Angiography Equipment Market to Rise at 5.2% CAGR Value by 2023, According to Global Angiography Equipment Market Analysis from 2019 To 2023 Report Published by Market Research Future. Global Angiography Equipment Market Analyzed by Product, Technology (CT Angiography, Other), Procedure (Onco-Angiography, Other), Indication (Congenital Heart Disease, Other), Application (Diagnostic, Other) And region. Report Provides Comprehensive Information on Angiography Equipment Size, Growth, Share, Trends, with Regional forecast to 2023.
Global Angiography Equipment Market: Highlights
Recently, technological advancements in the interventional radiology have led to the development of OCT-angiography, MRI-angiography, and digital flat panel devices which are expected to drive the market growth during the forecast period.
The major market drivers are the increasing prevalence of cardiovascular diseases, increasing cases of angiography procedures, growing geriatric population, and benefits of the technique in early diagnosis and treatment. In addition, the increasing demand for Interventional Angiography Systems in minimally invasive surgeries, rising healthcare expenditure, and technological advancements are aiding to the market growth. For instance, according to the European Union (EU) statistics, in 2015, transluminal coronary angioplasties were the most commonly carried procedures in Germany with an average of 393 times per 100,000 inhabitants.
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Furthermore, the increasing government funding to facilitate the availability of essential medical equipment is contributing to the growth of the global angiography equipment market. On the other hand, the limitations in reimbursement for angiographic surgeries and risk of radiation exposure are the major restraints to the growth of the market. Furthermore, changing government regulations are likely to hamper the market growth during the forecast period.
The prominent players in the angiography equipment market are continuously involved in developing advanced systems to hold their market shares in the market. For instance, in 2016, Siemens Healthineers launched the innovative robot supported Artis phenol angiography system. With this launch, the company extended its product portfolio in interventional radiology and interventional cardiology segment.
Global Angiography Equipment Market: Key Players
GE Healthcare (U.S.), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Canon Corporation (Japan), Boston Scientific Corporation (U.S.), Cordis (a Cardinal Health Company, U.S.) Shimadzu Corporation (Japan), Medtronic (Ireland), Angiodynamics (U.S.), B. Braun Melsungen (Germany), Abbott Laboratories (U.S.), and Terumo (Japan) are prominent players in the global angiography equipment market.
The global angiography equipment market is segmented on the basis of product, technology, procedure, indication, application, and end-user.
On the basis of product, the market is classified as angiography equipment solutions. Angiography equipment solutions are further segmented into angiography systems, angiography catheters, angiography contrast media, Vascular Closure Devices (VCDs), angiography balloons, angiography guidewires, and angiography accessories.
The global angiography equipment market on the basis of technology is segmented as X-ray angiography, CT angiography, MR angiography, and other angiography technologies. The X-ray angiography is further segmented into image intensifiers and flat-panel detectors.
The global angiography equipment market on the basis of procedure is further segmented into coronary angiography, endovascular angiography, neuro-angiography, onco-angiography, and other angiography procedures.
The global angiography equipment market on the basis of indication is segmented into coronary artery disease, valvular heart disease, congenital heart disease, congestive heart failure, and other indications.
On the basis of application, the market is segmented into diagnostics and therapeutics.
On the basis of end-user, the market is segmented as hospitals and clinics, diagnostic and imaging centers, and research institutes.
The global angiography equipment market consists of four regions, namely, Americas, Europe, Asia Pacific, and the Middle East and Africa.
The global angiography equipment market is growing globally, where Europe holds the highest market share in the global angiography equipment market owing to well-developed infrastructure, due to increased cardiovascular disorders and continuous technological advancements. Moreover, rising numbers of angiography procedures and increasing preference to minimally invasive devices contribute to the growth of the market. For instance, according to the European Cardiovascular Diseases Statistics, in 2015, 11.3 million new cases of cardiovascular diseases were registered in Europe and 6.1 million new cases in the European Union.
America accounts for the second largest share due to the increasing prevalence of cardiac diseases and growing geriatric population. According to the American Center for Disease Control and Prevention around 610,000 people die of cardiac diseases annually that is 1 in every four deaths. Moreover, according to the Population Reference Bureau, the number of Americans aged over 65 is projected to be more than double from 46 million in 2014 to over 98 million by 2060. Besides the increasing expenditure in healthcare and the well-developed healthcare sector have also driven the growth of the market. Furthermore, trends such as changing old technologies with advanced ones are likely to contribute to the growth of the market in this region.
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The Asia Pacific angiography equipment market consists of countries, namely, China, Japan, the Republic of Korea, India, Australia, and the Rest of Asia Pacific. The market growth is driven by huge geriatric population, rising number of patients with cardiovascular disease symptoms, and increasing demand for minimally invasive techniques. Countries such as China, India, and Japan favor the growth of the market owing to the increase in large patient population and rising investments by private and public sectors to deliver improved healthcare services.
The Middle East and Africa holds the lowest share of the global market due to low development, lack of technical knowledge, and poor medical facilities. The Middle East holds the major share in the market in this region owing to a well-developed economy, whereas, the African region is expected to grow slowly due to poor economic conditions.
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