Angiography Devices Market
Number of pages: 100 | Report Format: PDF | Published date: April 13, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 12.11 billion |
|
Market Size Value in 2031 |
US$ 20.76 billion |
|
CAGR |
6.17% |
|
Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
|
Segments Covered |
Product Type, Technology, Applications, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global angiography devices market was valued at US$ 12.11 billion in 2022 and is expected to register a revenue CAGR of 6.17% to reach US$ 20.76 billion by 2031.
Angiography Devices Market Fundamentals
Angiography devices are used in medical imaging technologies used to visualize blood arteries and blood flow. Angiography is a diagnostic technique that employs X-rays and contrast chemicals to create pictures of arteries. It detects and treats several disorders, such as heart disease, stroke, and peripheral artery disease. Angiography is a minimally invasive procedure that can provide detailed information about the condition of blood vessels and help guide treatment decisions.
Numerous factors, including the rising prevalence of cardiovascular disorders, technical improvements in angiography devices, and an aging population, determine the global angiography device industry trends. Moreover, the increasing uptake for minimally invasive treatments supports the industry demand since angiography procedures can now be conducted with smaller incisions and faster recovery periods. Another key angiography device market trend is the increasing adoption of hybrid operating rooms that combine surgical and imaging technologies. This trend is expected to continue in the coming years as healthcare providers seek to improve patient outcomes and reduce hospital stays.
The angiography devices industry's market players focus on increasing brand awareness, emphasizing critical features, and giving consumers training and support. By implementing these techniques, companies are successfully advertising their angiography products and developing a strong market position. Furthermore, collaborations among the leaders in the global angiography devices market can assist in establishing brand reputation and encourage adoption among clinicians across different geographies.
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Angiography Devices Market Dynamics
The rising prevalence of chronic heart diseases such as atherosclerosis is the prominent factor supporting the global angiography devices market revenue growth. According to the National Institutes of Health (NIH), atherosclerosis-related disease is the greatest cause of mortality in the United States. Atherosclerosis affects around half of all Americans aged 45 to 84. Atherosclerosis occurs gradually when plaques of cholesterol, fat, blood cells, and other chemicals are in the blood. Factors such as a sedentary lifestyle, unhealthy diet, smoking, obesity, and an aging population are key factors leading to increasing rates. Additionally, the market potential is also influenced due to advancements in medical technology which has led to better diagnosis and treatment options, increasing the survival rate of patients with heart diseases.
New and sophisticated angiography devices provide definite benefits such as greater diagnostic accuracy, higher efficiency, better patient outcomes, and lower costs. Additionally, advancements in angiography instruments have resulted in the development of digital imaging technology, which delivers efficient and more detailed views of the blood arteries. The benefits of faster imaging, which shorten operation times and enhance patient comfort, are driving the growth in the use of digital imaging. Moreover, integrating artificial intelligence and machine learning algorithms into digital imaging technology has improved the accuracy of diagnoses and reduced the risk of human error. This has further increased the demand for digital imaging in angiography procedures.
A restraining factor for angiography devices is the high cost associated with their use, which can limit access to these technologies in certain low-income regions or healthcare settings. Additionally, concerns about radiation exposure and potential complications from invasive procedures may limit the global angiography devices market revenue growth.
Angiography Devices Market Ecosystem
The global angiography devices market is analyzed from four perspectives: product type, technology, applications, and region.
Angiography Devices Market by Product Type
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Based on the product types, the global angiography devices market is segmented into angiography systems, catheters, contrast media, guidewire, balloons, angiography accessories, and vascular closure devices.
In 2022, the angiography systems segment dominated the global angiography devices market in terms of revenue share. Angiography systems are used in angiography devices to visualize blood vessels and organs in the body. These systems use contrast agents and X-rays to produce detailed images that can aid in diagnosing and treating various medical conditions. The devices offer a range of benefits, including high-quality imaging, accurate diagnosis of cardiovascular diseases, and minimally invasive procedures. Angiography systems also enable physicians to perform complex interventions with greater precision and safety.
Additionally, the angiography accessories segment is expected to show lucrative revenue growth during the forecast years. Angiography accessories provide accurate and precise imaging during diagnostic and therapeutic procedures, which helps in reducing the risk of complications. Overall, the increasing prevalence of cardiovascular diseases is driving the angiography accessories market revenue growth.
