GLOBAL ANGIOGRAPHY EQUIPMENT MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

The global angiography equipment market size is expected to reach US$ 17.66 Bn by 2030, from US$ 12.17 Bn in 2023, exhibiting a CAGR of 5.5% during the forecast period.

Angiography equipment is a medical devices that is used to visualize the inside, or lumen, of blood vessels and organs in the body. There are two main types of angiography equipment - angiography X-ray systems and angiography MRI systems. Angiography MRI systems utilize magnetic resonance imaging rather than X-rays to visualize blood vessels. MRI angiography does not use any ionizing radiation. Instead, MRI uses strong magnetic fields and radio waves to produce detailed pictures of the structure and flow of blood vessels.

Global Angiography Equipment Market- Regional Insights

• North America is expected to be the largest market for angiography equipment during the forecast period, accounting for over 35.7% of the market share in 2023. North America is currently dominating the global angiography equipment market. This region has a strong presence of many top players who are continuously investing in research and development to develop advanced angiography products. The U.S. holds the largest market share in North America due to its advanced healthcare infrastructure and high healthcare spending.
• The region is also an early adopter of new medical technologies, which helps players to test and commercialize new products rapidly. The reimbursement coverage for angiography procedures is comprehensive in the US and Canada, which improves the affordability of treatment and drives the demand for equipment. With a huge patient population suffering from cardiovascular diseases, there is a constant need for new equipment to perform various diagnostic and interventional procedures in the region.

• Asia Pacific is expected to be the second-largest market for angiography equipment, accounting for over 25.2% of the market share in 2023. Asia Pacific region is poised to be the fastest-growing market for angiography equipment globally. This growth can be attributed to increased healthcare investments by governments to expand medical infrastructure. Countries like China, India, Japan, and South Korea are making substantial investments in cutting-edge medical technologies as the need for quality healthcare rises. The patient pool suffering from diabetes and cardiovascular diseases is also rapidly expanding in Asia due to lifestyle changes and an aging population.
• Europe market is expected to be the fastest-growing market for the angiography equipment market, with a share of 19% during the forecast period. The growth of the market in Europe is attributed to the increasing prevalence of cardiovascular disease in the region.

Analyst View: The global angiography equipment market is expected to witness steady growth over the next five years, driven by a rising geriatric population and an increasing prevalence of cardiovascular diseases. The growing number of angiography procedures performed worldwide to treat conditions like coronary artery disease and stroke will drive demand for angiography equipment. Additionally, technological advancements leading to the development of newer generations of less invasive angiography systems will further support market expansion. However, the high cost of angiographic equipment and procedures may hinder broader market adoption in price-sensitive developing regions.

Figure 1. Global Angiography Equipment Market Share (%), By Region, 2023

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Global Angiography Equipment Market- Drivers

• Rising prevalence of cardiovascular diseases: The growing prevalence of cardiovascular diseases across the globe is expected to be a key driver for the angiography equipment market. Cardiovascular diseases, including coronary artery diseases, cerebrovascular diseases, and peripheral artery diseases, have been increasing at an alarming rate. These diseases have become one of the leading causes of death worldwide. With the increasing burden of cardiovascular diseases, the demand for effective diagnostic procedures and treatment options for these conditions has significantly risen. Angiography provides detailed information about the arteries and blood vessels and helps in the diagnosis and evaluation of various cardiovascular diseases. The growing disease prevalence has resulted in rising number of angiography procedures being performed globally every year. For instance, in June 2021, according to a report published by the World Health Organization, cardiovascular diseases (CVDs) were the leading cause of death globally, with an estimated 20.1 million people died from CVDs in 2020, representing 37% of all global deaths. Of these deaths, 85% were due to heart attacks and strokes.
• Increasing geriatric population: The increasing geriatric population is a significant driver for the growth of the global angiography equipment market for several reasons:
  • Higher Risk of Cardiovascular Diseases: Older adults are at a greater risk of developing cardiovascular diseases (CVDs) due to age-related changes in the heart and blood vessels. As the population ages, the incidence of CVDs rises, leading to a higher demand for diagnostic and therapeutic angiography procedures.
  • Need for Diagnostic Procedures: The elderly are more likely to need diagnostic procedures like angiograms to detect heart conditions, blockages, and other vascular diseases. This increases the utilization of angiography equipment.
  • Chronic Condition Management: An older population often means an increased prevalence of chronic conditions that require ongoing monitoring and treatment, for which angiography is a key diagnostic tool.

Thus, the rising geriatric population is a significant market driver for the angiography equipment market. For instance, in October 2021, according to the World Health Organization (WHO) Prospectus, the number of individuals over the age of 60 was 1 billion in 2020, and this is expected to significantly increase to 1.42 billion by 2050. The world's population of adults aged 60 and older would have doubled (to 2.17 billion) by 2050.

