This study intends to analyse diverse aspects of the global angiography devices market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.
Market Analysis in Brief
In 2022, the angiography devices market reflected modest growth and per industry figures, it stood at over US$10 Bn in terms of value. According to preliminary study carried out by Fairfield Market Research, the angiography devices industry will continue to grow at a healthy CAGR in the next eight years. There has been a lot of effort extended by the state governments, as well as the leading healthcare entities like the WHO, toward raising the awareness about diagnostics and treatment of heart diseases, and the underlying causes. This will further keep the angiography equipment sales afloat. While the US has been recording the maximum burden of cardiovascular diseases that affirm the highest rate of penetration of angiography devices across the nation, the findings also indicate a massive CVD prevalence and death rate across the low and middle income countries that still lack primary healthcare access to a large extent. The scenario clearly points to the critical need for concrete early detection and treatment solutions, which opens opportunities for the participants in angiography devices market space.
Key Report Findings
Rising Burden of Cardiovascular Diseases
Rising prevalence of chronic cardiovascular diseases continues to influence the need for efficient medical imaging techniques to visualize the lumen of blood vessels and other organs in the body. This has significantly driven the growth of the angiography devices market owing to several advantages of angiography systems. Benefits such as dynamic and real time imaging have proven angiography to be one of the most used diagnostic procedures worldwide.
Furthermore, sales of angiography devices due to increase in cases pertaining to cardiovascular diseases worldwide are likely to propel. For instance, according to the World Health Organization, cardiovascular diseases are considered as one of the leading causes of mortality claiming around 18 million lives every year on the global front.
Growing Need for Efficient Diagnosis of CVDs
According to Centers for Disease Prevention and Control, coronary heart disease is one of the most common heart diseases. For instance, according to CDC, in 2020, 2 in 10 deaths among adults are due to coronary heart disease in the United States. In addition, as per the analysis of National Centre for Biotechnology Information, Asian population ranks fifth with respect to global deaths occurring due to coronary heart disease and the count is expected to increase by over 50% by end of 2030 in the Indian subcontinent alone.
These statistics have triggered the necessity to adopt efficient systems for diagnosis of cardiovascular diseases, thus fuelling the demand for angiography devices worldwide. That said, growing concerns apropos to cardiovascular diseases and associated health and economic burden on the society remain instrumental in bolstering the growth of the angiography devices market.
Inclination Toward Minimally Invasive Procedures
Technological advancements in the medical sector have facilitated the development of minimally invasive techniques that result in reduced trauma with enhanced precision. The demand for minimally and non-invasive procedures have been the most sought after techniques that favor patient outcomes alongside providing detailed and crisp diagnosis of the ailment.
Moreover, with the launch of improved medical imaging systems, reduced exposure to radiation with better image quality is facilitated, which is expected to complement the growth of the angiography devices market. In addition, development of smart angiography devices and systems powered by machine learning and AI algorithms have improved the speed and accuracy of medical diagnosis, thus facilitating better treatment options for patients.
With technological advances, angiography is thus the most preferred minimally invasive procedure that provides clear and detailed picture of blood vessels, thereby eliminating the need for invasive procedures that are cost intensive. In this backdrop, the transition towards minimally invasive procedures is expected to augur well for the angiography devices market.
Overview of Key Segments
Angiography Systems Bestseller
Primary analysis of the market based on the type of products suggests continued dominance of the angiography systems. The segment will most likely remain at the forefront on the back of widening application base, frequent technological innovations, and noteworthy investments in this category. Increasing digitalization is also expected to contribute toward the prominence of this market segment.
On the other side, research expects contract media to represent the fastest growing market segment during the forecast period. This can be clearly attributed to the growing adoption of media in a host of imaging techniques like X-ray, MRA, CT angiography, fluoroscopy, and projectional radiography.
Besides, the other product-wise segments of the angiography devices market include catheters, guidewire, accessories, and balloons. Among the therapeutic and diagnostic applications, the latter continues to be the leading segment in the angiography devices market.
Growth Opportunities Across Regions
North America Likely to Cement Dominance
The value growth of the angiography devices market is expected to remain stable across developed economies in North America during the forecast period. This can be attributed towards multitude of factors from both macro-economic and healthcare standpoints. Macro level factors such as rising geriatric population, stable increase in the GDP per capita, significant economic growth and favorable reimbursements from government authorities continue to influence the demand of angiography devices.
The US Presents a Strong Breeding Ground
On the other hand, rising prevalence of cardiovascular diseases in the region remains instrumental in driving the need for angiography, in turn bolstering the growth of the angiography devices market in North America. According to the analysis of American Heart Association, approximately 45% of the population in the United States alone would suffer from at least one heart related condition.
Also, cardiovascular diseases remain one of the leading causes of death in the US. In 2020, nearly 928,741 deaths due to CVD have been registered. According to the Journal of the American College of Cardiology, in 2021, around 11.3 million deaths were registered in the country, mostly linked to stroke related conditions and heart diseases. This factor has fuelled the demand for angiography procedures, in turn augmenting the growth of the angiography devices market. In addition, backed by strong economic growth, the region remains a favorable hub for several medical device companies, which is expected to influence the market growth. In this backdrop, North America is likely to account for a significant revenue share in the market in the forthcoming years.
Asia Pacific Turns Lucrative
Asia Pacific is poised to showcase high potential for the market from a volume standpoint. Apart from the rising coronary heart diseases and other cardiac diseases in the region, other factors have played a crucial role in uplifting the angiography devices market growth. For instance, aspects such as increasing geriatric population, growing customer pool backed by rise in overall population across countries such as China, and India and growing investments in the medical devices sector have influenced the adoption of angiography devices in the region. Overall, Asia Pacific is projected to reflect an optimistic scenario for the market.
Angiography Devices Market: Competitive Landscape
A few of the major players in the angiography devices market include Toshiba Medical Systems Corporation, Abbott Vascular, Shimadzu Corporation, Siemens Healthineers AG, Royal Philips Electronics, Medtronic Inc., GE Healthcare, Cordis Corporation, AngioDynamics Inc., Canon Medical Systems Corporation, and Boston Scientific.
Recent Notable Developments
Regional Classification of the Global Angiography Devices Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Angiography Devices Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.Read more