Growing demand for less invasive procedures, as well as technological advancements and an increasing number of regulatory approvals is expected to contribute to the high pressure contrast media injector market's expansion
NEW YORK, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Global high pressure contrast media injectors market will reach US$ 211.4 Million in 2028 growing at a CAGR of 11.8% amid the forecast period.
High Pressure Contrast Media Injectors (HPCMI) Market
2017 - 2028
2021 - 2028
By Type, By Product, By Application, By End Use, and By Region
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Key Companies Profiled
Bracco Group, Ulrich GmbH & Co. KG, Sino Medical-Device Technology Co., Guerbet Group, Medtron AG, Bayer, NemotoKyorindo Co., Ltd., GE Healthcare, Apollo RT Co. Ltd.
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
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The growing demand for less invasive procedures, as well as technological advancements and an increasing number of regulatory approvals, are driving the growth of high pressure contrast media injectors market.
Many advances in contrast media injector technology have been made to reduce contrast media waste and automate data collection regarding a patient's dose.
According to the World Health Organization, cardiovascular diseases (CVDs) are the leading cause of death worldwide, killing an estimated 17.9 million people each year (WHO). Strokes and heart attacks account for four out of every five cardiovascular deaths, with one-third of all deaths occurring before the age of 70.
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Interventional Cardiology Segment Dominated the Market
Interventional cardiology dominated the market for high-pressure contrast media injectors in 2020, accounting for the vast majority of revenues. Because of the increased prevalence of cardiovascular diseases, there is a greater demand for interventional cardiac surgery for diagnosis and treatment. As a result, rising demand for new products with high accuracy and efficiency is expected to drive market growth over the forecast period. The World Health Organization estimates that around 23.6 million people will die from cardiovascular diseases by 2030.
Because it is widely used to detect a variety of ailments, such as cardiovascular diseases, cancer, fractured bones, gastrointestinal issues, and blood clots, the interventional radiology sector is expected to grow at the fastest rate during the forecast period. Furthermore, rising demand for non-invasive medical imaging treatments and technological advancements have aided the segment's growth.
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Hospital Segment Grabbed Top Share in End Use Category
Available infrastructure in hospitals is capable of providing high quality care on any kind of disease condition as they have access to advanced medical devices. Hospitals segment is estimated to hold considerable share as majority of the patients in emerging nations and developed countries as well prefer to visit hospitals for any kind of health-related problem. Further, increasing number of hospitals and growing accessibility in emerging nations are also estimated to offer lucrative opportunities for growth of the hospital segment during the forecast period.
Moreover, increase in the number of cancer, neurological, and cardiovascular patients admitted to hospitals, the segment will show high growth opportunities. Hospitals are the primary users of high pressure contrast media injectors due to its wide range of applications in radiology, interventional radiology, and interventional cardiology. This segment's growth can also be attributed to an increase in the number of diagnostic imaging procedures performed in hospitals, an increase in the use of minimally invasive procedures (including diagnostic imaging systems) to improve patient care quality, and hospitals' increasing preference for automation and digitization of radiology patient workflow. Furthermore, the segment's growth is expected to be aided by an increased emphasis on healthcare facility construction in emerging markets in Asia Pacific and Africa.
Ambulatory surgical center (ASC), also known as outpatient care center is healthcare facility that provides outpatient services like diagnosis, treatment, consultation and intervention services. These offer wide range of medical services like lab services, imaging modalities, observation beds and many more. ASCs offer cost-effective services and a convenient environment which is less stressful than many hospitals. Patients in an ASC arrive on the day of their procedure, have their surgery in a fully equipped operating room and recover under the care of highly skilled healthcare professionals, without getting hospital admission. Thus owing to high quality care, cost effective treatment prices and expanding access is likely to favor the growth of the segment
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Key companies covered in the report are Bracco Group, Ulrich GmbH & Co. KG, Sino Medical-Device Technology Co., Guerbet Group, Medtron AG, Bayer, Nemoto Kyorindo Co., Ltd., GE Healthcare, and Apollo RT Co. Ltd.
The companies have been implementing various strategies that have helped them and in turn have brought about various changes in the market. For instance, in 2020, Bayer Radiology announced Radimetrics v3.0. Radimetrics 3.0's enhanced functionality and features aid in the management of radiation and contrast dose throughout the chain of care.
The developments done by the companies in the market have been characterized as organic and inorganic developments. Inorganic growth strategies witnessed in the market were partnerships and collaboration. These growth strategies have aided the market players in the expansion of their business and enhance their geographic presence. Additionally, growth strategies such as acquisitions and partnerships helped in strengthening their customer base and increase the product portfolio.
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