FMI, an ESOMAR-certified market research firm, estimates global contrast media injectors market revenues to reach US$ 1.2 Bn in 2020. In its new study, FMI takes a long-term optimistic view of the market, estimating global revenues to grow at 4.9% CAGR through 2030. The report opines that AI’s growing penetration in the healthcare sector will also rub off on contrast media injectors industry during the next decade.
The contrast media injectors market players are emphasizing on production of IT-enabled contrast media injectors to eliminate human error. At present, a few contrast media injectors are being made available that could be connected to the hospital’s server through which data could be accessed.
Interfacing could be done through EMR (Electronic Medical Record) system or HIS (Hospital Information Systems) for monitoring/adjusting the dose. This precision is likely to drive the market during the forecast period.
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Key Takeaways of Contrast Media Injectors Market Study
- North America is expected to be the most lucrative region and account for more than 32% of revenue in the global contrast media injectors in 2020 and this trend is expected to continue during the forecast period
- Larger patient pool and increasing government support towards developing healthcare system in Asian countries are expected to propel the growth of the contrast media injectors market in the region
- AI is expected to speed up the process of injecting contrast media in the forecast period
- Increasing applications in orthopedic surgeries and neurosurgeries to bolster the market in the forecast period
“Development of advanced contrast media injectors including automated and IT/software technology at low cost is the major focus area of the manufacturers, which provides a competitive advantage” says an FMI Analyst.
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New Product Launches and Approval – The Ongoing Trend
The market players are into getting their new products launched as well as approved to stay in the competition and also keep pace with the market scenario (that of continuing to innovate). The constructive steps in this regard are:
- In Apr 2020, Guerbet announced getting approved by the US FDA for manufacturing gadoterate meglumine (Dotarem) injection inside the US. Till late 2019, this production used to happen outside of the US.
- In Nov 2019, the US FDA approved an MRI contrast agent “Clariscan” for intravenous use in spine, brain (intracranial), and associated tissues.
- In Aug 2019, Bracco Diagnostics, Inc. announced getting approved by the US FDA for oral suspension of barium sulfate (Varibar Thin Liquid). The basic use of this contrast agent is detection and assessment of dysphagia.
What else is in the report?
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 (angiographic injectors, magnetic resonance imaging (MRI) injectors, computed tomography (CT) injectors), by end-user (hospital, ambulatory surgical centres, diagnostics centres) in seven key regions
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