April 24, 2024
Angiography Equipment Market

Global Angiography Equipment Market Estimated to Witness High Growth Owing to Technological Advancements

The global angiography equipment market has witnessed significant growth over the past few years owing to the increasing prevalence of chronic diseases such as cardiovascular diseases and cancer. Angiography equipment includes angiographic systems, angiographic catheters, guide wires, contrast media, vascular closure devices, balloons, stents, and accessories. Angiography finds applications in imaging and therapeutic procedures in various clinical fields including neurology, oncology and cardiology. Angiography offers advantages such as minimal invasion, better visualization of blood vessels and real-time imaging to provide precise diagnosis and treatment of various medical conditions. With rising cases of cardiovascular diseases worldwide, angiography procedures are increasingly being utilized to diagnose and treat conditions such as coronary artery disease and aneurysms.

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 key players are focusing on new product launches and approvals to expand their product portfolio and strengthen market presence.

The Global Angiography Equipment market offers significant opportunities with rising geriatric population suffering from chronic diseases, increasing healthcare expenditures and rapidly growing medical Tourism in developing countries.

Technological advancements including flat panel detectors, introducing automated exposure control, latest generation robotics and artificial intelligence capabilities in angiography equipment are propelling market growth.

Market drivers
Increasing prevalence of cardiovascular diseases, cancer, and neurological disorders worldwide are a major factor driving the growth of the angiography equipment market. As per the World Health Organization, cardiovascular diseases are the number one cause of death globally. Favorable medical reimbursement and government funding for development of healthcare infrastructure is also boosting adoption of angiography equipment. Rising healthcare expenditure per capita coupled with growing medical tourism in emerging countries will further provide new opportunities for market players in the forecast period.

Current challenges in the Global Angiography Equipment Market
The global angiography equipment market is facing various challenges currently which are hindering its growth potential. One of the major challenges is the high cost associated with angiography procedures and equipment. Angiography equipment such as c-arms, angiography tables, contrast delivery systems and guidewires require significant capital investments which makes it difficult for smaller healthcare facilities to adopt these technologies. Another challenge is the lack of skilled radiologists and technicians to operate advanced angiography systems. Developing regions especially face issues related to the availability of trained medical professionals. Maintaining angiography equipment also involves high servicing and maintenance costs which add to the financial burden. Regulatory hurdles for new product approval also delay market entry for innovative angiography devices. It usually takes 2-3 years to obtain necessary regulatory clearances.

SWOT Analysis
Strengths: Advanced angiography technologies provide high resolution images with minimal radiation exposure helping in accurate diagnosis and treatment. Increasing adoption of flat panel detector systems is a major market strength.
Weaknesses: High costs associated with angiography limits widespread adoption. Lack of skilled professionals is also a weakness, especially in developing regions.
Opportunities: Growing geriatric population and rising incidence of cardiovascular and neurovascular diseases will drive demand. Emerging economies offer significant growth opportunities.
Threats: Stringent regulatory framework can delay new product approvals. Economic slowdowns impact healthcare spending threatening market revenues. Technological advancements in alternative non-invasive imaging modalities pose competitive threats.

The US accounts for the largest share of the global angiography equipment market in terms of value currently. This is attributed to factors such as the availability of advanced healthcare infrastructure, presence of major industry players, favorable reimbursement policies, rising healthcare spending etc. Europe is the second largest regional market led by countries like Germany, France and the UK. Asia Pacific region is poised to grow at the fastest rate during the forecast period owing to rising medical tourism, improving access to healthcare facilities and increasing economic stability in major Asian countries. China, India and Japan are expected to drive future growth momentum in Asia Pacific angiography equipment market.

In terms of revenue, the North America region holds the largest share in the global angiography equipment market currently. This is mainly attributed to factors like presence of developed healthcare infrastructure, higher healthcare spending, growing geriatric population suffering from cardiac disorders, favorable reimbursement policies in the US and Canada. Asia Pacific region is anticipated to witness the highest CAGR over the forecast period owing to rapid improvements in healthcare facilities, rising medical tourism, growing access to insurance coverage and increasing economic stability in major Asian markets like India, China and Japan.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it