sophisticated medical devices requires a high degree of technical skill and expertise. As per the Association of American Medical Colleges’ seventh annual analysis of physician supply and demand, the scarcity of radiologists and other specialists could potentially exceed 35,000 by 2034. Radiology technicians may witness employment growth of about 6% between 2022 and 2032 (Source: US Bureau of Labor Statistics). Although this is significant, the dearth of specialists and radiologists will challenge market growth.
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Single-head injectors segment in injector type to register a significant growth over the forecast period of 2024-2029
By Type, the global contrast media injectors market is segmented by dual-head injectors, single-head injectors, and syringeless injectors. Increasing healthcare expenditure, growing approvals of contrast media, and ongoing technological advancements are driving the growth of this segment. Growing approvals of diagnostic imaging contrast media supports their adoption in the end user facilities to obtain improved visualization of complex structures. This ultimately supports the adoption of contrast media injectors globally.
Interventional cardiology segment in application to register a significant growth over the forecast period of 2024-2029.
By application, the global contrast media injectors market is segmented by application into radiology, interventional cardiology, and interventional radiology. The growing trend towards use of contrast media rising public awareness for early detection drive this segment’s growth. Consistent rise in the global cases of cardiovascular diseases, clinical studies showing improved safety, and rising proportion of older age population have supported the growth of interventional cardiology segment in contrast media injectors market.
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Recent Developments of Contrast Media Injectors Industry:
- In April 2024, Bayer AG (Germany) and Google Cloud (US) collaborated for the development of novel artificial intelligence (AI) solutions.
- In November 2023, Bracco (Italy) and Ulrich GmbH (Germany) announced a partnership. This agreement will bring Bracco’s MR injector to the US under private label arrangement.
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