Angioscope Device Market - Forecasts from 2023 to 2028

The angioscope device market is projected to witness a compounded annual growth rate of 3.87% to grow to US$145.916 million by 2028, from US$111.843 million in 2021.

Angioscope devices are used in examining the interior of a blood vessel which enables a doctor to identify vascular abnormalities. Angioscopy is considered a more invasive procedure compared to angiography. Angioscope is used to assess vascular diseases, thrombus composition, and staging of atherosclerosis. The advantage of the angioscope is the onsite bypass process for direct visualization of valves and it also provides insight into the treatments that should be given to patients for best outcomes. An increase in the aging population coupled with the rise in prevalence of cardiovascular disease is rapidly driving the need for angioscope devices globally.

Some of the major factors driving the angioscope device market include the growing incidences of heart diseases, stent surgeries, and minimally invasive procedures coupled with the rising geriatric population across the globe. Market development will be aided by expanding strategic collaborations to increase the product portfolio to better suit consumers' shifting desires for non-invasive methods. For instance, ACIST Medical Systems, Inc., a Bracco Group company, confirmed recently a formal distribution relationship with Medis Medical Imaging to co-market in North America in December 2020.

An increase in research activities and radiography expenditure will propel the market for angiography equipment in the coming years.

The angioscope device market is expected witness significant growth as the demand for innovative products and technology advances at a rapid pace. For instance, a research team at the Department of Cardiovascular Medicine of the Osaka City University Graduate School of Medicine discovered that the popliteal artery's embolization is caused by a thrombus created by ulcerated plaque seen during angioscopy in the femoropopliteal artery (FPA) in February 2022. Increasing research in the field of blood vessels and human body is expected to increase the demand for such devices. Further, according to the Clinical Radiology UK Workforce Census 2020 Report, the estimated radiology expenditure grew from €165 million in 2018 to €206million in 2020.

Based on the end user the angioscope device is divided into hospitals, ambulatory centers, and research.

With such an increase in the expenditure of hospital construction, the demand for medical equipment & devices such as angioscopes for assessing vascular disease is also expected to increase thereby boosting the overall market growth of the angioscope device market during the forecast period. Angioscope devices are majorly used in the treatment of cardiovascular diseases. The governments are undertaking various strategies to improve their health infrastructure, which has increased the overall number of hospitals and healthcare facilities in major countries. For instance, according to the American Hospital Association, in 2019, the total number of hospitals in the United States stood at 6,210 which represented an increase of 1.1% over the 6,146 hospitals recorded in 2018.

North America is projected to constitute a major share of the market in 2021 owing to the growing prevalence of cardiovascular disease in the region.

Based on geography the angioscope device is divided into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. North America is projected to constitute a major share of the market in 2021 owing to the growing prevalence of cardiovascular disease in the region. Additionally, the American Heart Association reported in December 2019 that four scientific teams would receive more than US$14 million in research funds to help launch the organization's new Strategically Focused Research Network on Type 2 Diabetes and Cardiometabolic Health. These teams will focus on cutting-edge research aimed at better understanding disorders such as risk factors for heart disease, stroke, and type 2 diabetes, to develop more effective approaches to prevent and manage these deadly diseases. Moreover, the favorable initiatives taken by the Canadian government for the treatment of heart disease are further projected to boost the market demand for angioscope devices. For instance, in May 2022, the Parliamentary Secretary on behalf of the Minister of Health announced investments of US$5 million to improve the diagnosis, care, and treatment of heart failure in the country. The investment also aims to support a new national research network called "Canadian Heart Function Alliance", which would focus on halting heart failure and other heart conditions progression among Canadians. Additional factors such as growing investments by the manufacturers in the research and development of such devices are expected to provide a positive market outlook for angioscope devices in the coming years.

Market Segmentation:

• By Component

Image Fibrescope

Lensing system

Delivery Catheter

Others

• By Angioscopy Type

Occlusion

Non-Occlusion

• By End-User

Hospitals and Clinics

Research Institutes

Diagnostic Centers

• By Region

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Others

Europe

• Germany
• France
• UK
• Others

Middle East and Africa

Asia Pacific

• China
• India
• Japan
• South Korea
• Others