GLOBAL VASCULAR IMAGING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global vascular imaging market size is expected to reach US$ 9.85 Bn by 2030, from US$ 6.34 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 6.5% during the forecast period.

Vascular imaging refers to different diagnostic imaging techniques that are used to visualize the interior surface of blood vessels and detect abnormalities. The main products utilized in vascular imaging include ultrasound, x-ray imaging, CT and MRI scans.

Global Vascular Imaging Market- Regional Insights

• North America is expected to be the largest market for vascular imaging during the forecast period, accounting for over 35.7% of the market share in 2023. North America has established itself as the dominant regional market for vascular imaging due to increasing organic strategies by the market player.
• Asia Pacific market is expected to be the second-largest market for vascular imaging market, accounting for over 25.2% of the market share in 2023. The Asia Pacific region has emerged as the fastest expanding vascular imaging market globally. Countries like China, India, Japan, and South Korea have growing healthcare needs of their large and rapidly developing populations.
• Europe market is expected to be the fastest-growing market for vascular imaging market, with a share of 19% during the forecast period. The growth of the market in Europe is due to the increasing prevalence of coronary artery disease in the region.

Figure 1. Global Vascular Imaging Market Share (%), By Region, 2023

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Analyst View: The factor driving the growth of the vascular imaging market includes rising prevalence of cardiovascular diseases and increasing aging population which is more susceptible to cardiovascular disease and increasing technological advancements in the vascular imaging are the factors expected to propel the market growth over the forecast period.

Global Vascular Imaging Market- Drivers

• Increasing prevalence of cardiovascular diseases: Increasing cardiovascular diseases globally is expected to aid in the market growth over the forecast period. For instance, according to the data published by the Center for Disease Control and Prevention (CDC) on June 11, 2021, cardiovascular diseases (CVDs) are the leading cause of death globally, an estimated 17.9 million people died from CVDs in 2019, representing 32% of all global deaths. Out of these deaths, 85% were due to heart attack and stroke.
• Increasing geriatric population: Increasing geriatric population globally will drive the market growth over the forecast period. For instance, according to the data published by the World health Organization (WHO) on October 1, 2022, in 2050, 80% of older people will be living in low and middle-income countries. Moreover, in 2020, the number of people aged 60 years and older outnumbered children younger than 5 years.

Global Vascular Imaging Market- Opportunities

• New product launches: Increasing new product launches by the market players will aid in the market growth over the forecast period. For instance, on July 13, 2022, Canon Medical, a medical equipment company unveiled the Vantage Fortian at ECR 2022.

Global Vascular Imaging Market- Trends

• Adoption of hybrid imaging modalities: Adoption of hybrid imaging modalities is having a significant impact on the global vascular imaging market. Hybrid imaging involves combining two or more modalities, such as computed tomography (CT) / magnetic resonance imaging (MRI) with ultrasound or PET. This integration provides better anatomical and physiological detail, thereby enabling more accurate diagnosis and treatment planning as compared to standalone modalities.

Global Vascular Imaging Market - Restraints

• Dearth of skilled professionals: The shortage of skilled and experienced radiologists and technicians has been a major challenge in restricting the growth potential of the global vascular imaging market. Vascular imaging such as MRI angiography and CT angiography, Doppler ultrasound and catheter angiography is highly dependent on the expertise of medical professionals in interpreting complex images and administering invasive procedures. However, there has been a growing gap between the demand and supply of such specialized healthcare workers globally.

Counterbalance: To counterbalance this restraint, the key market players should focus in providing efficient and skilled professional radiologists who are capable of performing complex invasive procedures.

Figure 2. Global Vascular Imaging Market Share (%), By Product Type, 2023

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Global Vascular Imaging Market- Recent Developments

Product and Technology Launch

• On December 1, 2023, GE Healthcare, a company which offers across diagnostics, therapeutics and monitoring through intelligent devices, launched artificial intelligence (AI)-enabled MRI system at Radiological Society of America Scientific Sessions and Annual Meeting, RSNA 2023
• On November 26, 2023, Royal Philips, a health technology company, showcased the world’s first mobile MRI system with helium-free operations at RSNA23

Business Development Activities by the Market Players

• On January 26, 2023, Imricor Medical Systems, a developer of MRI-compatible medical devices, signed a Memorandum of Understanding (MOU) with medical technology company GE HealthCare, a medical device company.

Top Companies in Global Vascular Imaging Market

• Royal Philips
• GE Healthcare
• Siemens Healthineers
• Canon Medical Systems
• Hitachi Medical
• Samsung Medison
• Teleflex Incorporated
• Braun
• Others

Definition: Vascular imaging refers to different diagnostic imaging techniques that are used to visualize the interior surface of blood vessels and detect abnormalities. The main products utilized in vascular imaging include ultrasound, x-ray imaging, CT and MRI scans.