Vascular Imaging Systems Market
Number of pages: 100 | Report Format: PDF | Published date: March 01, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 6.24 billion |
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Revenue Forecast in 2031 |
US$ 12.39 billion |
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CAGR |
7.1% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Technology, Procedure, End User, 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 vascular imaging systems market was valued at US$ 6.24 billion in 2022 and is expected to register a revenue CAGR of 7.1% to reach US$ 12.39 billion by 2031.
Vascular Imaging Systems Market Fundamentals
Vascular imaging systems are medical imaging systems used to view blood vessels and other bodily structures. These devices are crucial for the detection and management of a number of cardiovascular diseases and conditions, such as peripheral artery disease, heart disease, and stroke. Vascular imaging devices employ a range of imaging modalities, including X-ray, ultrasound, MRI, computed tomography (CT), and angiography. Vascular imaging systems are employed to assess blood flow and the structural integrity of blood vessels, identify blood clots and other obstructions, and track the development of cardiovascular diseases. With the exception of the coronary arteries, which are examined using a CT scan, blood vessels are evaluated using vascular imaging, which aids in the diagnosis of diseases characterized by abnormal blood flow. Vascular ultrasound, CT, and magnetic resonance imaging (MRI) are among the technologies that are used to produce pictures of blood vessels. A rise in the geriatric population, technical advancements in vascular imaging systems, an increase in cardiovascular disease prevalence, and a rise in demand for minimally invasive diagnosis and treatment are propelling revenue growth opportunities in the global market.
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Vascular Imaging Systems Market Dynamics
The prevalence of diabetes and hypertension is rising rapidly, which influences the market by driving up the demand for vascular imaging systems. Vascular imaging systems are used frequently as carotid blockage, atherosclerosis, and other vascular disorders are more likely to occur as a result of hypertension and diabetes. The prevalence of cardiovascular disease is expected to rise significantly as the population ages and increases. Heart disease is mainly brought on by traditional risk factors, including diets high in saturated fats, elevated serum cholesterol as well as blood pressure, diabetes, and smoking. High rates of smoking and binge drinking, along with diets high in saturated fat and unfavorable socioeconomic circumstances, are factors responsible for the global epidemic of cardiovascular disease. The market is anticipated to expand rapidly due to the rising usage of preventative healthcare techniques and diagnostic equipment to reduce mortality. Furthermore, ongoing technical developments are likely to enable safer diagnosis with maximum effectiveness, augmenting the market development.
A rise in the usage of non-invasive diagnostic imaging and the development and implementation of effective clinical guidelines are expected to drive market revenue share. Furthermore, the vascular imaging system is very safe, effective, and less time-consuming for diagnosis. The launch of advanced and cost-effective imaging systems is anticipated to arise from an increase in the number of diagnostics facilities, which influences opening up new prospects for the market, along with increased investments in R&D to create better quality systems. In addition, the acceptance of refurbished vascular imaging systems will open up lucrative business possibilities.
However, the vascular imaging systems market’s development is constrained by the high cost of vascular imaging equipment and the availability of conventional treatment options. Some of the opportunities for market development include the rise of emerging economies and the number of diagnostic imaging facilities.
Vascular Imaging Systems Market Ecosystem
The global vascular imaging systems market is analyzed from four perspectives: technology, procedure, end user, and region.
Vascular Imaging Systems Market by Technology
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Based on the technology, the global vascular imaging systems market is segmented into magnetic resonance imaging (MRI), ultrasound, compound tomography, nuclear imaging, and X-ray.
The magnetic resonance imaging (MRI) segment accounted for the largest revenue share of the global vascular imaging systems market in 2022. In MRI, a computerized magnetic field and radio waves are used in the medical imaging procedure, which produces precise pictures of the body’s organs and tissues. They are particularly helpful for displaying soft tissue structures, such as ligaments, cartilage, and organs, such as the brain, heart, and eyes, as they do not involve radiation exposure, making them safe to use in individuals who may be particularly susceptible to the effects of radiation, such as pregnant women and babies. It can provide details about the blood flow through specific organs and blood arteries, enabling blockages and other issues with blood circulation to be noticed. An MRI scan can reveal details about the blood arteries and how the blood circulates throughout the body, as well as any issues with how the blood circulates. Additionally, the potential for patient invasiveness with some types of imaging in the medical industry is one of the problems. The patient is unlikely to be concerned about any invasive procedures when having an MRI done because the entire procedure is non-invasive. Furthermore, the ability of an MRI to simultaneously photograph several body parts is one of its greatest advantages. A smaller imaging device would not be able to cover the bigger areas of the body that an MRI can. Thus, MRI is the most preferable and effective imaging system for a faster and more successful vascular imaging system.
On the other hand, the social and economic revolutions have resulted in significant changes in the population’s makeup as well as in the industrial structure, income levels, spending patterns, levels of education, family structures, dietary patterns, and levels of physical exercise. As a result of these developments, the risk factors and prevalence of cardiovascular disease have both increased considerably. Therefore, the need for advanced imaging systems significantly fueled the market growth for vascular imaging systems due to the rising number of cardiovascular patients across the globe.
