Coronary Angiography Devices Market Insights, Competitive Landscape and Market Forecast–2027

Coronary Angiography Devices Market Insights, Competitive Landscape and Market Forecast–2027

Coronary Angiography Devices Market By Product (Angiography Systems, Angiography Catheters, Vascular Closure Devices (VCDS), Angiography Balloons, Angiography Guidewires and Others), By Technology (X-Ray Angiography, CT Angiography, MR Angiography and Others), By Application (Diagnostics and Therapeutics) By End User (Hospitals, Diagnostic Centers and Others), By Geography is expected to grow at a steady CAGR Forecast till 2027 owing to the Increase in Prevalence of Cardiovascular Diseases and the Increase observed in the numbers of Coronary Angiography Procedures.

Global Coronary Angiography Devices Market was valued at USD 11.72 billion in 2021, growing at a CAGR of 6.18% during the forecast period from 2022 to 2027, to reach USD 16.80 billion by 2027. The demand for Coronary Angiography Devices is primarily witnessing growth on account of the growing prevalence of cardiovascular diseases, rising numbers of coronary angiography procedures, technological advancements in coronary angiography devices and increasing product approvals for advanced angiography techniques.

Coronary Angiography Devices Market Dynamics:

The rising prevalence of patients suffering from cardiovascular disease is one of the leading cause of death globally, taking an estimated 17.9 million lives every year. According to the World Health Organization (WHO), more than four out of five CVD deaths are due to heart attacks and strokes, and one third of these death tend to occur prematurely in people under the age of 70 years. An estimated 17.9 million deaths had taken place from cardiovascular disorder in the year 2019, accounting for 32% of all the global deaths. Of these deaths, 85% death were due to stroke and heart attack. Due to the rise in the number of deaths because of stroke and heart attack, there is definitely a demand for better treatments and coronary angiography procedures that can in turn lead to prolonged life in patients, hence the market for Global Coronary Angiography Devices is certainly expected to rise.

According to the Center for Disease Control and Prevention, heart disease is the leading cause of death for men, women and people of most racial groups and ethnic groups in United States. As per the above mentioned source, it is observed in United States that one death tends to occur in every 36 seconds. Also, in the year 2017, the number of deaths that took place due to coronary artery disease were 365, 914.

According to the American Heart Association, 2021 Heart Disease and Stroke Statistics Updated Fact Sheet, in 2018, Coronary Heart Disease (CHD) was the leading cause (42.1%) of deaths attributable to CVD in the US, followed by stroke (17.0%), high blood pressure (11.0%), heart failure (9.6%), diseases of the arteries (2.9%), and other CVD (17.4%). In the year 2019, deaths that occurred due to CVD were approximately 18.6 million. Due to the increasing prevalence of cardiovascular disorders such as heart attack, coronary artery disease and stroke, there will be a boost observed in the coronary angiography procedures and increase in product approvals for advanced angiography techniques, in turn driving the market of coronary angiography devices.

According to a research paper titled “Cardiac Catheterization Risks and Complications” by Manda et al. in the year 2021, the number of cardiac catheterization procedures performed annually in United States are 1,000,000. Coronary angiography devices are also used extensively in minimally invasive surgeries. The above mentioned reasons will require the use of coronary angiography devices, hence leading to a boost in the global coronary angiography devices market.

However, the high cost of coronary angiography and the poor reimbursement policies in developing nations are expected to limit the market growth over the forecast period.

Coronary Angiography Devices Market Segment Analysis:

Coronary angiography devices market by Product (Angiography Systems, Angiography Catheters, Vascular Closure Devices (VCDs), Angiography Balloons, Angiography Guide wires and Others), Coronary angiography devices market by Technology (X-Ray Angiography, CT Angiography, MR Angiography and Others), By Application (Diagnostics and Therapeutics), Coronary angiography devices market by End User (Hospitals, Diagnostic Centers and Others), and Coronary angiography devices market by Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the coronary angiography devices market product segment, the angiography systems segment is expected to be the largest growing segment during the forecast period. The Angiographic systems manufacturers have developed various new technologies to address the emerging cath labs trends comprising the need to reduce the radiation dosage, providing improved image quality and enabling advanced procedural image guidance. The newer imaging systems allows advanced 3-D imaging with rotational angiography, that uses a quick spin around the patient in order to create a computed tomography (CT)-like, 3-D image of the anatomy. Due to the increased visualization via these systems, there will be a huge demand for such devices in the market as they will be more preferred by the doctors, leading to a boost in the market demand for angiographic systems.

Technological advancements such as radiation reduction in angiography systems have increased their demand in the market. The ionizing radiations from medical imaging is often a point of concern for both the patients and operator, as the transcatheter procedures become more complex, longer imaging time and radiation exposure is a threat to the patients. However newer technologies have catered the reduction in radiation dosage. The newer, larger displays allow better visualization in cath labs enabling a better field of view, instead of the operators trying to visualize anatomic details on smaller screens. For instance, The Philips Azurion angiography system that tends to offer several imaging and software enhancements to aid guidance during complex interventional procedures. Thus, the technological advancements offered by these instruments will increase the demand of angiography systems in contrast to the other product types, leading to a rise in the angiography systems market.

