Contrast Media Injectors Market Size, Share & Trends by Product (System (CT, MRI, Angiography, Mammo), Consumable, Accessories), Type (Single & Dual-head, Syringeless), Application (General Imaging, Interventional), End User (Hospital, Clinic), & Region - Global Forecast to 2029
Contrast Media Injectors Market Size, Share & Trends
The size of 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.
Contrast Media Injectors Market Trends
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e- Estimated; p- Projected
Contrast Media Injectors Market Dynamics
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.
Contrast Media Injectors Market Ecosystem
By Product, the consumables segment accounted for the largest share of the contrast media injectors industry in 2022.
Based on product, the contrast media injectors market is segmented into contrast media injector systems, consumables, and accessories. In 2023, the consumables segment accounted for the largest market share. Rising awareness of proactive health and expansion of market players fuel the growth of market. Collaborations between market players is also supporting the growth of this segment. For instance, In November 2023, Bracco Imaging S.p.A. (Italy) collaborated with Ulrich GmbH CO KG (Germany) to market their MR injector system in the US.
By type, the dual-head segment accounted for the largest share of the contrast media injectors industry in 2022.
Based on type, the contrast media injectors market is segmented into dual-head injectors, single-head injectors, and syringeless injectors. In 2023, the dual-head segment accounted for the largest market share. Rising awareness related to early detection of chronic conditions and collaborations between key players in the market are expected to fuel the growth of this segment. Contrast agents are widely used for cancer patients. Increasing number of campaigns educating people about importance of early detection and rising reimbursements drives the adoption of technological advanced equipment driving the segment growth.
The radiology segment for application segment held the largest share of the contrast media injectors industry in 2023.
Based on application, the contrast media injectors market is segmented into radiology, interventional radiology, interventional cardiology. Radiology segment held largest share of the market in 2023 and is also expected to register a significant growth rate from 2024 to 2029. Use of AI tools in imaging and geographic expansion by the key players are driving the adoption. AI tools assists with accurate detection of the disease condition. Improved accuracy plays a crucial role in reducing misdiagnosis and improves patient outcomes.
By end user, the hospitals centers segment held the largest share of the contrast media injectors industry.
The contrast media injectors market is segmented by end users into hospitals and diagnostic imaging centers. However, the diagnostic imaging centers segment is expected to grow at the highest CAGR during the forecast period. The rise in number of chronic diseases, including cancer, increasing scanning procedures in the hospitals globally, and the potential of benefits of injectors observed in patients have contributed to the growth of this segment.
By region, North America is expected to be the largest market of the contrast media injectors industry by 2029.
The US and Canada accounted for a significant market share in 2023. North America's faster growth in the contrast media injectors market can be attributed to its technological leadership, robust healthcare infrastructure, favorable insurance coverage, growing funding and grants for developing advanced medical equipment, favorable regulatory scenario, strategic research collaboration, and a supportive market environment fostering innovation.
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As of 2023, prominent players in the market are Bayer AG (Germany), Bracco Imaging S.p.A. (Italy), Guerbet (France), MEDTRON AG (Germay), Ulrich GmbH & CO. KG (Germany), and Nemoto Kyorindo Co., Ltd. (Japan).
Scope of the Contrast Media Injectors Industry
|
Report Metric |
Details |
|
Market Revenue in 2024 |
$1.6 billion |
|
Projected Revenue by 2029 |
$2.3 billion |
|
Revenue Rate |
Poised to Grow at a CAGR of 8.0% |
|
Market Driver |
Rising volume of contrast-mediated CT and MRI examinations |
|
Market Opportunity |
Rising healthcare expenditure across emerging economies |
This report has segmented the global contrast media injectors market to forecast revenue and analyze trends in each of the following submarkets:
By Product
- Injector Systems
- Consumables
- Accessories
By Application
- Dual-head Injectors
- Single-head Injectors
- Syringeless Injectors
By Application
- Radiology
- Interventional Radiology
- Interventional Cardiology
By End User
- Hospitals
- Diagnostic Imaging centers
By Region
-
North America
- US
- Canada
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
-
Latin America
- Brazil
- Mexico
- Rest of Latin America
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.
Frequently Asked Questions (FAQ):
What is the expected addressable market value of the global contrast media injectors market over a six-year period?
The global contrast media injectors market is expected to reach USD 2.3 billion by 2029 from USD 1.6 billion in 2024, at a CAGR of 8.0% from 2024 to 2029.
Which segment based on product is expected to garner the highest traction within the contrast media injectors market?
Based on the product, the consumables segment is expected to grow at the highest rate. .
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The study involved four major activities in estimating the current size of the contrast media injectors market. Exhaustive secondary research was done to collect information on the market, peer, and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.
Secondary Research
The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial contrast media injectors market study. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.
Primary Research
In the primary research process, various supply and demand sources were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations in the contrast media injectors market. The primary sources from the demand side include hospitals, clinics, cancer care centers, and other end users. Primary research was conducted to validate the market segmentation, identify key players, and gather insights on key industry trends & key market dynamics.