• Technological advancements in angiography equipment: The continuous technological innovations and advancements in angiography systems over the past few years have also propelled the growth of the global angiography equipment market. Vendors are focusing on developing more advanced angiography suites with new imaging modalities, improved functionalities, and customization abilities. This is helping physicians perform angiography procedures more efficiently and obtain high-quality images. For instance, newer angiography systems are integrated with flat panel detectors, 3D reconstruction capabilities, advanced image processing tools, and the ability to conduct biplane angiography.

The introduction of innovative technologies like cone beam CT, rotational angiography, and intravascular ultrasound guidance has further enhanced the applications of angiography. Mobile C-arms with improved maneuverability and compact designs are making angiography procedures possible even in limited space settings. Moreover, many vendors are coming up with user-friendly digital imaging software and physician workstations to improve workflow and reporting. Progressive innovations in the fields of contrast media, guidewires, and catheters are also supporting high quality angiography outcomes. Technological advancements are enabling early and accurate detection of abnormalities as well as real-time monitoring of interventional procedures. This is proving beneficial for improving clinical decision making and patient outcomes. As vendors continue to invest heavily in R&D, the angiography equipment market is expected to witness robust growth driven by ongoing innovations.

Global Angiography Equipment Market- Opportunities

• Growing healthcare expenditure: One of the significant factors influencing the growth rate of the global angiography equipment market is the growing healthcare expenditure, which helps in improving its infrastructure. For instance, according to the International Health Care System of the U.S., in June 2020, U.S. government organizations aim to improve the healthcare infrastructure by increasing funding, setting legislation and national strategies, and cofounding and setting basic requirements and regulations for the Medicaid program. Similarly, in November 2022, the Canadian Institute for Health Information reported that the total health spending in Canada was US$ 331 billion in 2022, or US$ 8,563 per Canadian, while health expenditure represented 12.2% of Canada's gross domestic product (GDP) in 2022, following a high of 13.8% in 2020.
• Growing awareness about benefits of early diagnosis: Growing awareness regarding the benefits of early diagnosis is a key factor propelling the global angiography equipment market's growth. Here is how increased awareness contributes to market expansion:
  • Early Detection and Treatment: Public and medical community awareness about the importance of detecting cardiovascular diseases early can result in improved outcomes. As awareness increases, more individuals seek screening for potential issues, which leads to greater usage of angiography for early diagnosis.
  • Reduction in Long-Term Healthcare Costs: Governments and healthcare systems promote early diagnosis as it can significantly reduce long-term healthcare costs by preventing the progression of diseases. This economic advantage drives investment and advancements in angiography technologies.
  • Influence of Medical Campaigns: Health campaigns and educational programs highlighting the importance of early diagnosis for heart diseases encourage people to undertake preventative testing using angiography equipment.
  • Increased Screening Programs: Healthcare systems may implement widespread cardiovascular screening programs that rely on angiography equipment, hence boosting its demand.

Global Angiography Equipment Market- Trends

• Increasing demand for minimally invasive procedures: The increasing demand for minimally invasive procedures significantly contributes to the growth of the global angiography equipment market:
  • Patient Preferences: Patients often prefer minimally invasive procedures due to the advantages of less post-operative pain, shorter hospital stays, quicker recoveries, and a reduced risk of infection compared to traditional open surgeries.
  • Technological Advancements: The development of innovative angiography equipment that allows for more precise and less invasive interventions aligns with the rising demand for minimally invasive procedures.
  • Healthcare Costs: Minimally invasive procedures can be cost-effective for healthcare systems, as they typically involve shorter hospitalization periods and lower overall treatment costs.
  • Expansion of Applications: Angiography has broadened its scope beyond diagnosis to include therapeutic interventions, such as angioplasty, stenting, and treating aneurysms, which are less invasive than conventional surgeries.

Thus, the increasing number of minimally invasive surgeries globally is a significant factor propelling the growth of the market over the forecast period.

For instance, according to an article published by the Journal of Global Health in December 2022, there is a large unmet need for surgical intervention in South and Southeast Asia, with 5,627 cases per 100,000 population, second only to Africa. An estimated 3.72 billion people are at risk of catastrophic health expenditures (CHEs) as a result of surgery, with sub-Saharan Africa and Southeast Asia being disproportionately affected.

Similarly, according to a report published in the National Center for Biotechnology Information, the total number of minimally invasive neurosurgery procedures performed in the U.S. was approximately 52,949 in 2022.

