Angiography Devices Market Expected to Reach $15.9 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Angiography Devices Market," The Angiography Devices Market Size was valued at $8.8 billion in 2021, and is estimated to reach $15.9 billion by 2031, growing at a CAGR of 6% from 2022 to 2031.

Angiography is the process used for medical imaging of blood vessel of the neck, brain, heart, heart and kidneys. It is performed using contrast agents that are injected into blood stream through a thin plastic tube (catheter) placed directly in the blood vessel, called angiograms. It is used to detect abnormalities or blockages in blood vessels throughout the circulatory system, and in some organs to diagnose heart diseases, kidney functions, detect kidney cysts or tumors, aneurysm, blood clot, arteriovenous in the brain, and diagnose problems with the retina of the eye.

The rise in number of cardiovascular diseases such as heart attack, stroke, and coronary block artery, increase in advanced products, devices and technologies are the Angiography Devices Market Trends which drive the growth of market. For instance, according to a report of Centers for Disease Control and Prevention (CDC) of 2018, 30.3 million U.S. adults were diagnosed with heart disease. In addition, surge in demand for image guided treatment boost the growth of Angiography Devices Market Forecast period.

In addition, discovery and development; launch of various products; strategies among the key players such as acquisition, collaboration, and agreement drive the angiography devices market. For instance, August 2021, Abbott announced it has received U.S. Food and Drug Administration (FDA) clearance for its latest optical coherence tomography (OCT) imaging platform powered by the company's new Ultreon Software.

This innovative imaging software combines OCT with artificial intelligence (AI) to provide physicians an enhanced, comprehensive view of coronary blood flow and blockages to assist physician decision-making and provide the best pathway for treatment.

However, lack of skilled professional and poor reimbursement policies restricts the market growth during the forecast period. In addition, the high cost of angiography devices is also restraints the growth of the angiography device market. Conversely unhealthy lifestyle leading to cardiac disease and emergence of novel angiography devices in the market is anticipated to provide lucrative opportunities for the growth of the Angiography Devices Market Size in upcoming years.

On the basis of product type, the angiography systems segment accounted for the largest Angiography Devices Market Share in 2021. The dominance of this segment can be attributed to increase in use of angiography systems for diagnosis of chronic heart diseases. The angiography accessories segment is expected to witness highest CAGR during the forecast period, owing to high adoption of angiography accessories for clinical diagnostics, rise in demand of minimal invasive procedure and increase in coronary blocked artery cases

On the basis of application, the diagnostic segment was the highest Angiography Devices Market Share in 2021, and diagnostic is also expected to witness highest CAGR during the forecast period owing to increase in prevalence of heart diseases such as coronary block artery, angina, cardiac arrhythmia, heart attack, myocardial infarction, and rise in cases of heart attack across the world.

On the basis of technology, the X-Ray angiography segment was the highest revenue contributor to the Angiography Devices Industry in 2021, and X-Ray angiography is expected to witness highest CAGR during the forecast period owing to rise in the prevalence of chronic heart diseases, neurological diseases, and various other diseases, the rise in high adoption of X-Ray angiography for diagnosis of narrowing of the arteries in the brain, and blockages in blood vessel.

Asia Pacific accounted for a majority of the angiography devices market share in 2021 and is anticipated to remain dominant during the forecast period. This is attributed to rise in number of chronic heart disease cases, presence of key players and advancement in healthcare in the region. 

LAMEA is anticipated to witness lucrative growth in Angiography Devices Industry, owing to increase in medical tourism, rise in awareness regarding angiography devices, investments and reforms to modernize healthcare infrastructure, rapid growth in healthcare industry in LAMEA, support the market growth in this region.

Key findings of the study

• By product type, the angiography systems segment was the highest contributor to the market in 2021.
• By application, the diagnostic was the highest contributor to the market in 2021.
• By technology, the X-Ray angiography segment dominated the market in 2021.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.