(I-BusinessNews.Com, May 15, 2020 ) Growing incidence and prevalence of cardiovascular diseases, growing aging population, and technological innovations has led to the wide application of vascular imaging, thus driving the growth of the market.
According to research report the global vascular imaging market is expected to reach USD 5.95 billion by 2022 from USD 4.35 billion in 2017, at a CAGR of 6.5%.
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The report covers imaging procedures used to assess blood flow for the effective diagnosis and treatment of various cardiovascular diseases (CVDs).
• Based on technique, the market is segmented into MRI, CT, ultrasound, nuclear imaging, and X-ray. The MRI segment is expected to dominate the global vascular imaging market throughout the forecast period. The increasing incidence of CVDs and the launch of advanced MRI systems are the key factors driving the growth of this segment.
• Based on applications, the market has been segmented into diagnostic and therapeutic applications. The therapeutic applications segment is expected to register the highest growth during the forecast period primarily due to the growing use of imaging techniques in surgeries & treatments.
• Based on end user, the market is segmented into hospitals, diagnostic imaging centers, and other end users. Currently, hospitals are the largest end users of vascular imaging systems. This end-user segment is also expected to register the highest growth during the forecast period. The increasing prevalence of CVDs (resulting in the increased demand for non-invasive techniques), technological advancements, and rising demand for advanced systems in operating rooms (especially in developed countries across North America and Europe) are the major factors driving the growth of this end-user segment.
The market is dominated by North America, followed by Europe, Asia, and the Rest of the World (RoW). North America will continue to dominate the market in the forecast period. However, Asia is expected to witness the highest CAGR, with the growth in this market centered at China, Japan, and India. Increasing healthcare expenditure, increase in disposable incomes, and growing penetration of healthcare insurance are some factors propelling market growth in the Asian region.
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Major industry players launched innovative products in the recent past and have plans to launch new products and expand across geographies by partnerships and acquisitions. GE Healthcare, Siemens Healthineers, and Toshiba Medical Systems Corporation are identified as the top players in this market. These companies have a broad product portfolio with comprehensive features. Further, these leaders have products for all end users in this segment, have a strong geographical presence, and more importantly focus on continuous product innovations.
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