Rising prevalence of vascular disorders and increasing preference for minimally invasive diagnostic procedures are some key factors driving market revenue growth
Rising prevalence of vascular disorders and increasing preference for minimally invasive diagnostic procedures are some key factors driving market revenue growth
The global vascular imaging market size is expected to reach USD 12.85 Billion in 2028 and register a revenue CAGR of 6.9% over the forecast period, according to the latest report by Reports and Data. Rising prevalence of vascular disorders and increasing preference for minimally invasive diagnostic procedures are some key factors expected to drive market revenue growth over the forecast period. In addition, use of advanced imaging equipment in hybrid operating rooms is also expected to contribute significantly to revenue growth of the market going ahead.
A hybrid room combines the features of an interventional room and traditional vascular and cardiac surgery operating theatre. In recent years, hybrid operation rooms are increasingly preferred as these facilities enables to carry out increasingly complex, minimally invasive, faster and more precise diagnostic procedures associated with cardiovascular surgery such as the treatment of an aneurysm or aortic dissection. The hybrid room implements state-of-the-art equipment to facilitate treatment of these diseases in a percutaneous manner and also facilitates introduction of customized prostheses adapted to each patient’s anatomy. This is expected to drive revenue growth of the market.
Steady shift in preference from conventional invasive surgery to minimally invasive diagnostic procedures is expected to continue to drive revenue growth of the market. Rising preference for less invasive surgical and transcatheter procedure to treat various cardiovascular conditions such as aortic disease, coronary and valvular diseases is driving adoption of computed tomography, Doppler ultrasound, magnetic resonance imaging, nuclear imaging among others. Image-guided therapy with combination of modern intraoperative imaging modalities has further facilitated real-time visualization of normal tissue and pathological entities. This has significantly improved efficiency, safety, and clinical outcomes, which in turn is expected to continue to drive revenue growth of the market.
Rising preference for mobile vascular imaging systems over traditional stand-alone imaging systems due to its mobility and portability features along with less infrastructure requirement is facilitating further developments in such technologically advanced systems and also facilitating steady adoption of mobile imaging system such as c-arms and o-arms in hospitals, clinics, and diagnostic imaging centers. However, high cost associated with vascular imaging instruments and equipment is expected to restrain market growth to a certain extent over the forecast period.
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According to the latest report by Reports and Data, the global vascular imaging market size was USD 7.52 Billion in 2020 and is expected to reach USD 12.85 Billion in 2028 and register a revenue CAGR of 6.9% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities
Vascular imaging is used for diagnosing and performing medical procedures by utilizing various imaging technologies. It is a technique for imaging vascular tissues in order to identify several cardiovascular disorders. Ultrasound is typically used to determine blood flow, blood pressure, circulation, and oxygen levels in the blood in the veins and arteries. Increasing demand for non-invasive procedures, technological advancements in vascular imaging systems and increasing prevalence of cardiovascular disease are major factors expected to boost market revenue growth over the forecast period.
Cardiovascular diseases include coronary heart disease, strokes and transient ischaemic attack (TIAs), peripheral arterial disease which surge demand for vascular imaging in the market. According to recent report by World Health Organization (WHO), 85% of all cardiovascular diseases deaths are due to strokes and heart attacks. Increasing government budget allocation on widespread availability of healthcare facilities and rising private investments on R&D activities for improving vascular imaging parameters such as field-of-view, conspicuity, spatial resolution, and signal-to-noise ratio are factors expected to boost market revenue growth. However, lack of skilled healthcare professionals, high cost of vascular imaging instruments, and high maintenance costs of imaging systems are factors expected to restrain vascular imaging market revenue growth during the forecast period.
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COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Magnetic Resonance Imaging Angiography Segment to Lead in Terms of Revenue Share:
Magnetic resonance imaging angiography segment is expected to account for largest revenue share in the global market over the forecast period. Magnetic resonance angiography (MRA) is a magnetic resonance imaging (MRI) exam of the blood vessels. A high magnetic field, computer and radio waves are used in MRA to evaluate blood vessels and help identify abnormalities. MRA is less costly as compared to catheter angiography and can provide high-quality images.
Hospitals Segment to Register Significant Revenue Growth:
Hospitals segment is expected to register significant revenue growth over the forecast period attributable to increasing government and global healthcare organization’s support for the installation of technologically advanced diagnostic equipment to simplify workflow, improve patient satisfaction, and reduce costs. Further, availability of a numerous diagnostic imaging equipment such as magnetic resonance imaging (MRI), ultrasound, and computed tomography drive revenue growth of this segment.
North America to Register Robust Revenue Growth:
North America is expected to register robust revenue growth over the forecast period attributable to growing awareness regarding benefits of early diagnosis, implementation of technologically advanced vascular imaging systems, increasing number of research activities, presence of well-established healthcare and rising demand for wearable technologies in the region.
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Asia Pacific Accounted for Largest Revenue Share in 2020:
Asia Pacific is expected to account for largest revenue share in the global market in 2020 over the forecast period attributable to increasing sedentary lifestyle, rapid adoption of advanced diagnostic imaging systems, and rising preference towards minimally invasive surgical techniques. Further, rising healthcare expenditure and increasing growth of targeted population, especially in emerging economies including China, drive revenue growth of the APAC market.
Major Companies in the Market Include:
- Siemens Healthineers AG
- GE Healthcare Inc.
- Carestream Health Inc.
- Koninklijke Philips NV
- Samsung Medison Co. Ltd.
- Toshiba Medical Systems Corporation
- Mindray Medical International Ltd.
- Shimadzu Corporation
- Evena Medical Inc.
- Omega Medical Imaging LLC.
Market Segmentation:
For the purpose of this report, Reports and Data has segmented global vascular imaging market based on procedure, technology, application, end-use, and region:
Procedure Outlook (Revenue, USD Billion; 2018-2028)
- Coronary Angiography
- Peripheral Angiography
- Neurovascular Angiography
- Vascular Ultrasound Procedures
- Others
Technology Outlook (Revenue, USD Billion; 2018-2028)
- Magnetic Resonance Imaging Angiography
- Computed Tomography Angiography
- Ultrasound
- X-Ray
- Nuclear Imaging
Application Outlook (Revenue, USD Billion; 2018-2028)
- Diagnostic
- Therapeutic
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Hospitals
- Diagnostic Imaging Centers
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
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