Angio Suites Market is projected to reach US$ 3.25 billion by 2028, growing at a CAGR of 6.0%: Survey By Future Market Insights
Angio suites (diagnostic imaging) market is expected to gain market growth in the forecast period of 2021 to 2028. With an estimated incremental opportunity of more than US$ 100 million over 2018, the global revenue through sales of angio suites is likely to approach US$ 1.9 Bn in 2019. As reported by a new research intelligence study on the global angio suites market, there will be more than 6% year on year revenue growth in 2019 – reflecting a healthy outlook for the angio suites landscape at a global level.
Key Research Insights Drawn from the Report
- In a consolidated market structure, the top three companies operating in the global angio suites landscape hold a whopping revenue share of around 70%.
- Easy, fast-track FDA clearance holds vital importance in shaping the new product developments and launches.
- Innovative therapy suites and angio suites are receiving wider platforms in recent years, with growing government funds and consistently increasing voluntary funds – pushing R&D activities further.
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More than 1/4th Share of the Market Revenue Belongs to Siemens
Siemens AG, reportedly the global leader in angio suites landscape, has been highly active in terms of innovation in recent years.
- The company had announced the launch of two products adding value to its innovative offerings in Nov 2017. Siemens Healthineers unveiled two imaging therapy suites that are intraoperative and possess multi-modality imaging capability. While interventional surgeons and radiologists are continuously striving to discover novel procedures that are highly precise yet rapid and affordable, Siemens’ Angio-MR-CT and Angio-CT therapy suites have been presented as a breakthrough innovative solution.
- Later the same year, the company entered a 10-year contractual partnership with Kingston Hospital NHS Foundation Trust over the supply of all-inclusive Managed Equipment Services (MES) to the trust for a wide range of medical imaging systems.
The other two market leaders include Philips Healthcare and GE Healthcare LLC, which are prominently concentrating on innovative product launches for global expansion and introduction of disruptive technology based systems across developing regional markets.
Explaining the most popular developmental strategies adopted by key companies in angio suites landscape, the FMI analyst says, “The strategic focus of angio suites market players is likely to remain on vertical and horizontal integration. Our research concludes that direct selling strategy is allowing companies to cater to the escalating demand for technically innovated products”. Discussing further about the growing significance of having a strong distribution network, “Key players are also prioritizing a stronger distribution network at a global level. Whereas, development of independent distribution channels for personal selling of angio suites is also identified to be one of the key trends among market players,” says the analyst.
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Segmental Analysis: Single Plane Angio Suites and Hospitals Remain Top Performing Segments
- With more than 65% share of the global market revenue, single plane angio suites continue to dominate biplane angio suites, according to the report.
- Although cath labs are likely to demonstrate impressive adoption of angio suites in the near future, hospitals remain the largest end user of angio suites.
- Currently, Asia Pacific accounts for over 45% share of the total market revenue, followed by Europe that holds around 30% share in the market value.
The report projects emergence of lucrative business opportunities in developing regional markets, besides APAC, i.e. MEA and Latin America. While the opportunity assessment of emerging regional markets for angio suites analyses the sales force expansion and third party payer coverage in the regions, remarkable reimbursement support and improving customer care are identified to be the primary factors boosting revenue growth of angio suites market in these regions. In a bid to achieve high operational efficiency, a number of companies are strategizing the shifting of their manufacturing facilities to low-cost production bases in emerging economies of Latin America and APAC.
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