The angiography equipment market is projected to reach USD 13.06 Billion by 2023 from USD 10.26 Billion in 2018, at a CAGR of 5.0%. 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.
[USPRwire, Mon Sep 03 2018] Angiography Equipment Market segmented based by product, by procedure & by end user
By product, the angiography equipment market is segmented into angiography systems, catheters, guidewires, balloons, contrast media, vascular closure devices, and accessories. The angiography catheters segment is expected to grow at the highest CAGR during the forecast period. By type of procedure, the neuroangiography segment is expected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing number of patients suffering from neurovascular diseases and the growing aging population. Based on end users, the hospitals and clinics segment is expected to register the highest CAGR of during the forecast period. The growth of this market segment is 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.
The Latin American region is expected to register the highest growth rate in the global angiography equipment market during the forecast period. The high CAGR of this region in this market is attributed to the rising incidence of cardiovascular disorders in this region, the rapidly increasing geriatric population in Latin American countries (particularly in Brazil and Mexico), and supportive government regulations are expected to drive the market for angiography devices in this region during the forecast period. Moreover, emerging markets have a high potential for growth in the angiography equipment market mainly due to the rising medical tourism, rising government investments and reforms to modernize healthcare infrastructure, and growing purchasing power of consumers.
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Growth strategies by market players:
Siemens Healthineers held the leading position in the global angiography systems market in 2017. The company has a diversified product portfolio, which includes a wide range of angiography systems such as Artis One, Artis zee, Artis Q, and Artis Q.Zen. The company’s leading position in this market can be attributed to its strong manufacturing and distribution footprint across the globe, which enables it to serve customers in Europe, North America, Latin America, Asia, the Middle East, and Africa. The company focuses on expanding its product portfolio by launching new products in the angiography systems market.
Philips held the second largest share of the global angiography systems market in 2017. The leading position of the company can be attributed to its strong distribution network, which enabled the sales of its angiography equipment in healthcare facilities across the globe. It operates in all the key markets such as the Americas, Europe, the Middle East, and Asia Pacific. Moreover, the company offers a comprehensive range of interventional X-ray systems including NeuroSuite interventional X-ray systems and a series of Allura Xper systems. The company has adopted many inorganic growth strategies, such as agreements, collaborations, acquisitions, and partnerships as its key business strategies to ensure growth in the global angiography systems market. For instance, in August 2017, Philips and HeartFlow Inc. (US) signed an agreement to offer advanced tools for interventional cardiologists to treat patients with coronary artery disease (CAD).
GE Healthcare accounted for the third largest share of the angiography systems market in 2017. The company has a strong and robust product portfolio including interventional image-guided systems, such as IGS for Interventional Cardiology, IGS for HYBRID OR, IGS for Neurointerventional, and Interventional X-ray for Cardiology. It mainly focuses on launching technologically advanced products to cater to market requirements and enhance its existing offerings and market share. For instance, in March 2017, GE Healthcare launched CardioGraphe, an advanced CT system for cardiovascular interventions. Similarly, in August 2016, GE Healthcare together with Getinge Group launched new angiography integrated solutions for surgery, interventional, and hybrid operating room (OR) in the US.
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