Rising CVD Cases Generating Vascular Imaging Systems Demand Globally
The rising prevalence of cancer and cardiovascular diseases (CVDs), surging awareness regarding imaging techniques, increasing healthcare spending, and mounting geriatric population are expected to drive the vascular imaging systems market at a CAGR of 5.7% during the forecast period (2017 – 2023). According to the World Health Organization (WHO), cancer is a leading cause of mortality worldwide, and accounted for over 10 million deaths in 2020. The organization also stated that CVDs account for nearly 17.9 million deaths each year.
Additionally, the aged population also experience changes in blood vessels, stiffening and less flexibility of the aorta, thickening of capillary walls, and slower response to blood loss and anemia. Thus, the increasing cases of CVDs, on account of the geriatric population, will boost the adoption of vascular imaging systems, as they are utilized to diagnose flood-flow-related diseases. Surgeons use these systems to diagnose blood clots, blockages in veins, varicose veins, weakening of veins and arteries, and plaque formation.
The aforementioned products are used in diagnostic centers, specialty clinics, and hospitals. These healthcare facilities use the products in their cardiology, neurology, and oncology departments. According to P&S Intelligence, hospitals are the leading consumers of these systems, as they record the highest inrush of patients. The devices and equipment used at these healthcare settings are offered by Siemens AG, Hitachi Ltd., Canon Inc., General Electric Company, Koninklijke Philips N.V., Orthoscan Inc., Carestream Health Inc., Fujifilm Corporation, Hologic Inc., Shimazdu Corporation, and Esaote S.P.A.
Globally, North America accounted for the largest share in the vascular imaging systems market, due to the rising awareness regarding imaging techniques in the region. In the North American market, the U.S. has been the higher contributor. Whereas, the Asia-Pacific (APAC) market is expected to display the fastest growth in the coming years, on account of the surging incidence of CVDs and cancer in the region. Furthermore, the European market is led by Germany, which is followed by the U.K. and France.
Thus, the rising incidence of cancer and CVDs and the growing geriatric population will fuel the requirement for vascular imaging systems in the foreseeable future.