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Vascular imaging systems are used to diagnose diseases related to blood flow in the arteries and veins. Surgeons can diagnose plaque formation, blockages in the veins, weakening of arteries and veins, blood clots, and varicose veins with the use of these systems. The global vascular imaging systems market has been segmented on the basis of product, application and end user.
On the basis of product, the global market has been segmented into CT (computed tomography), MRI (magnetic resonance imaging), X-ray, Ultrasound, and Nuclear imaging (PET (positron emission tomography) and SPECT (single-photon emission computed tomography)). CT has been the largest segment in the global vascular imaging systems market. CT procedures involve large amounts of radiation doses than the conventional X-ray imaging procedures. For instance, adult abdominal CT produces 10 move, neonatal abdominal CT produces 20 move as compared to lateral chest radiography, which only produces 0.15 move. According to the Conference of Radiation Control Program Directors, Inc. (CRCPD), around 62 million CT procedures are performed every year in the U.S., including 4 million CT procedures performed on children. With the increase in the number of CT procedures worldwide, the demand for vascular imaging systems for diagnosing vascular diseases also increases, which drives the growth of the market.
On the basis of application, the global vascular imaging systems market has been segmented into cardiology, oncology neurology and others. Cardiology has been the largest application in the global market.
On the basis of end user, the global vascular imaging systems market has been segmented into hospitals, specialty clinics and diagnostic centers. Hospitals have been the largest end users of global vascular imaging systems.
GLOBAL VASCULAR IMAGING SYSTEM MARKET BY TYPE OF PRODUCT $M (2013-2023)
The global vascular imaging systems market is expected to witness a CAGR of 5.7%, during the forecast period. Growing prevalence of cardiovascular diseases and cancer, increasing aging population, rising awareness about imaging techniques, technological advancements in vascular imaging systems and increasing healthcare expenditure are the key growth drivers for the global market. On the other hand, the market has been facing certain challenges, such as stringent regulatory requirements, high cost, shortage of helium; an important element to cool down MRI equipment and increasing risk of cancer due to exposure to radiations, these challenges may impede the growth of the market during the forecast period.
The key trend observed in the vascular imaging systems market is increase in the number of product launches. Many companies are launching various innovative vascular imaging systems to have a competitive edge over other companies. With increase in product launches, the companies expand their product portfolio and geographical presence. New products possess new features in accordance with their use in multiple applications.
The increasing aging population has created a positive impact on the growth of the global vascular imaging systems market. Increasing life expectancy and fall in birth rates are the major causes of aging population. The aging population is more susceptible to cardiovascular diseases such as stroke, heart failure, rheumatic heart disease, valvar heart disease, aortic aneurysms, peripheral artery disease, cardiomyopathy, heart arrhythmia, congenital heart disease, caritas, and venous thrombosis. The aged pool experiences slow heart rate due to fat deposits and slight increase in the size of the heart. In addition, the geriatric pool also experiences changes in blood vessels, slight thickening of capillary walls, stiffening and less flexibility of main artery (aorta), and slower response to blood loss and anemia.
For instance, according to the National Institutes of Health (NIH) data, in the U.S., patients aged 65 years and above undergo vascular imaging tests twice as compared to people in the age group of 30-59 years. Furthermore, according to WHO, around 17 million elderly people are expected to suffer from cancer by 2020. According to the AGS (American Geriatrics Society), around 20% of Americans are expected to be more than 65 years of age and 21% of those over 60 years of age are expected to undergo surgical procedures by the 2030. Moreover, according to the AHA (American Heart Association), in 2010, around 51% of cardiovascular procedures were performed on people aged 65 years and older. Therefore, with the increase in the number of cardiovascular procedures performed on the aging population, vascular imaging tests are also expected to increase.
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