The cerebral angiography market is estimated to be valued at US$ 14.96 Bn in 2023 and is expected to exhibit a CAGR of 6.1 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cerebral angiography refers to an imaging technique used to visualize the arteries and veins in the brain and neck. It helps doctors diagnose conditions affecting these blood vessels such as aneurysms, arteriovenous malformations, carotid artery stenosis, etc. Cerebral angiography uses an injectable dye called a contrast agent combined with X-rays or CT scans to produce images of the brain blood vessels. The procedure is performed through a small incision in the thigh or hand.
Market Dynamics:
Two major drivers contributing to the growth of the cerebral angiography market are increasing prevalence of cerebrovascular diseases and technological advancements in angiography products. According to the World Stroke Organization, 15 million people suffer a stroke worldwide every year. Around 33% of these strokes are ischemic in nature caused by blockage of blood vessels in the brain. Rising cases of strokes and brain aneurysms are driving demand for cerebral angiography procedures. Additionally, manufacturers are increasingly focusing on developing innovative products such as integrated X-ray generators, flat panel detectors and 3D reconstruction software which provide high resolution images with less complications and radiation exposure. This is positively impacting adoption of cerebral angiography amongst healthcare providers.
Segment Analysis
The global Cerebral Angiography market can be segmented into procedure type, product type, applications. Based on procedure type, the cerebral angiography market is dominated by neurological angiography segment. Neurological angiography enables precise visualization of arteries to diagnose vascular malformations, tumors, and vascular lesions. It also helps in identifying the source of aneurysms or arteriovenous malformations.
PEST Analysis
Political: Governments across regions are increasingly supporting improvements in healthcare infrastructure and diagnostic facilities. This is expected to positively influence the adoption of cerebral angiography procedures.
Economic: Rising healthcare expenditures and growing per capita incomes in developing economies are expected to boost market growth. However, high costs associated with cerebral angiography equipment and procedures may hamper the market to some extent.
Social: Growing incidence of neurological disorders due to changing lifestyles is a key social factor driving the demand for cerebral angiography. Rising health awareness is also prompting greater diagnostic screening.
Technological: Advancements in flat panel detector technology and robotic guidance systems have enabled high resolution 3D angiography imaging with improved ease of use and workflow. Development of less invasive procedures will further support market expansion over the coming years.
Key Takeaways
The global Cerebral Angiography Market Growth is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of neurological disorders, rising healthcare expenditures in developing countries, and technological advancements.
North America dominated the global market in 2023 and is expected to maintain its lead position over 2023-2030. This can be attributed to growing disease burden, availability of advanced healthcare facilities, and favorable reimbursement policies in the region.
Key players operating in the Cerebral Angiography market are Siemens Healthineers AG, GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Shimadzu Corporation, Hitachi, Ltd., Carestream Health, Inc., Medtronic plc, Stryker Corporation, Terumo Corporation, Boston Scientific Corporation, AngioDynamics, Inc., Penumbra, Inc., MicroPort Scientific Corporation, Cook Medical LLC. The major players are focusing on new product launches and collaborations to expand their market share.
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