Vascular Imaging Systems Market by Procedure
Based on the procedure, the global vascular imaging systems market is segmented into coronary angiography, peripheral angiography, neurovascular angiography, vascular ultrasound procedures, micro angiography, and others.
The coronary angiography segment accounted for the largest revenue share of the global vascular imaging systems market in 2022. Coronary angiography is a medical diagnostic process by which the heart’s blood vessels are examined using X-ray imaging technology. The primary purpose of the procedure is to observe the blood flow through the arteries and check if they are blocked or narrowed. It is thought to be one of the most frequently carried out cardiac catheterization techniques, which is useful for identifying and treating diseases related to the heart and blood vessels. Vascular coronary angiography might eliminate the need for cardiovascular surgery. If the operation is still required, it can be done more precisely. Coronary angiography can identify blood vessel narrowing or obstruction, possibly enabling the administration of corrective therapy. Particularly in small blood vessels, coronary angiography may provide more accurate anatomical information than other imaging. Coronary angiography can be used to identify blood vessel issues in a wide range of patients. Coronary angiographies are faster, less intrusive, and have fewer risks. Furthermore, coronary angiography is a helpful vascular imaging system for identifying arterial and venous disease, as well as structural anomalies of the heart, before symptoms appear or when symptoms are not immediately associated with blood vessel disease. Moreover, as contrast is injected into a vein in the arm, there may be less pain as well. Heart and vascular coronary angiography leave no trace of radioactivity in the patient’s body. On the contrary, the global rise in the prevalence of coronary artery diseases can be attributed to the segment growth. According to the Centers for Disease Control and Prevention, the most prevalent kind of heart disease, coronary artery disease, was expected to kill 382,820 individuals in 2020. About 7.2% or 20.1 million people aged 20 and over have coronary artery diseases. In 2020, people under 65 were expected to account for nearly 2 in 10 deaths due to coronary artery diseases.
Vascular Imaging Systems Market by End User
Based on the end user, the global vascular imaging systems market is segmented into hospitals, diagnostic imaging centers, and others.
The hospital segment accounted for the largest revenue share for the global vascular imaging systems market in 2022. As hospitals have more operating capital to spend on state-of-the-art medical technologies, the segment has taken the lead. Hospitals have the necessary medical equipment to provide patients with comprehensive treatment, which makes the hospital the most preferable choice for treatment. The rising prevalence of chronic vascular diseases, expanding access to healthcare reimbursements in many developed countries, growing usage of vascular imaging systems for the treatment of peripheral and cardiac vascular diseases, and ongoing technological advancements in the field of minimally invasive or image-guided procedures are fueling revenue growth in the segment. Also, having one or more health issues is becoming more and more prevalent as a result of changing lifestyles. Multispecialty hospitals may be helpful in this situation to treat multiple ailments simultaneously. The presence of a group of physicians, surgeons, and other expert staff makes the treatment procedure easier. Additionally, the availability of sufficient funds enables hospitals to have different advanced vascular imaging systems as well as cost-effective diagnostic devices. As a result, irrespective of income, patients can easily rely on hospitals for treatments.
Vascular Imaging Systems Market by Region
Based on the region, the global vascular imaging systems market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America accounted for the largest revenue share of the global vascular imaging systems market in 2022. Due to the presence of significant players, North America currently controls the vascular imaging systems market. Additionally, the estimated development of the market in the area is aided by the simplified repayment regulations and the rise in stroke incidence. For instance, in America, a stroke occurs every 40 seconds on average, and about 795,000 people report having a new or recurrent stroke each year, according to the American Heart Association’s 2019 heart disease and stroke data.
The market in Asia Pacific is anticipated to have substantial revenue growth in the upcoming years as a result of an increase in the prevalence of cardiovascular diseases in the region. Moreover, the rising rates of diabetes, obesity, and cardiovascular diseases are expected to further propel the regional market development.
Vascular Imaging Systems Market Competitive Landscape
The key players operating in the global vascular imaging systems market include:
Vascular Imaging Systems Market Strategic Developments
Vascular imaging systems are used to view blood vessels and other bodily structures. These devices are crucial for the detection and management of a number of cardiovascular diseases and conditions, such as peripheral artery disease, heart disease, and stroke.
Increasing cases of cardiovascular diseases and the rising development of new technologies are the key trends governing the global vascular imaging systems market.
GE Healthcare, Siemens AG, Toshiba Corporation, Hitachi Medical Corporation, and Koninklijke Philips N.V. are among the top market players.
The high cost of vascular imaging systems is the main restraining factor hindering the revenue growth of the global vascular imaging systems market growth to its full potential.
The global vascular imaging systems market is expected to register growth at a revenue CAGR of 7.1% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain