The global contrast media injectors market size is estimated to be USD 1.3 billion in 2020 and projected to reach USD 1.9 billion by 2025, at a CAGR of 7.4% between 2020 and 2025. Factors such as the growing prevalence of cancer and CVD; a large number of approvals for contrast agents; and increasing investments, funds, and grants by government organizations are driving the growth of the contrast media injectors market. However, the high cost of contrast media injectors and consumables & accessories is restraining the growth of the market to a certain extent.
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COVID-19 impact on the Global Contrast Injectors Market
The Covid-19 pandemic has had a devastating global impact on the health of the population as well as huge economic impact on most of the countries. The Pandemic has put a huge strain on the healthcare systems around the world. During this period, health care institutions and providers have been instructed to stop performing elective surgical procedures and medical examinations to slow the spread of disease and conserve health care resources for COVID-19 patients. Many radiology departments have experienced a rapid decline in imaging case volume. Radiology practices should anticipate 50% to 70% decreases in imaging volume that will last a minimum of 3 to 4 months, depending on the location of practice and the severity of the COVID-19 pandemic in each region. While the future looks uncertain due to Covid-19. The demand for contrast injectors will mostly depend on the diagnostic imaging volume and installations of CT & MRI. Few months down the line we can expect the demand for diagnostic imaging to return to normalcy which could also led to recovery of demand for contrast injectors. The Covid-19 will have a major impact on the contrast media injector market in the 2020 with around 20% decrease in sales. The market will likely return to peak levels of 2019 by 2022.
Key Market Players
Major players in this market include Bayer Ag (Germany), Bracco Imaging S.P.A (Italy), Guerbet Group (France), Ulrich GmbH & Co. KG (Germany), Nemoto Kyorindo Co., Ltd (Japan), Sino Medical-Device Technology Co., Ltd. (Sinomdt) (China), APOLLO RT Co. Ltd. (Hongkong), Shenzhen Anke High-tech Co. Ltd (China), Shenzen Seacrown Electromechanical Co Ltd. (China), and Medtron AG (Germany).
North America accounted for the largest share of the Contrast Media Injector market in 2018, while the Asia Pacific market is expected to register the highest growth during the forecast period
Geographically, the contrast media injector market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. Asia Pacific is expected to grow at the highest CAGR during the forecast period, primarily due to factors such as the rising R&D investments and favorable demographic scenario in China, rising aging population and cancer incidence in Japan, growing investment in the Indian radiology market, and increasing focus of market players & increasing government support to strengthen healthcare service delivery in other countries are driving the growth of this regional segment.