Angiography Devices Market by Technology
Based on the technologies, the global angiography devices market is segmented into X-ray, MRA, and CT.
The X-ray angiography devices segment dominates the global angiography devices market revenue. X-ray angiography devices provide high-quality images of blood vessels and can help diagnose and treat a variety of medical conditions, including heart disease and stroke. Additionally, these devices are minimally invasive and have a lower risk of complications than traditional surgical procedures. X-ray angiography is also a faster and more cost-effective option for patients who require vascular diagnostic imaging. This technology allows doctors to identify blockages or abnormalities quickly and accurately in the blood vessels, leading to more effective treatment plans.
The CT angiography devices segment is expected to show high revenue growth during the forecast years. CT angiography provides high-resolution images of blood vessels, allowing for accurate diagnosis and treatment planning. Additionally, they are non-invasive and have a lower risk of complications than traditional angiography interventions.
Angiography Devices Market by Application
Based on the applications, the global angiography devices market is segmented into diagnostic and therapeutic angiography.
The diagnostics segment accounts for the largest revenue share in the global angiography devices market. Angiography is the gold standard diagnostic tool that can accurately detect abnormalities in blood vessels that may not be visible on other imaging tests. It is also minimally invasive and can be performed on an outpatient basis, reducing the risk of complications and allowing for faster recovery times. The use of contrast dye for improving visibility in X-ray imaging helps in accurately diagnosing a wide range of conditions, such as aneurysms, blockages, and malformations in the blood vessels.
The therapeutics segment is expected to show lucrative growth in the global angiography devices market. Therapeutics by angiography devices involve the use of minimally invasive procedures to diagnose and treat various medical conditions related to the blood vessels, such as atherosclerosis. These devices enable doctors to access and treat affected areas with precision, resulting in better patient outcomes and faster recovery times. Angiography devices are also used to perform various interventional procedures, such as angioplasty and stenting, which help to treat blood flow to blocked or narrowed vessels. Appropriate use of angiography devices in therapeutic interventions reduces the need for hospitalization and lowers healthcare costs.
Angiography Devices Market by Region
Based on region, the global angiography devices market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the highest revenue share for the global angiography devices market in 2022. The factors driving the North America angiography devices market revenue include the increasing prevalence of cardiovascular diseases, rising demand for minimally invasive procedures, and technological advancements in imaging systems. Additionally, favorable reimbursement policies and government initiatives to improve healthcare infrastructure are expected to boost angiography device market revenue growth in North America.
The Europe angiography devices market revenue is characterized by the increasing prevalence of cardiovascular diseases and the growing demand for minimally invasive procedures. Additionally, technological advancements and the availability of well-structured reimbursement policies are expected to further support the market revenue share in the forecast years.
The angiography devices market in the Asia Pacific is expected to observe significant growth during the forecast period due to the increasing prevalence of cardiovascular diseases and the growing demand for minimally invasive procedures. Moreover, the rise in healthcare expenditure and technological advancements in medical devices are also contributing to market revenue growth.
Competitive Landscape of the Global Angiography Devices Market
The global angiography devices market competition is intense, with several established players and new entrants racing for market share. Players such as Siemens Healthineers, GE Healthcare, Philips Healthcare, Shimadzu Corporation, and Canon Medical Systems Corporation invest heavily in research and development activities to introduce innovative products and expand their portfolios. Additionally, strategic partnerships and collaborations with hospitals and healthcare providers are helping the companies to strengthen their market position.
The prominent companies operating in the global angiography devices market with the largest revenue share are:
Strategic Developments in the Angiography Devices Market
The angiography devices market is expecting significant revenue growth due to the increasing prevalence of cardiovascular diseases and the rising demand for minimally invasive procedures. Technological advancements in imaging modalities and the development of innovative products are also expected to create new growth avenues.
The global angiography devices market was valued at US$ 12.11 billion in 2022.
Some major strategies that angiography devices key market players adopt include mergers and acquisitions, product launches, collaborations, and partnerships. These strategies aim to expand their market presence, increase their customer base, and improve their product offerings.
The diagnostics segment accounts for the majority of the revenue share in the global angiography devices market.
The global angiography devices market was valued at US$ 12.11 billion in 2022 and is expected to register a revenue CAGR of 6.17% to reach US$ 20.76 billion by 2031.
*Insights on financial performance are subject to the availability of information in the public domain