Vascular Imaging Market By Technology (CT, MRI, X-Ray, Ultrasound, Nuclear Imaging), Procedure (Coronary Angiography, Peripheral, Cerebral Angiography), Application (Diagnostic, Therapeutic), End User (Hospital, Diagnostic Center) And By Region - Global Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2016 To 2021)
According to the Global Vascular Imaging Market Research Report, the market is anticipated to grow at a 6.5% CAGR from 2016 to 2021 and it is estimated that the global market was valued at USD 4.35 billion in 2016 and is expected to reach USD 5.96 billion by 2021.
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Vascular imaging tests are used to assess how the blood flows through the veins and vesicles for the diagnosis of the disease. With the use of vascular imaging tests, surgeons can gather information required for performing surgical procedures.
Vascular imaging trials are performed by using techniques like ultrasound, CT (computed tomography), magnetic resonance imaging (MRI) and others which provide detailed images of how the blood flows through the body and aids surgeons to examine blockages in the veins, weakening of the arterial walls, detect blood clots, evaluate the graft surgeries, analyzing the severity of varicose veins, plaque buildup that causes narrowing of the arteries.
Vascular imaging techniques are extensively used for performing procedures like angiography with ease.
The demand for vascular imaging systems is projected to witness high growth over the forecast period owing to growing number of patients suffering from cardiovascular diseases (CVD). According to the World Health Organization (WHO), cardiovascular diseases are the number one cause of death globally.
Rise in the number of cardiovascular diseases is anticipated to propel the demand for vascular imaging systems required for the diagnosis of the CVDs. Introduction of new vascular imaging systems and an increase in the adoption of minimally invasive surgeries is anticipated to boost the demand for vascular imaging systems over the coming years.
Moreover, technological advancements in imaging systems like the introduction of 3D imaging over 2D imaging is projected to boost the adoption rate of vascular imaging systems. Angiography is frequently performed in old people, increasing global geriatric population is also expected to raise the demand for vascular imaging systems.
However, the high price of the systems and lack of expertise to handle imaging equipment and pricing pressure on the manufacturers due to fierce competition among market participants may hamper the growth of the vascular imaging systems market. Moreover, because of a large number of hospital network operating under one organization, these networks can leverage the price of the medical devices with the manufacturers of vascular imaging systems and in turn reduce their profitability margins.
The global market for Vascular Imaging market is segmented into Procedure, Technology, Application and End User. On the basis of procedure, it is segmented into Coronary Angiography, Peripheral, Cerebral and Angiography.
Coronary angiography segment is anticipated to account for the largest share of the market. Increase in the prevalence of CVDs and increase in geriatric population are major factors driving the growth this market segment.
On the basis of Technology, it is segmented into CT, MRI, X-Ray, Ultrasound, and Nuclear Imaging. The MRI segment is expected to dominate this market segment.
The increase in the use of MRI in vascular imaging is mainly due to its minimally invasive nature and high efficacy and increasing prevalence of cardiovascular diseases are the key factors driving the growth of this segment. On the basis of Application, it is segmented into Diagnostic and Therapeutic.
On the basis of End User, it is segmented into Hospital and Clinical Laboratory. Hospitals are the largest end users of vascular imaging systems.
It is also projected to register the highest growth. This can be credited to technological development, increase in the healthcare expenditure, and increase in usage of imaging systems in hospitals and hybrid ORs.
On the basis of geography, the market is analyzed under various regions namely North America, Europe, Asia-Pacific and Middle East and Africa. North America is expected to hold the major share of the market.
High capital investment among end users like multi – specialty hospitals in the U.S. is expected to boost demand for vascular imaging systems in the North America region.
Europe is expected to be the second most lucrative market in the vascular imaging systems market owing to high investment in the healthcare industry. Asia – Pacific excluding Japan market is expected to witness high revenue growth over the forecast period owing to growing geriatric population and increasing awareness about the new technologies in the vascular imaging systems.
The key players in the vascular imaging market are Siemens Healthineers, GE Healthcare, Toshiba Medical Systems Corporation, Hitachi Medical Corporation, Samsung Medison, Shimadzu Corp., St. Jude Medical Inc., TERUMO Corporation, Koninklijke Philips N.V., Fujifilm SonoSite, Hologic Inc., Esaote SpA, Carestream Health Inc., Konica Minolta, Alpinion Medical Systems, Pie Medical Imaging, CorVascular Diagnostics LLC, Evena Medical Inc., LumedX Healthcare Technologies, Xograph Healthcare, Mindray Medical International Ltd., Novadaq Technologies Inc., Omega Medical Imaging LLC., BK Ultrasound, and Piur imaging GmbH.
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