The growth in this market is attributed to the high prevalence of diseases such as cancer and CVDs, increasing product approvals for advanced angiography techniques in the market, a large number of ongoing research activities, growing government and public-private investments, an increasing number of awareness programs, and rising adoption of angiography devices due to a large number of angiography procedures performed across the globe.
[209 Pages Report] The angiography equipment market was valued at USD 9.77 Billion in 2017 and is projected to reach USD 13.06 Billion by 2023, at a CAGR of 5.0% during the forecast period.
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Drivers
Growing demand for interventional angiography systems in minimally invasive surgeries
Minimally invasive surgeries are more cost-effective and rapid as compared to conventional surgery. These surgical procedures increase the patient’s safety, decrease scarring, ensure faster recovery, and decrease the length of hospital stay. A news article published on March 25, 2015, in JAMA (Journal of the American Medical Association) stated that research conducted by investigators at Johns Hopkins Medicine, a division of Johns Hopkins University (US), showed that American hospitals could collectively save between USD 280 million and USD 340 million a year by performing MIS procedures instead of traditional surgeries.
Angiography is preferred in minimally invasive procedures as angiograms generated at the diagnosis phase present a detailed, clear, and accurate picture of the blood vessels in a patient’s heart, eliminating the need for cost-intensive invasive surgeries. Owing to this, medical professionals are increasingly adopting minimally invasive surgical procedures over conventional open procedures due to the clinical advantages and cost benefits offered by the former. This, in turn, is positively impacting the growth of the angiography devices market.
Restraints
Risk of radiation exposure
The risk of radiation exposure and damage to the skin, eyes, and DNA, as well as the possibility of cancer, forms a key factor restraining the growth of this market.
As reported by the Robert Sauvé Research Institute in Occupational Health and Safety (Institut de Recherche Robert-Sauvé en santé et en sécurité du travail) (IRSST) (Canada), in 2017, 3–10% of all new cancer cases are related to workplace exposure, accounting for nearly 1,500 to 4,900 new cases of occupational cancer in Québec, Canada. Estimates from the National Council on Radiation Protection and Measurements in the US showed that radiation exposure from medical sources had grown from 15% in the early 1980s to 50% in 2016 in the US.
CT imaging is the biggest contributor to medical radiation exposure in the US. According to the National Cancer Institute, in 2016, CT scans accounted for around 24% of diagnostic radiological procedures in large US hospitals. According to a study published in April 2016 in the journal ‘Circulation: Cardiovascular Interventions,’ doctors and staff working in cardiac catheterization laboratories have a threefold risk of cancer and a sevenfold risk of orthopedic problems. As per the study, the annual exposure to radiation for an interventional cardiologist and electrophysiologist working in catheterization laboratories is nearly 5 mSv. In a 30-year career, this figure adds up to significant exposure of 50 mSv to 200 mSv—or the equivalent of 2,500 to 10,000 chest X-rays.
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Key Market Players
The global angiography equipment industry is fragmented and highly competitive, it consists of several large to medium-sized companies that compete with each other for increasing their foothold in different segments of the market. The top five players operating in this market include GE Healthcare (US), Koninklijke Philips N.V. (Netherlands), Siemens Healthineers (Germany), Canon Corporation (Japan), Boston Scientific Corporation (US), and Cordis (a Cardinal Health Company, US). Other players in this market include Shimadzu Corporation (Japan), Medtronic (Ireland), Angiodynamics (US), B. Braun Melsungen (Germany), and Abbott Laboratories (US). The market has number of large and medium players operating at both global and regional levels as well. The leading players are continuously developing advanced systems and devices to maintain their shares in the market.
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