Contrast Media Injectors Market to reach an opportunity worth US$886.7 mn by 2020
With a highly consolidated landscape, the global contrast media injectors market is characterized by a high degree of competition between the top three players, namely, Medrad Inc., Bracco Imaging S.p.A, and Mallinckrodt Pharmaceuticals, finds Transparency Market Research (TMR) in a recent report. In 2013, these enterprises collectively held a share of more than 80% of the overall market. Their strong geographical presence and wide-ranging product portfolios have helped these companies in establishing themselves as the leading producers of contrast media injectors across the world.
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TMR estimates the global market for contrast media injectors, which stood at US$630.1 mn in 2013, to reach an opportunity worth US$886.7 mn by 2020, expanding at a CAGR of 5.0% between 2014 and 2020. New entrants will need to adopt the strategy of product bundling (bundling of their injectors with popular imaging equipment or contrast media) in order to reach out to customers.
Increasing Need for Contrast Scanning to Stimulate Demand for Contrast Media Injectors
“With the growing prevalence of various life-threatening medical conditions, such as cardiac and neurological disorders, there has been a significant increase in diagnostic procedures performed across the world” states an analyst at TMR. According to the Organization for Economic Co-operation and Development (OECD), more than 30,000 scanners and approximately 17,000 MRI platforms were being utilized, globally, in 2013. Over the coming years, these numbers are likely to witness a substantial rise due to the increasing accessibility to these platforms.
Apart from this, the rising incidence of cancer, hemorrhage, complex fractures, cardiovascular disorders, and bone trauma are also projected to increase the need for contrast scanning to identify the tissues that differ in physical density, leading to a surge in the demand for contrast media injectors in the near future.
Currently, developed countries, such as the U.S., the U.K., and Germany provide a wider base for the application of technically advanced imaging platforms. However, in the coming years, emerging economies will present a rather lucrative market for participants due to the augmenting patient pool and the growing need for effective diagnosis.
Demand for Contrast Media Injectors to be Hampered by their High Cost
Although analysts predict the demand for contrast media injectors to rise significantly in the years to come, the high cost associated with them may create some hindrance in their growth trajectory. The cost of contrast media injectors is directly proportional to the level of technological sophistication. As high-end injectors are heavily priced, the availability low-end devices, especially in Asia Pacific, is likely to limit their adoption, resulting in the decline in the overall sale of contrast media injectors in the years to come.
Other than this, the growing concerns regarding adverse reactions, such as mild nausea, vomiting, and rashes, associated with the usage of contrast media or agents are also projected to negatively impact the application of contrast media injectors over the next few years.
North America to Remain Important Market for Contrast Media Injectors
North America has emerged as the key contributor to the revenue generated in this market and is expected to remain in the leading position over the forecast period. In 2013, the region accounted for a total revenue of US$218.3 mn. Asia Pacific, however, is likely to register the fastest growth in the demand for contrast media injectors at a CAGR of 6.50% between 2014 and 2020.
Among applications, the neurology segment led the consumption of contrast media injectors in 2013. However, the cardiology segment is expected to exhibit a higher demand for these injectors that the neurology segment by 2020. CT contrast injectors will remain the most preferred injector across the world throughout the forecast period, states the report.
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