Angiography equipment is imaging tools primarily used in angiography, a medical imaging technique used to visualize blood vessels and organs. It helps doctors diagnose and treat various cardiovascular diseases and conditions affecting the arteries and veins. Angiography equipment aids in procedures like coronary angiography to examine the arteries supplying blood to the heart and identify any blockages. The global angiography equipment market is driven by the rising prevalence of cardiovascular diseases, growing geriatric population, and technological advancements enhancing image quality and resolution.
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 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 opportunities in the angiography equipment market include rising demand for minimally invasive angiography procedures, growing healthcare expenditure, and increasing collaborations between prominent players to develop innovative systems.
Technological advancements such as flat panel detectors instead of image intensifiers and upgraded imaging software have enhanced image quality, resolution, and workflow efficiency during angiography procedures.
Market drivers:
The Global Angiography Equipment Market Share is primarily driven by the rising geriatric population and the subsequent increase in the prevalence of cardiovascular diseases worldwide. As per the WHO, cardiovascular diseases are the number one cause of death globally, taking an estimated 17.9 million lives each year. Angiography equipment plays a crucial role in the diagnosis and treatment of various heart conditions like coronary artery disease. Therefore, the growing burden of heart diseases is expected to propel the demand for angiography systems during the forecast period. Other major market drivers include increasing healthcare expenditure, growing awareness regarding early diagnosis, and continuous technological advancements leading to better imaging modalities.
Current challenges in the Global Angiography Equipment Market
The global angiography equipment market is facing several challenges currently. The key challenges include high costs associated with angiography procedures, shortage of skilled professionals, and risks associated with angiography imaging techniques. Angiography procedures and equipment are highly expensive which limits their adoption in developing regions. There is also a lack of skilled interventional radiologists, cardiac physiologists, and technicians required to conduct angiography tests smoothly. This further adds to operational challenges. Additionally, angiography techniques involve exposure to ionizing radiation which can potentially increase the risk of cancer if proper safety protocols are not followed. Addressing the cost barriers through innovative financing options and training more professionals can help overcome some of the major challenges in the coming years.
SWOT Analysis
Strength: Advanced technological features in new generation angiography equipment such as flat panel detectors, biplane systems improve image quality. Wide applications in diagnosis and treatment of cardiovascular, neurological, and oncological conditions boost market growth.
Weakness: High dependence on reimbursement policies; unfavorable changes can hamper revenue. Risks of radiation exposure to patients and medical professionals during the procedure.
Opportunity: Emerging markets in Asia Pacific expected to provide new opportunities owing to rising disease incidence. Innovations focused on portability, reduced radiation dose, and hybrid systems combining CT/MRI technologies will drive future adoption.
Threats: Availability of alternative less invasive imaging modalities can replace angiography for certain applications. Stringent regulatory approvals and quality standards increase compliance costs for manufacturers.
Geographical Regions with Highest Market Concentration
North America holds the largest share of the global angiography equipment market by value owing to ongoing technological advancements, favorable reimbursement policies, and presence of sophisticated healthcare infrastructure. The United States contributes maximum to the regional market revenue. Europe is the second largest angiography equipment market led by the countries of Germany, UK, and France. This can be attributed to increasing healthcare investments, large patient population, and presence of key industry players.
Fastest Growing Geographical Region
The Asia Pacific region is poised to witness the highest growth during the forecast period in the global angiography equipment market. This is due to rapidly developing economies, growing medical tourism industry, rising healthcare expenditures, increasing patient awareness, and improving access to angiography procedures. Rapid urbanization, expanding middle-class population with greater purchasing power, and improving public healthcare coverage are some major factors driving the APAC market at present. China and India have emerged as highly lucrative countries within the Asia Pacific region.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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