Global angiography devices market is expected to show significant growth over the forecast period majorly due to sophisticated healthcare infrastructure and technological advancement. Increasing demand for innovative technology such as MRA & CT, digital flat panel detectors devices are expected to drive the angiography device market over the forecast period. Additionally, growing geriatric population, prevalence of cardiovascular diseases, shifting of preferences from conventional X-ray angiography towards magnetic resonance imaging and awareness about the benefits associated with early diagnosis and treatment are the important factors contributing to the growth of this market. This shifting of preference is observed primarily due to the benefits attached such as reduced risk of radiation exposure facilitated due to non invasive methods using radio waves and magnetic field, is expected to boost the market demand for angiography devices. Moreover, rising investments by medical imaging device manufacturers, availability of technologically advanced products with efficient results and supportive government policies are expected to further propel the growth of angiography device market. Technological innovations such as three dimensional digital angiography, enhanced cardiac CT angiography (CTA) is alternative to invasive coronary angiography used for evaluating coronary artery anomalies and coronary artery disease thereby promoting angiography devices usage.
Angiography device market is segmented on the basis of technology, product, application, procedure, indication and end user. Technology market segmentation is further segmented in to computed tomography (CT), magnetic resonance angiography (MRA) and X-ray angiography (image intensifier and flat panel detector). X-ray detectors was the largest market in 2014, due to wide applicability in various segments such as dental, medical, security, veterinary and industrial. MRA & CT market technologies are expected to grow over the forecast period due to shifting preferences from X-ray angiography. Product segmentation includes angiography systems, guide wires, catheters, balloons, vascular closure devices, contrast media and accessories. On the basis of its application angiography devices are used in diagnostics and therapeutics. Angiography devices used in procedures such as micro-angiography, coronary angiography, peripheral angiography, neuro-vascular angiography, post mortem CT angiography and other procedures (RF procedures & radio frequency tumor ablation studies). On the basis of indications angiography devices are used in treatment of vascular heart diseases, congenital heart failure and congenital heart diseases. Angiography device market is segmented on basis of end users into diagnostic centers, academic research laboratories and hospitals.
Geographic segmentation includes regions such as North America, Europe, Latin America, Middle East Asia and Asia Pacific. North America was the largest market in 2014. Europe follows North America owing to the presence of well established healthcare infrastructure. Trend such as changing old technologies with advanced one expected to boost the demand for angiography devices market in these regions. Australian government provides medical rebates for certain DI (diagnostic imaging) services. Health insurance amendment act related to diagnostic imaging and pathology services are funded by Medicare policies are expected to drive the demand in Australian market. Emerging economies like India, Brazil & China expected to boost the market of Asia Pacific region over the forecast period. Increasing volume of biotechchnology firms, rising investments by these firms and improving healthcare infrastructure are the market drivers for the growth of angiography devices market in Asia Pacific region. Leading market players are focusing on capturing the opportunities in Asia Pacific region expected to drive the market growth.
Key market players in the angiography devices market are GE healthcare, Medtronic, Shimadzu Corporation, Covidien, Cordis Corporation, Siemens, Royal Philips Electronics, St. Jude Medical, Inc., Toshiba Medical Systems, Boston Scientific Corporation and Abbott Labs. Major players in market are adopting strategies such as merger and acquisitions, partnership agreements, collaborations and new product development to gain advantage in competition such as Medtronic acquired Covidien the Ireland based company to expand business in Europe.
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