The entire Contrast Media Injectors Market expected to be sold in 2023 is approximately US$ 1.6 billion. Furthermore, a 6.6% annual growth rate is expected to bring the global market for contrast media injectors to about US$ 3 billion by 2033.
The global contrast media injectors market is predicted to create lucrative growth opportunities over the projection period by estimating a total CAGR of 6.2% from 2022 to 2030. The global market was valued at US$ 1.4 Bn in 2021 and is expected to reach US$ 2.4 Bn by 2030, finds Future Market Insights (FMI) in a recent market survey. According to the Future Market Insights historic analysis, the global contrast media injectors market grew at a CAGR of 5.4% between 2014 and 2021.
Primary factors responsible for boosting the contrast media injector’s market growth are the surging number of radiology procedures utilizing contrast media and the focus on reducing human error and increasing patient safety. Attributing to the growing prevalence of trauma cases, there is a rise in the number of radiology procedures utilizing contrast media along with an increase in the geriatric population and the growth of diagnostic imaging centers are primary factors boosting the growth of the contrast media injectors market.
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In addition to that, surging awareness among physicians concerning patient safety during contrast media insertion is forcing market players to improve safety parameters in contrast media injectors. Governments are expected to provide ample funding for diagnostic imaging services, with a substantial increase in the funding each year owing to increasing applications of diagnostic imaging in the field of radiology and image-guided minimally invasive surgery.
The use of contrast media in radiology enhances the image quality for the diagnosis of a tumor and is projected to develop significantly in the estimated period owing to the increasing prevalence of cancer worldwide. These aforementioned factors are expected to drive the market growth further. The strengthening of the supply chain, specifically in regions such as the Asia Pacific and the Middle East, and Africa, are the key focus area for players in this market. A reasonable surge is witnessed to efficiently meet the needs of various healthcare facilities while ensuring the supply of the best contrast media products, as quality is of utmost importance to end users.
Key Takeaways
- At present there are several media injectors available in the market that can efficiently be connected to the hospital’s IT system through which the system is able to directly access data from the hospital information systems (HIS) or electronic medical record (EMR) systems to adjust the dose, thus reducing human error. This creates opportunities for leading players to come up with the innovative idea and bloom the market.
- Contrast media is expected to help in improving the diagnostic value in order to get imaging clearance. It helps distinguish selected areas of the body from surrounding tissues. To get the process done easily, physicians use contrast media injectors to diagnose disease by improving visibility. Therefore, healthcare professionals make it compulsory to undergo radiological testing with contrast media to come on any closing statement for a particular disease.
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- The majority of hospitals and ambulatory surgical centers conduct radiological procedures utilizing contrast media for patients with chronic diseases, accidents, and autoimmune diseases. All these patients mostly prefer to go to hospitals for testing in order to get a proper diagnosis of the disease. Hence, these radiology procedures with contrast media give a boost to the market.
Competitive Landscape
Prominent companies operating in the contrast media injectors market are competitive by nature, with the presence of a handful of players. These players are involved in several strategic alliances. The contrast media injector’s market players are testing out every possible mode of organic and inorganic growth in order to sustain themselves within the market. The product launch and acquisition accelerate the manufacturer’s strategy to capitalize on the market share and capture a significant share of the market.
More Insights into the Contrast Media Injectors Market
The U.S. is anticipated to dominate the global contrast media injectors market by accounting for around 89.5% of the North American market in 2022. The growth of the U.S. market is attributed to favorable reimbursement policies, an increased aging population, a rise in the regulatory approval of an increasing number of contrasts agents, and increasing government funding. The healthcare business in the U.S. is one of the well-known markets, in terms of product accessibility and innovations.
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Germany is another market exhibiting lucrative growth over the assessment period by accounting for around 25.8% of the Western Europe contrast media injectors market in 2022, as a result of its well-established healthcare infrastructure.
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