The demand within the global contrast media injectors market has witnessed an upsurge on account of advancements in the field of radiology, estimates Transparency Market Research (TMR). The market players in the global market for contrast media injectors have been on the lookout for effective marketing strategies that can help them in attracting a larger consumer base. It is expected that the global market for contrast media injectors would undergo successive fragmentation as new and emerging players establish their strongholds in the market.
The leading players in the global market for contrast media injectors have successfully acquired a few smaller players over the past decade. These key market players are projected to continue with their strategy of dominance through acquisition as challenges for the smaller players multiply.
Furthermore, the global market is projected to witness a series of mergers in the coming years as the market players open their doors to collaborations and partnerships. The sustenance of new players in the global market for contrast media injectors is severely challenged by the strategic alliances formed by the leading market players. Some of the key players in the global market for contrast media injectors are Mallinckrodt Pharmaceuticals, Bracco Imaging S.p.A., Medtron AG, Nemoto Kyorindo, and VIVID IMAGING.
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The global contrast media injectors market is expected to expand at a moderate CAGR of 5.0% over the period between 2014 and 2020. Furthermore, the market value is projected to be worth USD 886.7million in 2020 as against a value of USD 630.1 million in 2013. Based on geography, the market for contrast media injectors in North America is expected to outdo all other geographical segments.
Need for CT Scans and MRIs to Propel Demand
The medical imaging of important medical scans such as MRI, CT/PET, and ultrasounds is enhanced with the help of contrast media injectors. This has become a key driver of demand within the global market for contrast media injectors and is expected to fetch greater demand over the forthcoming years.
Medical practitioners have been on a quest to reduce medical errors by fostering precision, accuracy, and meticulousness during diagnosis and treatment of diseases. This has necessitated the use of contrast media injectors that help in getting a clearer and more distinct view of the internal body organs. Owing to this factor, the global market for contrast media injectors is projected to experience a regular inflow of demand over the coming years. However, the reluctance of the masses towards the use of contrast media injectors could act as a roadblock to market growth.
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Medical Tourism Bodes Well for Regional Markets
The medical industry of several emerging economies such as India and China has become accustomed to the use of contrast media injectors in recent times. This has created demand within the market for media injectors in Asia Pacific and has given an impetus to the growth of the regional vendors. Furthermore, the market for media injectors in North America has also witnessed boisterous growth over the past decade, majorly due to the advanced facilities for medical imaging available across the US and Canada.