Wilmington, Delaware, United States, March 16, 2023 (GLOBE NEWSWIRE) — According to the latest study by Transparency Market Research, “The global angiography devices market was valued at US$ 12.4 Bn in 2022 and is estimated to grow at a CAGR of 6.7% for the forecast period between 2023 and 2031.”
Rise in prevalence of cardiovascular diseases, integration of next-gen technology in imaging systems, and increase in preference for minimally invasive procedures are driving the angiography devices market.
Advent of smart angiography systems that use AI and ML algorithms is estimated to trigger market development in the next few years. Besides this, development of advanced imaging systems, such as hybrid imaging systems and cone-beam computed tomography has helped manufacturers to increase their market share.
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Angiography Devices Market – Growth Drivers
- High success rate of angiography in the treatment of cardiovascular diseases is propelling angiography devices market
- Slew of technological advances in angiography devices to enable improved accuracy and speed of medical diagnosis and treatment boosts adoption
Global Angiography Devices Market – Key Findings of the Report
- Increase in Prevalence of Cardiovascular Diseases Driving Demand – Surge in incidence of cardiovascular diseases is fueling the demand for diagnostic and therapeutic procedures, such as angiography, to detect and treat these conditions. This is creating immense opportunities in the global market. Cardiovascular diseases, including peripheral artery disease, coronary artery disease, and stroke are among the leading causes of death across the world. According to the World Health Organization, cardiovascular diseases are related to nearly 31% of deaths in the world. Rise in usage of angiography devices in interventional procedures, such as stenting and angioplasty, is driving market demand.
- Advantages of Technological Advancements- Improved diagnostic accuracy, increased efficiency, improved patient outcomes, and reduced costs are some tangible benefits of new and advanced angiography devices. Furthermore, advances in angiography devices have led to the development of digital imaging technology, which provides sharper and detailed images of the blood vessels. Adoption of digital imaging is rising due to the advantages of faster imaging, thereby reducing the time required for procedures and improving patient comfort.
- Clinical Advantages of Hybrid Systems – Launch of hybrid systems that integrate angiography with other imaging modalities, such as CT or MR, is boosting market value. This is because hybrid systems offer improved efficiency and accuracy for detection and treatment of medical conditions.
- Development of New and Innovative Angiography Systems – By product, the angiography systems segment is anticipated to account for significant angiography devices market share during the forecast period. X-ray angiography systems, magnetic resonance angiography systems, CT angiography systems are some of the types of angiography systems. Of these, X-ray angiography systems are anticipated to dominate the market due to their widespread availability and low cost.
- Rise in Prevalence of Cardiovascular Diseases Boosting Coronary Angiography Segment – By type of angiography, the coronary angiography segment led the angiography devices market in 2022. This can be ascribed to characteristics of coronary angiography for imaging the coronary arteries, which supplies blood to the heart.
- Hospitals and Surgical Centers Primary Settings for Angiography Procedures – Based on end-user, the hospitals & surgical centers segment held significant share of the angiography devices market in 2022. Hospitals and surgical centers have the necessary equipment and trained personnel to perform angiography procedures, and thus account for significant market share.
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Angiography Devices Market – Regional Outlook
North America led the global angiography devices market in 2022. This can be ascribed to the presence of a well-established healthcare infrastructure, significant volume of patients with cardiovascular diseases, rise in preference for minimally invasive procedures, and technological advancements in imaging systems in the region. Furthermore, favorable government policies and increase in healthcare expenditure are anticipated to drive the market in the region. The U.S. and Canada are key contributors to the angiography devices market in North America owing to the growing demand for minimally invasive procedures and an expanding geriatric population.
Global Angiography Devices Market – Competition Landscape
Competition in the angiography devices market is intense with the presence of several well-entrenched players. Expansion of product portfolio and M&As are key growth strategies adopted by the leading players in the angiography devices market.
Prominent players in the angiography devices market include Abbott Laboratories, Boston Scientific Corporation, General Electric Company, Medtronic Inc., Siemens Healthcare GmbH, Cordis Corporation, Shimadzu Corporation, Angiodynamics Inc., B. Braun Melsungen AG, Koninklijke Philips N.V., Merit Medical Systems Inc., Canon Medical Systems, and Toshiba Medical System Corporation.
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The angiography devices market is segmented as follows;
- Angiography Systems
- Contrast Media
- Vascular Closure Devices
- Angiography Accessories
By Type of Angiography
- Coronary Angiography
- Cerebral Angiography
- Pulmonary angiography
- Renal Angiography
- Hospitals & Surgical Centers
- Diagnostic Centers
- Ambulatory Surgical Centers
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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