(Health-NewsWire.Net, July 31, 2020 ) The global angiography equipment market is projected to reach USD 13.06 Billion by 2023 from USD 10.26 Billion in 2018, at a CAGR of 5.0%. 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, the large number of ongoing research activities, growing government and public-private investments, increasing number of awareness programs, and rising adoption of angiography devices due to a large number of angiography procedures performed across the globe.
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By product, the angiography equipment market is segmented intoangiography systems, catheters, guidewires, balloons, contrast media, vascular closure devices, and accessories The angiography catheters segment is expected to grow at the highest CAGR during the forecast period. Growth in this market can be attributed to the growing importance of cardiac care and the increasing demand for MIS. The introduction of new products such as catheters with high flexibility and trackability, multi-purpose angiography and angioplasty catheters, and catheters attached with guidewires is also expected to drive market growth during the forecast period.
By type of procedure, the neuroangiography segment is expected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing number of patients suffering from neurovascular diseases and the growing aging population. Moreover, with the growing prevalence of stroke, the demand for accurate treatment of diseases is expected to increase in the coming years. This, in turn, will increase the demand for angiography devices used for neurology procedures across the globe.
Based on end users, the hospitals and clinics segment is expected to register the highest CAGR of during the forecast period. The growth of this market segment is attributed to the large number of patient pool diagnosed and treated at hospitals, the high purchasing capacity of hospitals for advanced technologies, rising number of diagnostic and therapeutic angiographic procedures, and growing awareness on timely disease diagnosis.
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The Latin American region is expected to register the highest growth rate in the global angiography equipment market during the forecast period. The high CAGR of this region in this market is attributed to the rising incidence of cardiovascular disorders in this region, the rapidly increasing geriatric population in Latin American countries (particularly in Brazil and Mexico), and supportive government regulations are expected to drive the market for angiography devices in this region during the forecast period. Moreover, emerging markets have a high potential for growth in the angiography equipment market mainly due to the rising medical tourism, rising government investments and reforms to modernize healthcare infrastructure, and growing purchasing power of consumers.
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