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.
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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.
Rise in imaging procedures owing to the
increase in various chronic diseases such as cancer, Alzheimers, 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, doctors 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 Contrast
Injector Systems Market:
- 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.
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