Global Angiography Equipment Market Set For Rapid Growth

The global angiography equipment market was valued at approximately USD 9 billion in 2017 and is expected to generate revenue of around USD 13 billion by 2024, growing at a CAGR of around 5.50 percent between 2018 and 2024. Angiography is used to make an image of blood vessels, such as the heart, head, kidneys, or lungs. Contrast medium is inserted into the artery so that the blood vessels can be examined. Angiography can be performed using an x-ray with catheters, magnetic resonance imaging, and computed tomography. It is also called arteriography. Angiography is performed in hospitals, in specialized magnetic resonance imaging centers, or specialized computed tomography centers. It is usually done as a casualty procedure. Angiography generally takes about 2 hours but may take longer if anesthesia is used.

Major drivers for the global angiography equipment market include growing dominance of cardio diseases. Cardiovascular diseases (CVDs) are the leading cause of death globally. Most people die due to CVDs annually as compared to any other causes. According to the World Health Organization (WHO), 17.9 million people died from CVDs in 2016, i.e., 31 percent of all global deaths. Additionally, launching programs to create awareness about metabolic and cardiovascular diseases, funding from various organizations and government institutes, rising elderly population, and escalating demand for angiography systems in minimally invasive surgeries are projected to further boost the global angiography equipment market in the upcoming years. However, the high prices of angiography devices and the lack of reimbursement policies might impede the growth of angiography equipment market in the future. The introduction of novel and enhanced products are likely to create new growth avenues for angiography equipment market in the future.

The angiography equipment market is classified based on product, technology, procedure, indication, application, and end-user. By product, the angiography equipment market is segmented into angiography systems, catheters, guide wire, balloons, contrast media, vascular closure devices (VCDs), and angiography accessories. By technology, the market is segmented into X-Ray, CT, MRA, and other angiography technologies. The angiography systems are likely to hold the largest market share in the upcoming years, due to the growing number of patients suffering from cardiac diseases and product innovations. By procedure, the market is segmented into coronary angiography, endovascular angiography, Neuroangiography, Onco-angiography, and other angiography procedures. By indication, the market is segmented into coronary artery disease, valvular heart disease, congenital heart disease, congestive heart failure, and other indications. By application, angiography equipment market is bifurcated into diagnostic and therapeutic. By end-user, the angiography equipment market includes hospitals and clinics, diagnostic and imaging centers, and research institutes. The hospitals and clinics across the globe have contributed significantly toward this market due to the increasing number of patient admission with vascular diseases.

North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa are the key regional segments of the global angiography equipment market. Europe is projected to lead the global angiography equipment market. High occurrences of cardiovascular diseases and a large number of ongoing research activities, quick and easy product approval processes, a growing number of awareness programs, rising government and public-private investments, and increasing acceptance of angiography devices are the key growth factors of this regional market. The U.S. and Canada are anticipated to nurture the demand for angiography devices, due to the rising occurrences of cardiac diseases. The key factors driving the Asia Pacific market include a huge number of patients suffering from CVDs, the growing aged population, and a rise in awareness programs and funding activities. Latin America is considered to be an important regional market and estimated to grow at a moderate rate, owing to expanding healthcare infrastructure and rising awareness among the people in this region. The Middle East and Africa region is anticipated to witness a significant growth.

Some key players operating in the global angiography equipment market include GE Healthcare, Koninklijke Philips N.V., Siemens Healthineers, Canon Incorporation, Shimadzu Corporation, Boston Scientific Corporation, Cordis Corporation, Medtronic, Inc., AngioDynamics, Inc., B. Braun Melsungen AG, and Abbott Laboratories, among others. – Zion Market Research