PORTLAND, Oregon and PUNE, India, December 14, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Contrast Injector Systems Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global contrast injector systems market was valued at $554.38 million in 2016, and is projected to reach $954.62 million by 2023, growing at a CAGR of 8.1% from 2017 to 2023. The consumables segment accounted for about half of the global market share in 2016.
Contrast injector systems enhance the visibility of the body structures such as body fluids, tissues, bones, veins, and arteries for diagnosis of ailments and disorders. Contrast injector systems utilizes contrast media, which enhances the aforementioned body structures. The visualization of various pathologies is done through imaging procedures such as computed tomography (CT), magnetic resonance imaging (MRI), and angiography.
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Rise in imaging procedures owing to the increase in various chronic diseases such as cancer, Alzheimer's, and dementia drive the market. However, high cost of contrast injectors systems coupled with high risk associated with contrast injector systems, especially with the use of media impede the market growth. Moreover, rise in healthcare expenditure and emergence of complex diseases in the developing countries create lucrative opportunities for key market players.
The CT injector systems segment generated the highest revenue in 2016 accounting for about half the share of the total market in 2016. This is attributed to the growth in number of imaging procedures through CT scans and increase in sophistication of the CT injector systems. However, angiography injector systems is poised to grow at the fastest CAGR of 8.7% throughout the forecast period. This is owing to the growth in number of heart diseases and increased burden of diagnosis of heart attack at early stages.
Among end users, hospital generated the highest revenue in 2016, accounting for 32.9% share of the total contrast injector system market, and are anticipated to continue this trend throughout the forecast period. Moreover, diagnostic centers segment is expected to witness a high growth rate of 8.9%, owing to the increase in trend of imaging procedures at diagnostic centers. Moreover, doctor's recommendations for CT and MRI scans at diagnostic centers further boosts the global contrast injector systems market.
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KEY FINDINGS OF THE STUDY
- The injector systems segment accounted for about two-fifths share of the total market in 2016 and is expected to grow with a high CAGR of 8.7% during the forecast period.
- The interventional cardiology segment is the fastest growing application in the global market, registering a CAGR of 9.2% during the forecast period.
- The U.S. dominated the global contrast injector systems market and is projected to grow at a CAGR of 5.3% from 2017 to 2023.
- India was the fastest growing country in the Asia-Pacific contrast injector systems market in 2016, registering a CAGR of 11.7%, and is anticipated to continue this trend during the forecast period.
- The hospitals segment contributed to the highest market share in 2016, registering a CAGR of 8.1% from 2017 to 2023.
Asia-Pacific is expected to witness highest growth rate for contrast injector system market throughout the forecast period, and is expected to continue this trend, owing to high population density in countries such as India and China. In addition, rapid rise in geriatric population as well as the growth in number of chronic diseases in the developing economies boost the market growth.
The key players operating in the contrast injector system market adopted product launch as one of their key developmental strategies, such as business expansion, product development, and business acquisition. The major companies profiled in the report include Bracco Imaging S.p.A, Bayer HealthCare, Guerbet Group, Medtron AG, Ulrich GmbH & Co. KG, GE Healthcare, Shenzhen Seacrown Electromechanical Co., Ltd, Nemoto Kyorindo Co. Ltd., Sino Medical- Device Technology Co., Ltd., and Vivid Imaging. Other prominent players in the value chain analysis include Imaxeon, Pty Ltd, Network Imaging Systems, IRadimed Corporation, Covidien, Agito Medical, and Merit Medical Systems.
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SOURCE Allied Market Research