by The Global Angiography Equipment Market comprises of devices used for angiography procedures for diagnosis of cardiovascular diseases. Angiography equipment includes angiography systems, angiography contrast media, vascular closure devices, angiographic catheters, balloons, guidewires and accessories. Angiography provides valuable diagnostic information by visualizing the arteries, veins and organs using X-rays. It helps physicians to accurately diagnose congenital heart defects, coronary artery disease, peripheral artery disease and aneurysms. The rising need for minimally invasive procedures and advantages of angiography such as reduced risk of infection, less pain and quicker recovery are driving demand for angiography equipment.
The Global Angiography Equipment Market is estimated to be valued at US$ 12.17 BN in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in The Global Angiography Equipment Market are B. Braun Melsungen AG, Koninklijke Philips N.V., GE Healthcare, Cardinal Health, Siemens Healthcare Gmbh, Shimadzu Corporation, Medtronic plc, Boston Scientific Corporation, ANGIODYNAMICS, Abbot, Microport Scientific Corporation, Terumo Corporation, CURATIA MEDICAL INC., Cook Medical, Merit Medical Systems, Inc. and Applied Medical Resources Corp.
The increasing geriatric population and growing prevalence of lifestyle diseases are expected to create lucrative opportunities for players in the angiography equipment market. Furthermore, technological advancements in angiography systems including flat panel detectors, mini c-arms and MRI-guided angiography systems are widening the scope of clinical applications.
Growing healthcare expenditure, rising medical tourism and increasing collaboration between international manufacturers and hospitals in emerging economies are fueling the global expansion of the angiography equipment market.
Market Drivers
The increasing prevalence of cardiovascular diseases is one of the major drivers for the growth of the global angiography equipment market. According to the WHO, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Conditions like coronary artery disease, congenital heart defects and stroke that require angiography for diagnosis and treatment are on the rise. The aging population which is more prone to heart conditions will further drive the demand for angiography equipment during the forecast period.
PEST Analysis
Political: Regulations related to medical devices are stringent in many countries and require approval from regulatory bodies before marketing and selling angiography equipment products. Safety and efficacy standards must be met.
Economic: The growth of the overall angiography equipment market is driven by rising healthcare spending, increasing prevalence of various chronic diseases such as cardiovascular diseases, growing aging population.
Social: Rising awareness about early disease diagnosis and availability of advanced treatment options are contributing to growth of the market. However, limited access to healthcare facilities in developing regions can slow adoption.
Technological: Innovation in angiography equipment technology is leading to the development of portable angiography systems and flat panel detector-based systems that provide better image quality. Use of artificial intelligence for advanced imaging analysis is an emerging trend.
North America accounts for the largest share of the global angiography equipment market owing to factors such as rising healthcare spending, presence of advanced medical facilities, and growing prevalence of cardiovascular and other chronic diseases. Europe is the second largest regional market supported by availability of government funding for healthcare and presence of major market players. Growing healthcare infrastructure and increasing incidence of lifestyle diseases have boosted adoption of angiography equipment in Asia Pacific which is emerging as the fastest growing regional market.
Among various regions, Asia Pacific is expected to experience the fastest growth during the forecast period due to rising medical tourism, increasing healthcare expenditure, large patient population and rising awareness regarding early disease diagnosis. China and India are expected to drive high growth in the Asia Pacific market supported by expanding healthcare infrastructure, presence of low-cost medical services and rising incidence of chronic conditions in these countries.
