Angiography Equipment Market - Forecasts from 2024 to 2029
The angiography equipment market is evaluated at US$14.902 billion for 2022 and is projected to grow at a CAGR of 8.42% to reach US$26.236 billion by 2029.
Angiography is a medical technique used to visualize blood vessels and assess blood flow. It involves injecting a contrast agent into blood vessels and capturing X-ray images to obtain detailed images. Traditional angiography uses ionizing radiation, while Digital Subtraction Angiography enhances visibility. Fluoroscopy systems use continuous X-ray beams for real-time images.
Contrast agents, such as iodine-based or newer ones, are used. Non-invasive alternatives include Computed Tomography Angiography (CTA), Magnetic Resonance Angiography (MRA), ultrasound systems, and hemodynamic monitoring systems. Advanced angiography equipment includes 3D reconstruction software. The high prevalence, coupled with the increasing incidence of cancer and cardiovascular diseases around the world, is one of the major factors anticipated to drive the angiography equipment market growth during the forecast period.
The rise in the geriatric population and an increase in the growing number of obese people worldwide are leading to a surge in diseases that require angiography. Furthermore, favorable government regulations for the approval of the product in the various developed regions are also expected to fuel the growth of the global market. There is also a growing demand for angiography systems due to a shift in preference toward minimally invasive surgeries.
Moreover, growing innovations in angiography equipment are improving the medical process and, hence, are anticipated to contribute to the market growth. However, high costs associated with the procurement and use of technologically advanced angiography equipment are major factors likely to hamper the global market growth.
Market Drivers:The increasing prevalence of cardiovascular diseases is anticipated in the market growth
The world has witnessed a surge in the number of cases of cardiovascular diseases over the years, which is leading to an increased demand for angiography equipment and is projected to boost market growth during the forecast period. A paper in the Journal of the American College of Cardiology stated in December 2020 that there were 270 million cases of cardiovascular diseases in 1990, which nearly doubled to 523 million in 2019. It also states that the number of people who died from cardiovascular disease increased from 12.1 million in 1990 to 18.6 million in 2019.
The American Heart Association (AHA) predicts that 45% of the population of the United States will have at least one heart-related problem. It also estimates that the costs related to cardiovascular diseases will increase by 100% between 2016 and 2035. According to WHO, cardiovascular disease has the highest share in the list of leading causes of death.
The organization states that cardiovascular diseases caused 17.9 million deaths in 2019 around the world and represented 32% of all deaths worldwide. Premature deaths are also increasing with the growing prevalence of heart diseases, with 38% of all the 17 million premature deaths due to non-communicable diseases caused by CVDs in 2019. The growing trend of CVDs is projected to continue in the coming years as well and is anticipated to drive the market growth of angiography equipment.
An increase in innovation would bolster the angiography equipment market.
The rising innovations in the market and the launch of advanced angiography equipment by the market players are widening the scope of angiography equipment and are anticipated to propel the growth of angiography equipment during the assessment period. The medical device company Kinepict Health has developed Kinepict Medical Imaging Tool (KMIT) software which uses Digital Variance Angiography (DVA) technology and provides superior image quality compared to the conventionally used technologies.
The FDA has given clearance for it in March 2020, allowing it to be launched in the U.S. market. Furthermore, GE Healthcare introduced the Allia IGS 7 angiography system at the Radiological Society of North America (RSNA) 2020 virtual meeting. The system uses artificial intelligence and allows better use of rotational angiography.
Various companies are launching several other innovative products that will improve the angiography process and are anticipated to spur the growth of angiography equipment during the forecast period.
North America region held a significant market share.
The North American region is anticipated to hold a significant market share owing to the presence of a large number of market leaders, coupled with a high prevalence of cardiovascular diseases. The presence of an advanced healthcare system also allows a larger adoption of new and advanced angiography equipment.
The region is anticipated to witness substantial growth due to the rising number of cases of CVDs, coupled with increased investments in the healthcare sector in the region, which will lead to the availability of requisite healthcare facilities.
Key Developments:
July 2023- Siemens Healthineers introduced the Atellica CI Analyzer, a compact testing system designed to address lab challenges. The FDA-cleared analyzer offers improved turnaround time predictability, advanced reporting functionality, and safety measures. It is suitable for low to medium testing volumes and is now available in many major markets. Siemens Healthineers also launched the Atellica Vantage 640 Cardiac Angiography System, which offers superior image quality and faster scan times for complex cardiac procedures. Philips Healthcare's Azurion Clarity 3D angiography system provides real-time 3D images of blood vessels, while GE Healthcare's Discovery™ HI FX40 angiography system offers high-quality images at low radiation doses.
May 2023- GE HealthCare's Voluson™ Expert 22 was named the Best New Ultrasound Technology Solution at the seventh annual MedTech Breakthrough Awards. The device, which uses an adaptive graphic-based beamformer and artificial intelligence, aids in over 3.6 million live births annually in the US. Its Lyric Architecture enables real-time data processing, resulting in sharper imaging in 2D/3D/4D. The device also features a user-friendly touch panel display, simple controls, and a high-definition ultrasound monitor with three image sizes. Clinicians can personalize the display and controls with exterior lighting colors, trackballs, and hard and soft keys.
November 2022- Canon Inc. developed the first domestically produced photon-counting CT (PCCT) system, incorporating Redlen Technologies Inc.'s advanced technologies. The system, installed at the National Cancer Center Japan Exploratory Oncology Research & Clinical Trial Center, is used for research exploring the clinical applications of PCCT. The system features an advanced modular photon-counting detector based on the latest crystal production/processing technologies developed by Redlen Technologies Inc., which allows for increased size while reducing manufacturing and service costs.
Market Segmentation:
By TechnologyX-Ray Angiography
Computed Tomography Angiography
Magnetic Resonance Angiography
By ProcedureCoronary
Endovascular
Neurovascular
By ApplicationDiagnostic
Therapeutic
By End-UserHospitals and Clinics
Research Institutes
Diagnostic Centers
By GeographyNorth America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
UK
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Others