New Jersey, NJ, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Growing prevalence of cardiovascular diseases, increased funding from various government organization and demand for minimally invasive surgical equipment are major driving factors driving the growth of the market in the coming years. The global angiography equipment market is expected to grow from USD 9.89 Billion in 2017 to USD 16.31 Billion by 2025 at a CAGR of 6.42% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Angiography is a procedure used for the imaging of blood vessels of heart, head, kidneys, or lungs. The procedure is performed by inserting contrast medium into arteries to examine blood vessels. Angiography can be performed using an x-ray with catheters, magnetic resonance imaging, and computed tomography. Cardiovascular diseases (CVDs) are the leading cause of heart attacks, strokes, and other circulatory diseases. According to the World Health Organization (WHO), 17.9 million people died from CVDs in 2015, i.e., 31% of all global deaths and this number is expected to grow by 23.6 million by 2030. Therefore, increasing demand of angiographic devices is boosting the growth of the market.
Demand of accurate diagnosis, advancement of technologies around the global in healthcare and preference towards magnetic resonance imaging over conventional methods are the important factors contributing to the growth. The maintenance of device and reimbursement policies are lowering the diagnosis of cardiovascular diseases which may hamper the growth of the market. However, introduction of alternative technologies and awareness about the benefits associated with early diagnosis and treatment are boosting the market in the coming years.
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Key players operating in the global angiography equipment market are Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers, Boston Scientific Corporation, Canon Corporation, Cordis, B.Braun Melsungen, Abbott Laboratories, Shimadzu Corporation, Medtronic, Angiodynamics and others. The Koninklijke Philips N.V., GE Healthcare, Siemens Healthineers and Boston Scientific Corporation are the top leading players of the market. Key players active in the market are involved in collaborative agreements and expansion to bolster the growth of the market.
- For instance, in 2018, Shimadzu Corporation launched three models of Trinias series unity smart edition. It is angiography system that supports intravascular diagnosis and treatment of the whole body. These models incorporate an X-ray image processing technology and can be used in various therapeutic areas including cardiovascular, neurological, gastrointestinal and peripheral disorders.
- Developing and developed countries(U.S, Germany, U.K, China and Japan) are offering greater opportunities and major players are focusing on new product developments to obtain the market share. In March 2017, Koninklijke Philips N.V. launched Philips Azurion systems. This will help the physician without the need to go for multiple views, imaging systems or screens in the angiography. This has reinforced the position of the company in image-guided therapy solutions in India.
Angiography systems is anticipated to register the highest CAGR of 8.42% in the forecast period.
Product segment includes angiography systems, angiography contrast media, vascular closure devices, angiography balloons, angiography catheters, angiography guidewires and angiography accessories. Angiography systems is dominating the market due to innovative progressions in angiography gadgets, expanding number of patients with cardiovascular illnesses and increasing number of angiography surgeries around the globe.
X-ray angiography technology dominating the market and held largest share of USD 3.19 Billion in 2017.
Technology segment is divided into segments such as X-Ray Angiography, Ct Angiography, Mr Angiography and Other Angiography Technologies. X-ray angiography technology is dominating the market due to an increasing number of interventional and diagnostic X-ray procedures which is why it is the most adopted technology in the market.
Coronary angiography based segment held the largest market share of 32.84% in 2017
Procedure segment includes coronary angiography, endovascular angiography, neuroangiography, onco-angiography and other angiography procedures. Coronary angiography based segment is dominating because of an increase in the prevalence of coronary heart diseases due to the aging population.
Coronary artery disease is estimated to grow at the highest CAGR of 9.31% in the forecast period
The Indication segment includes coronary artery disease, valvular heart disease, congenital heart disease, congestive heart failure and other indications. Coronary artery disease is estimated to grow at the highest CAGR of 9.31% in the forecast period owing to the prevalence of coronary heart diseases due to the aging population.
Diagnostic segment was valued around 5.81 Billion in 2017.
The application segment is divided into diagnostics and therapeutics. Diagnostic segment is dominating due to an increasing number of aging population and cardiovascular diseases.
The hospitals & clinics segment was valued around USD 2.27 Billion in 2017.
End User segment includes hospitals & clinics, diagnostic & imaging centres and research Institutes. The hospitals & clinics segment is dominating owing to a large number of patient diagnosed and treated at hospitals.
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Region Segment Analysis of the Angiography Equipment Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Europe region dominated the global angiography equipment market with USD 4.84 Billion in 2017 where as Asia pacific region registered the highest CAGR. Europe region dominated the market, this can be attributed to factors such as faster and easier product approval process in the region, large number of on-going research activities, growing government and public-private investments and increasing usage of angiography procedures performed in European countries. Asia pacific is the second fastest growing region due to high R&D investment and presence of unexplored opportunities in this region.
About the report:
The global angiography equipment market is analysed on the basis of value (USD Billion), volume (Units), consumption (Units), imports (Units) and exports (Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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