Angiography equipment are medical imaging devices that are used to visualize the inside, or lumen, of blood vessels and organs of the body, with particular interest in the arteries, veins and heart chambers. Some common angiography procedures include cardiac angiography to visualize the coronary arteries, and angiography of the arteries in the neck and brain. Angiography provides invaluable information to physicians for diagnosis and treatment planning without the need for incisions. With advantages such as reduced post-procedure recovery time, pain and scarring compared to open surgeries, demand for angiography procedures has been on the rise globally.
The Global Angiography Equipment Market is estimated to be valued at US$ 12.17 BN in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Angiography Equipment Market are B. Braun Melsungen AG, Koninklijke Philips N.V., GE Healthcare, Cardinal Health, Siemens Healthcare Gmbh, Shimadzu Corporation, Medtronic plc, Boston Scientific Corporation, ANGIODYNAMICS, Abbot, Microport Scientific Corporation, Terumo Corporation, CURATIA MEDICAL INC., Cook Medical, Merit Medical Systems, Inc. and Applied Medical Resources Corp. Rapid advancements in digital imaging technologies by these players have expanded the applications of angiography.
Growing populations suffering from cardiovascular and neurovascular diseases are fueling the demand for angiographic procedures. Moreover, rising geriatric populations prone to age-related diseases also contributes to market growth. The availability of patient-friendly and affordable equipment by market leaders is also facilitating increased adoption rates.
The angiography equipment market is witnessing impressive growth in developing regions due to increasing healthcare investments and expenditure capabilities. Vendors are expanding to untapped emerging markets in Asia Pacific, Latin America, and Middle East & Africa recognizing future growth opportunities in these regions. Advanced healthcare infrastructure and rapidly growing medical tourism industries further support market expansion in developing countries.
Market Key Trends
One of the key trends in the global angiography equipment market is the advent of Flat Panel Detector (FPD) angiography systems. FPD technology provides higher imaging quality compared to image intensifiers used in older systems. Images have less distortion and artifacts, enhancing visibility of vessels. This facilitates improved precision during minimally invasive procedures. FPDs also offer reduced radiation dose and faster imaging which translates to improved patient safety and workflow efficiency. Leading vendors have widely adopted FPD technologies to gain competitive edge. With continuous technological upgrades, the penetration of advanced flat panel imaging solutions in angiography equipment is expected to increase significantly over the forecast period.
Porter’s Analysis
Threat of new entrants: Low startup costs and regulations pose a low threat.
Bargaining power of buyers: Individual patients have low bargaining power but large healthcare organizations enjoy some power.
Bargaining power of suppliers: The presence of many device component suppliers limits suppliers’ bargaining power.
Threat of new substitutes: No major substitute technology currently exists toangiography imaging modalities.
Competitive rivalry: High as major players compete on innovative product development and pricing.
North America is currently the largest geographical market for angiography equipment owing to factors such as rising geriatric population, increasing prevalence of cardiovascular diseases, and growing adoption of minimally invasive procedures in the region. The presence of major players as well as financial capabilities of the healthcare systems in the US and Canada have further supported market growth over the years.
Asia Pacific is poised to showcase the highest growth during the forecast period owing to rising healthcare expenditures, growing awareness regarding early disease diagnosis, and increasing focus of international players on expanding presence in countries such as China, India, Japan, and South Korea. Rapidly developing healthcare infrastructures across Asia coupled with growing patient pools have created a highly conducive environment for the angiography equipment market in the region. Additionally, growing medical tourism industry has attracted patients from Western countries to Asia for affordable procedures.
