The contrast media injectors market shall expand at a CAGR of 4.9% through 2030, but gains in 2020 will be impacted by the sluggishness induced by COVID-19. Future Market Insights, in its new study, opines growing use of Artificial Intelligence (AI) in this market can be a gamechanger.
Contrast media injectors have been extensively utilized to introduce contrast agents in human tissues to enhance blood flow, especially among cardiac patients. According to the World Health Organization, cardiovascular diseases result in over 30% of the fatalities across the globe. Therefore, the need for enhanced diagnosis to ensure proper prognosis has pushed up adoption of contrast media injectors in recent years. With the proportion of people leading sedentary lifestyles increasing every day, it is no surprise that cardiac ailments are highly widespread across the 21st century. This has compelled people to seek early diagnosis, actuating growth in the contrast media injectors market.
As artificial intelligence penetrates the healthcare industry, contrast media injector manufacturers are emphasizing on developing smart devices to reduce possibilities of human error. Advancements in the form of interface systems such as electronic medical records (EMR) and hospital information systems (HIS) prove useful in collating data on cardiac patients and administering the appropriate dosage of medications. To effectively leverage smart technology penetration, Guerbet LLC collaborated with Anderson Publishing Ltd. in 2019 to launch a novel AI community to provide information to imaging professionals about the best practices of technological implementation and development in clinical practice.
“Increasing demand for minimally invasive procedures is pushing manufacturers to fast track the production of contrast media injectors equipped with the latest smart technology. This is providing a major propulsion to the revenue prospects of prominent market players,” infers an FMI analyst.
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Key Takeaways from FMI’s Contrast Media Injectors Market Study
- Magnetic Resonance Imaging (MRI) injectors are acquiring major ground due to increased prevalence of cardiac, spinal, brain and liver disorders resulting from sedentary lifestyles
- Computed Tomography (CT) injectors shall constitute over 50% of the global contrast media injectors market between 2020 and 2030. Their ability to provide 3D-visualization is the main reason behind the increasing uptake
- North America will retail market hegemony, constituting over 30% of the revenue pie across the forecast period
- Contrast media injectors market is expected to be valued at US$ 1.2 Bn throughout 2020, gaining traction on a year-on-year basis until 2030
Contrast Media Injectors Market- Key Trends
- Manufacturers are increasingly looking towards increasing biodegradable injector production, attributed to the need for ensuring environmental sustainability. An example of this is the introduction of syringeless injectors by Bracco, which has also led to reduced examination time and increased patient throughput
- Preference for minimally invasive surgical procedures due to the associated benefits of smaller incisions, rapid wound healing and shorter stay durations is leading to an upsurge in the adoption of contrast media injectors
- High costs of injections is anticipated to limit growth prospects for the market. For instance, CT injectors typically cost anywhere between US$ 30,000-40,000 while MRI injectors cost between US$ 35,000-40,000
Contrast Media Injectors Market- Region-wise Analysis
- Burgeoning investment rate in healthcare infrastructure is anticipated to augment the Asia-Pacific market. This is in response to the growing number of patients with chronic ailments due to a large population base
- Germany, India and Brazil are set emerge as the contrast media injectors hotspots attributed to the growing number of hospitals, clinics and diagnostic centers
- North America is poised to retain market dominance, with maximum growth occurring in the United States, slated to expand at ~6% throughout 2020
- East Asia is the 2nd most lucrative market, with Japan and China contributing substantial amounts of revenue to the regional landscape
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Contrast Media Injectors Market- Competitive Landscape
The contrast media injectors market is characterized by several notable players, making it competitive in nature. Since artificial intelligence penetration is deepening across the healthcare industry, these market players are concentrating on introducing smart devices to augment their revenue shares.
For instance, Bracco Diagnostics Inc. in 2019 doled out the outcomes of the Gadavist and ProHance injections impact on contrast enhancement in brain MRI through artificial intelligence which yielded nearly as accurate results as a non-AI enabled test. In August 2019, Guerbet LLC forged an agreement with IBM Watson Health for co-developing and co-commercializing an AI solution for assisting in the monitoring of prostate cancer patients.
Sustainability concerns have pushed manufacturers to concentrate on environmentally-friendly device production. Again, Bracco Diagnostics comes into the picture with its launch of its CT Expres 3-D syringeless contrast media delivery system in 2016 which is not only user friendly but also highly efficient. Also, with the onset of the COVID-19 pandemic, healthcare settings are enhancing functional MRI facilities to induce recovery in unresponsive patients.
Contrast Media Injectors Market Taxonomy
- Angiographic Injectors
- Computed Tomography (CT) Injectors
- Magnetic Resonance Imaging (MRI) Injectors
- Ambulatory Surgical Centers
- Diagnostic Centers
- Rest of Latin America
- Rest of Europe
- Rest of South Asia
- South Korea
- New Zealand
- Southern Africa
- North Africa
- Rest of MEA
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More Insights on the Contrast Media Injectors Market
Future market insights offer actionable insights and unique perspective on contrast media injectors market in its latest study, presenting historical demand assessment from 2015 – 2019 and projections from 2020–2030 based on product type and end- in seven key regions. It sheds light on the vital growth dynamics responsible for shaping market outlook in the aforementioned forecast period.
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