North America is expected to dominate the overall Coronary Angiography Devices Market:

Among all the regions, North America is expected to account for the largest share in the coronary angiography devices market. This domination is due to the improved reimbursement policies of coronary angiography procedures, and high adoption of technological advancements owing to the rise in healthcare expenditure by the US government. Also, the growing investments in the healthcare sector as well as the increasing acquisitions, mergers and collaborations has also result in driving the North America coronary angiography market.

The market for coronary angiography devices witnessed a period of stagnancy due to the outbreak of COVID-19. However, with the relaxation in lockdown guidelines, the normalcy is being restored in the medical and healthcare sector as well. The United States represents the largest market worldwide supported by developed healthcare infrastructure and strong adoption of advanced imaging technologies. Rising product launch and commercialization agreements among the key manufacturers and other companies are anticipated to boost the market. For instance, on November 03, 2020, Food and Drug Administration has cleared the Boston Scientific Ranger Drug-coated Balloon, developed for the treatment of patients with peripheral artery disease (PAD) in the superficial femoral artery (SFA) and proximal popliteal artery (PPA). Due to the increase in product launches and FDA approvals across the North American region, there will be a surge observed in the coronary angiography devices market. Various other technological advancements such as improved image quality and lesser radiation exposure has also increased the adoption for coronary angiography devices in the market, thereby driving the coronary angiography market.

Coronary Angiography Devices Market Key Players:

Some of the key market players operating in the Coronary Angiography Devices market includes Terumo Medical Corporation, Boston Scientific Corporation, Canon Medical Systems, Braun Melsungen AG, Angiodynamics, Abbott Vascular (Abbott Laboratories), Toshiba Medical Systems Corporation, Royal Philips Electronics, GE Healthcare, Medtronic, Inc., Shimadzu Corporation, Siemens Healthcare, Cordis (A Cardinal Health Company), Translumina, Merit Medical Systems and others.

Recent Developmental Activities in Coronary Angiography Devices Market:

• On July 16, 2021, Canon Medical had partnered with Cleerly for tackling heart disease. The collaboration breaks new ground by integrating Canon’s AI-powered CT technology with Cleerly’s digital pathway solution for analysis of coronary artery disease.
• On December 01, 2020, GE Healthcare had introduced the Allia IGS 7 system. That uses AI-optimized dose and imaging settings and enables easier use of rotational angiography.
• On March 11, 2020, Kinepict Health had received FDA 510(k) clearance for its Kinepict Medical Imaging Tool (KMIT) software, which uses the Digital Variance Angiography (DVA).
• On February 11, 2020, Boston Scientific Corporation had recalled the Imager II Angiographic catheters due to tip detachment via a patient procedure or during the procedure preparation.

Key Takes Away from the Coronary Angiography Devices Market Report Study

• Market size analysis for current market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the Global Coronary Angiography Devices Market.
• Various opportunities available for the other competitor in the Coronary Angiography Devices Market space.
• What are the top performing segments in 2021? How these segments will perform in 2027?
• Which is the top-performing regions and countries in the current market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for market growth in the coming future?

Target Audience who can be benefited from Coronary Angiography Devices Market Report Study

• Coronary Angiography Devices providers
• Research organizations and consulting companies
• Coronary Angiography Devices-related organization, association, forum, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders
• Various End-users who want to know more about the Coronary Angiography Devices Market and latest technological developments in the Coronary Angiography Devices market.

Frequently Asked Questions for Coronary Angiography Devices Market:

What is Coronary Angiography Devices?

Coronary angiography is a minimally invasive procedure which utilizes a contrast material and X-rays in order to study and observe the blood flow via arteries in the heart. Various devices used in the procedure such as the Angiography Systems, Catheters, Guidewire, Balloons among others are known as the Coronary Angiography Devices.

What is the market for Global Coronary Angiography Devices?

Global Coronary Angiography Devices Market was valued at USD 11.72 billion in 2021, growing at a CAGR of 6.18% during the forecast period from 2022 to 2027, to reach USD 16.80 billion by 2027.

What are the drivers for Global Coronary Angiography Devices?

The major drivers driving the demand for Coronary Angiography Devices are the rising prevalence of cardiovascular disorders, increase in technological advancements, and increase in the number of coronary angiography procedures and the rise in product approval for advanced angiography techniques.

What are the key players operating in Global Coronary Angiography Devices?

Some of the key market players operating in the Diagnostic Imaging Equipment market includes Terumo Medical Corporation, Boston Scientific Corporation, Canon Medical Systems, Braun Melsungen AG, Angiodynamics, Abbott Vascular, and others.

What regions has the highest share in Coronary Angiography Devices market?

North America is expected to dominate the overall Coronary Angiography Devices market during the forecast period, 2022 to 2027. This domination is due to the rising number of conferences and foundations increasing awareness among people, the rise observed in healthcare investments, increase in mergers and acquisitions along with the introduction of various novel coronary angiography devices in the North American market.

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