A breakdown of the primary respondents is provided below:
*Others include sales managers, marketing managers, business development managers, product managers, distributors, and suppliers.
The tiers of the companies are defined based on their total revenue. As of 2023: Tier 1 => USD 1 billion, Tier 2 = USD 200-500 million to USD 1 billion, and Tier 3 =< USD 200 million
To know about the assumptions considered for the study, download the pdf brochure
Market Estimation Methodology
In this report, the contrast media injectors market’s size was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the market business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and key marketing executives.
Segmental revenues were calculated based on the revenue mapping of major solution providers to calculate the global market value. This process involved the following steps:
- Generating a list of major global players operating in the contrast media injectors market.
- Mapping annual revenues generated by major global players from the product segment (or nearest reported business unit/product category)
- Revenue mapping of major players to cover a major share of the global market share, as of 2023
- Extrapolating the global value of the contrast media injectors market industry
Bottom-up approach
In this report, the size of the global contrast media injectors market was determined using the revenue share analysis of leading players. For this purpose, key players in the market were identified, and their revenues from the contrast media injectors business were determined through various insights gathered during the primary and secondary research phases. Secondary research included the study of the annual and financial reports of the top market players. In contrast, primary research included extensive interviews with key opinion leaders, such as CEOs, directors, and marketing executives.
Approach 1: Company revenue estimation approach
To calculate the global market value, segmental revenues were calculated based on the revenue mapping of major solution/product providers. This process involved the following steps:
- Generating a list of major global players operating in the contrast media injectors market
- Mapping the annual revenues generated by major global players from the contrast media injectors segment (or the nearest reported business unit/product category)
- Mapping the revenues of major players to cover at least 80-90% of the global market share as of 2023
- Extrapolating the global value of the contrast media injectors industry
Market Size Estimation For Contrast Media Injectors: Approach 1 (Company Revenue Estimation)
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Approach 2: Customer-based market estimation
During preliminary secondary research, the total sales revenue of contrast media injectors was estimated and validated at the regional and country level, triangulated, and validated to estimate the global market value. This process involved the following steps:
- Generating a list of major customer facilities across each region and country
- Identifying the average number of contrast media injectors supplies used by major customer facilities across each product type at the regional/country level, annually
- Identifying the percentage contribution of major customer facilities to the overall contrast media injectors expenditure and usage at the regional/country level, annually
- Extrapolating the annual usage patterns for various products across major customer facilities to estimate the size of each product segment at the regional/country level, annually
- Identifying the percentage contributions of individual market segments and subsegments to the overall contrast media injectors market at the regional/country level
Contrast Media Injectors Market Size Estimation: Bottom-Up Approach
Source: MarketsandMarkets Analysis
Data Triangulation
After arriving at the overall market size from the market size estimation process explained above, the global contrast media injectors market was split into segments and subsegments. Data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments. The data was triangulated by studying various factors and trends from both the demand and supply sides. Additionally, the contrast media injectors market was validated using top-down and bottom-up approaches.
Market Definition
Contrast media injectors are used to administer contrast agents/contrast media into a patient’s body to enable radiologists to get enhanced visualization of body structures & internal organs during medical procedures such as computed tomography (CT), magnetic resonance imaging (MRI), angiography, and Positron Emission Tomography (PET). The contrast media injection systems are majorly used for applications such as radiology, interventional radiology, and interventional cardiology. Major end users in this market are hospitals and diagnostic imaging centers.
Key Stakeholders
- Contrast media injectors manufacturers
- Original equipment manufacturers (OEMs)
- Suppliers, distributors, and channel partners
- Healthcare service providers
- Hospitals
- Interventional radiologists
- Research laboratories
- Health insurance providers
- Government bodies/organizations
- Regulatory bodies
- Medical research institutes
- Business research and consulting service providers
- Venture capitalists and other public-private funding agencies
- Market research and consulting firms
Objectives of the Study
- To define, describe, and forecast the contrast media injectors market based on product, type, application, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze micro markets with respect to individual growth trends, prospects, and contributions to the total market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the revenue of the market segments with respect to five regions, namely, North America, Europe, the Asia Pacific, Latin America, Middle East and Africa
- To profile the key players and comprehensively analyze their market ranking and core competencies
- To benchmark players within the market using a proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of market share and product footprint
Available Customizations
With the given market data, MarketsandMarkets offers customizations per the company’s specific needs. The following customization options are available for the present global contrast media injectors market report:
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolios of the top five companies
Company Information
- Detailed analysis and profiling of additional market players (up to five)
Geographic Analysis
- Further breakdown of the Rest of Europe contrast media injectors market into Russia, Belgium, the Netherlands, Switzerland, Austria, Finland, Sweden, Poland, and Portugal, among others
- Further breakdown of the Rest of Asia Pacific contrast media injectors market into Singapore, Taiwan, New Zealand, Philippines, Malaysia, and other APAC countries
- Further breakdown of the Rest of Latin America (RoLATAM), which comprises Argentina, Chile, Peru, Colombia, and Cuba
Generating Response ...
Growth opportunities and latent adjacency in Contrast Media Injectors Market