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Angiography Equipment Market Overview
In the near future, the global angiography equipment market size is predicted to grow significantly due to the increasing prevalence of cancer and cardiovascular diseases, surging geriatric population, rising requirement for angiography systems for minimally invasive surgeries, increasing funding from government organizations and institutes, and growing awareness programs regarding metabolic and cardiovascular diseases. The different end users of angiography equipment are diagnostics & imaging centers, research institutes, and hospitals & clinics. Among these, the hospitals & clinics dominated the market in the past, which was attributed to the surging patient pool.
The different products provided by the angiography equipment industry are vascular closure devices, angiography systems, angiography catheters, angiography accessories, angiography balloons, angiography guidewires, and angiography contrast media. Out of these, the angiography systems held the largest angiography equipment market share in the past because of the technological advancements in angiography devices, rising number of angiography procedures around the world, and surging number of patients suffering from chronic disorders. In terms of indication, the angiography equipment domain is divided into congenital heart disease, coronary artery disease, congestive heart failure, valvular heart failure, and others.
The various angiography procedures are neuro-angiography, endovascular angiography, coronary angiography, onco-angiography, and others. Out of these, the coronary angiography held the largest share of the angiography equipment market in the past, which is ascribed to the rising prevalence of coronary heart diseases among the aging population. Angiography equipment is based on different technologies, namely computed tomography angiography, magnetic resonance angiography, X-ray angiography, and others (which include optical coherence tomography angiography and fluorescein angiography). The X-ray angiography is the most widely used technology among all these, because of the rising number of diagnostic and interventional X-ray procedures.
Geographically, Europe held the largest share of the angiography equipment market in the past, particularly due to the faster and easier product approval process, increasing government, public, and private investments, rising number of ongoing research activities, and surging adoption of angiography devices in the region.
Angiography Equipment Market Dynamics
One of the major driving factors of the angiography equipment market is the increasing prevalence of metabolic and lifestyle diseases, such as diabetes. As per the American Diabetes Association, in 2015, approximately 30.3 million Americans, which is 9.4% of the total population, had diabetes. Among these, around 23.1 million were diagnosed and 7.2 million were undiagnosed. Diabetes is furthermore a risk factor for the occurrence of cardiovascular diseases, which is also resulting in the increasing number of patients suffering from cardiovascular diseases.
Another factor driving the angiography equipment market growth is the rising demand for interventional angiography systems in minimally invasive surgeries. Since these surgeries are more cost-effective and safer than conventional surgeries, people are increasingly opting for them. An article published on 25th March 2015 in the Journal of the American Medical Association stated that according to Johns Hopkins Medicine’s research, American hospitals can save a collective amount of $280–$340 million a year by performing minimally invasive surgeries instead of traditional surgeries. As angiograms generated at the diagnosis level present a clear, detailed, and accurate picture of blood vessels in a patient’s heart, they are preferred for minimally invasive procedures.
Apart from this, the adoption of optical coherence tomography angiography devices for the reduction of radiation doses is a key trend that is being witnessed in the angiography equipment market. Also, technological advancements are opening up wide opportunities for the players operating in the angiography equipment domain.
Angiography Equipment Market Competitive Landscape
As different technological advancements are taking place in the angiography equipment market, the players are launching innovative products to increase their share in the market. For example, Shimadzu Corporation launched three models of Trinias series unity smart edition in April 2018, which is an angiography system that supports treatment of the whole body and intravascular diagnosis. The models comprise the X-ray image processing technology and can be utilized in several therapeutic areas, such as neurological, peripheral, cardiovascular, and gastrointestinal disorders.
Some other major players operating in the global angiography equipment market include Siemens AG, General Electric Company, Terumo Corporation, Boston Scientific Corporation, Abbott Laboratories, Medtronic plc, Cardinal Health Inc., Canon Inc., B. Braun Melsungen AG, and AngioDynamics Inc.
Market Size Breakdown by Segment
Based on Product
Based on Technology
Based on Procedure
Based on Indication
Based on Application
Based on End User