The global contrast media injectors market is expected to reach USD 1.65 billion by 2030, registering a CAGR of 4.83% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to grow because of the rising demand for minimally invasive surgical procedures, along with the increasing usage of consumables for several diagnostic procedures, which are supporting the market growth of contrast media injectors.
Contrast Media Injectors Market Report Highlights
· By product, injector systems accounted for the largest market share of 61.33%in 2021, due to its growing application in the diagnosis and treatment of vascular disease, cancer, and others
· By type, single head injectors accounted for the largest market share of 44.44% in 2021, because of their wide usage in the field of angiography, CT, and MRI as well these products are inexpensive
· Based on the application, the radiology segment dominated the market with around 47.39% of the revenue share in 2021, because it is the primary procedure used for the diagnosis of several chronic diseases
· Based on the end use, the hospitals segment dominated the market with around 68.07% of the revenue share in 2021, due to the fact that these facilities are primary users of the contrast media injectors because of their need to record the rhythm & electrical activity and evaluate the results in detail for clinical & research purposes
· Asia Pacific contrast media injectors market is expected to witness the fastest growth rate at a CAGR of 5.41% over the forecast period. Factors that can be attributed to market growth include the growing geriatric population and an increasing number of surgeries
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COVID-19 had a significant impact on the contrast media injector market, in 2019, with around a 30-40% reduction in sales due to the imposed lockdown and rapid decline in imaging case volume. However, the market is expected to return to peak levels of 2019 by 2022. This is due to the launch of COVID-19 vaccines and ease in restrictions, import & export of raw materials have resumed; therefore, the market is expected to grow at a significant rate over the forecast period.
Technological advancements such as IT-enabled solutions for contrast media injectors, along with growing demand for minimally invasive surgical procedures, are expected to boost the market during the coming years. Furthermore, the large number of intraoperative imaging procedures being performed has further enhanced the demand for these injectors, propelling the market growth.
Competitive Analysis By Major Companies
The key players provide a broad range of advanced devices through their strong distribution and supply channels worldwide. In addition, leading players are involved in mergers & acquisitions, new product launches, strategic collaborations, and regional expansions to gain the maximum revenue share in the sector. Mergers & acquisitions help companies to expand their businesses and regional presence. Some prominent players in the global contrast media injectors market include Bayer HealthCare LLC; Bracco Group; Ulrich Medical; Guerbet Group; Medtron AG.
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Grand View Research has segmented the global contrast media injectors market based on the product, type, application, end use, and regions.
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