• Adoption of flat panel detector technology based angiography systems: The adoption of flat panel detector (FPD) technology in angiography systems is a significant factor driving growth in the global angiography equipment market for several reasons:
  • Improved Image Quality: FPD technology offers superior image quality compared to traditional image intensifier systems. This results in better visualization of blood vessels and more accurate diagnosis and treatment planning.
  • Lower Radiation Doses: Flat panel detectors are more sensitive and efficient in capturing images, which means they require lower doses of radiation, increasing patient safety.
  • Dynamic Imaging Capabilities: FPD-based angiography systems allow for live, real-time imaging, which is crucial during interventional procedures, thus enhancing the procedural success rates.
  • Versatility and Efficiency: FPDs have made angiography systems more versatile, accommodating a range of procedures. This versatility, combined with faster image acquisition and processing, improves overall workflow efficiency in medical facilities.

Global Angiography Equipment Market - Restraints

• High cost of angiography equipment: The high cost of angiography equipment can impede the growth of the global angiography equipment market in the following ways:
  • Capital Expenditure Challenge: Hospitals and clinics face significant capital expenditure when acquiring high-cost angiography equipment, which may lead to budget constraints and the postponement of purchasing decisions.
  • Limited Accessibility: High costs can restrict the procurement of angiography equipment in resource-limited settings or in developing countries, leading to disparities in access to advanced diagnostic imaging.
  • Impact on Procedure Costs: The expensive nature of these systems could result in higher charges for angiographic procedures, potentially affecting their adoption rate if patients and insurance providers are unwilling or unable to cover the costs.
  • Reduced Investment in Emerging Markets: Emerging markets with developing healthcare infrastructure might face hurdles in investing in state-of-the-art angiography equipment due to cost considerations, limiting market penetration.
• Risk of radiation exposure: The risk of radiation exposure associated with angiography equipment presents a challenge to the growth of the global angiography equipment market through several mechanisms:
  • Safety Concerns: Awareness of the potential harm from radiation exposure can lead to apprehension among patients and healthcare providers when considering angiography procedures, potentially decreasing demand
  • Regulatory Scrutiny: Strict regulations regarding radiation safety may lead to more rigorous approval processes for new angiography equipment, possibly delaying product launches and adoption
  • Increased Costs: The need for additional safety measures, such as lead shielding and enhanced monitoring devices, adds to the operational costs of using angiography equipment
  • Preference for Non-Radiation Alternatives: Concerns over radiation may shift preference towards non-ionizing imaging modalities such as MRI or ultrasound, which do not carry the same risk of radiation

Figure 2. Global Angiography Equipment Market Share (%), By Product Type, 2023

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Global Angiography Equipment Market- Recent Developments

Product Launch

• On August 7, 2023, Canon Medical, a medical device company, announced the launch of its Alphenix/Evolve Edition angiography system for commercial sale in the European market. The system utilizes deep learning technology in real-time, and is designed to enhance imaging while enabling reduced time and radiation dose during routine and complex percutaneous coronary intervention (PCI) and structural heart disease procedures.
• In June 2022, Shimadzu Corporation, a global medical device company, announced the launch of angiography system Artis icono ceiling for precise tumor embolization.
• In June 2022, Shimadzu Corporation announced that it will commence worldwide sales of its flagship, newest version of its Trinias angiography system. Furthermore, Shimadzu Medical Systems USA, a subsidiary of Shimadzu Corporation, launched innovative new technology solutions in angiography at the SIR 2022 conference on June 12, 2022.

Business Development Activities by the Market Players

• On October 25, 2023, Boston Scientific Corporation, a medical technology company, announced positive 12-month results from the pivotal AGENT IDE clinical trial of the AGENT Drug-Coated Balloon (DCB). Primary endpoint findings from this first clinical trial in the U.S. to evaluate the safety and effectiveness of using a DCB to treat coronary in-stent restenosis (ISR) were presented in a late-breaking clinical trial session at Transcatheter Cardiovascular Therapeutics (TCT), the annual scientific symposium of the Cardiovascular Research Foundation.
• On May 3, 2023, GE HealthCare, a medical device company, seized a coveted accolade at the MedTech Breakthrough Awards in their seventh iteration. The VolusonTM Expert 22 ultrasound system earned top honors as the Best New Ultrasound Technology Solution, distinguishing itself within the teeming milieu of medical and health technology progress. The MedTech Breakthrough Awards annually applaud the entities and innovations pushing the boundaries in the healthcare tech sphere.

Top companies in Global Angiography Equipment Market

• 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.
• Applied Medical Resources Corp

Definition: Angiography, also known as angiography X-ray machines, use X-ray imaging to produce high-quality images of blood vessels. X-rays pass through the body and are captured on the other side to create cross-sectional pictures of the anatomy being studied. Different kinds of angiography X-ray systems include fixed angiography systems used in operating or procedure rooms and mobile C-arm angiography systems used at the patient’s bedside. The advantage of angiography X-ray systems is their widespread availability and ability to produce high-resolution images in real time. However, a disadvantage is exposure to ionizing radiation, which can potentially increase cancer risks with higher or repeated doses.