Angiography Equipment Market - Forecasts from 2022 to 2027
The angiography equipment market is evaluated at US$12.513 billion for the year 2020 and is projected to grow at a CAGR of 7.92% to reach the market size of US$21.334 billion by the year 2027.
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 growth of the angiography equipment market during the forecast period. The rise in the geriatric population and an increase in the growing number of obese people around the world are leading to a surge in diseases that require angiography. Furthermore, favourable 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 towards 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 a major factor likely to hamper the growth of the global market.
The recent outbreak of the novel coronavirus disease has a negative impact on the angiography equipment market. The pandemic shifted the major focus of the healthcare system towards COVID-19, and as part of the COVID-19 restrictions, a large number of procedures and surgeries had to be cancelled in many parts of the world, which led to a decline in the angiography equipment market in 2020. However, as the restrictions are being eased in most parts of the world, the market is anticipated to recover and continue at its normal pace from the year 2022 onwards.
The increasing prevalence of cardiovascular diseases
The world is witnessing 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 the 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 organisation 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.
Increase in innovation
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 the 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, which has allowed it to be launched in the U.S. market. Furthermore, GE Healthcare has introduced the Allia IGS 7 angiography system at the Radiological Society of North America (RSNA) 2020 virtual meeting. The system makes use of artificial intelligence and allows better use of rotational angiography. Several other innovative products are being launched by various companies, leading to improvements in the angiography process and are anticipated to spur the growth of angiography equipment during the forecast period.
North America held a significant market share.
Geographically, 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. Also, the presence of an advanced healthcare system allows a larger adoption of new and advanced angiography equipment. The Asia Pacific 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.
Computed Tomography Angiography
Magnetic Resonance Angiography
Hospitals and Clinics
Middle East and Africa