(PharmaNewsWire.Com, September 09, 2021 ) According to a new market research report, published by MarketsandMarkets™, the market is projected to reach USD 13.06 Billion by 2023 from USD 10.26 Billion in 2018, at a CAGR of 5.0%.
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Market growth can largely be attributed to factors such as technological advancements in angiography devices, the increasing number of patients with cardiovascular diseases & other chronic disorders, and the growing number of angiography procedures performed across the globe.
Angiography systems dominated the market in 2017
On the basis of products, the market is segmented into angiography systems, angiography catheters, angiography guidewires, angiography balloons, angiography contrast media, vascular closure devices (VCDs), and angiography accessories. In 2017, the angiography systems segment accounted for the largest share of the market. This can be attributed to the rising prevalence of coronary artery disease, increasing cases of blockages in blood vessels in non-coronary diseases, and technological advancements in angiography devices.
X-ray angiography held the largest share of the angiography systems market in 2017
By technology, the angiography systems market is segmented into X-ray angiography, CT angiography, MR angiography, and other angiography technologies (includes OCT angiography (OCT-A) and fluorescein angiography). In 2017, the X-ray angiography segment accounted for the largest share of the global angiography systems market. The growing preference for minimally invasive surgical procedures is the major factor responsible for the growth in the number of diagnostic and interventional X-ray angiography procedures.
By end user, the hospitals and clinics segment are expected to register the highest CAGR during the forecast period
Based on end user, the global Angiography Equipment Market is segmented into hospitals & clinics, diagnostic & imaging centers, and research institutes. In 2017, the hospitals & clinics segment accounted for the largest share of the angiography devices market. This share can be attributed to the large number of patient pool diagnosed and treated at hospitals, the high purchasing capacity of hospitals for advanced technologies, rising number of diagnostic and therapeutic angiographic procedures, and growing awareness on timely disease diagnosis.
In 2017, Europe dominated the global Angiography Equipment Market. The large share of the European region can be attributed to factors such as the high prevalence of diseases such as cancer and CVD, the faster and easier product approval process in the region, the large number of ongoing research activities, growing government and public-private investments, increasing number of awareness programs, and rising adoption of angiography devices due to a large number of angiography procedures performed in European countries.
The key players in the Angiography Equipment Market are GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Canon Corporation (Japan), Boston Scientific Corporation (US), Cordis (a Cardinal Health Company, US), Shimadzu Corporation (Japan), Medtronic (Ireland), Angiodynamics (US), B. Braun Melsungen (Germany), and Abbott Laboratories (US).
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