The angiography equipment market size in Europe is expected to be valued at USD 4.04 billion by 2027 from USD 3.27 billion in 2022, growing at a CAGR of 4.31% from 2022 to 2027.
The growing patient population suffering from chronic diseases such as cancer and cardiovascular disease in the European region is majorly driving the angiography equipment market in Europe. People diagnosed with chronic diseases are majorly due to adopting unhealthy lifestyles such as increasing consumption of junk food, smoking and alcohol, and lack of physical activity. In addition, the growing incidence of colorectal cancer in Europe is another notable factor contributing to the growth of the European angiography equipment market. Colorectal cancer is one of the leading causes of death in the European region.
In addition, the growing adoption of angiograph procedures and the presence of angiogram equipment in many hospitals in Europe are promoting the growth rate of the European angiography equipment market. The growing R&D activities to manufacture advanced angiography equipment and increasing product approvals are expected to fuel the regional market growth. The increased focus of key market players in the European region to manufacture various types of angiography equipment is a plus to market growth in the European region. Manufacturers also focus on developing equipment with high-resolution image quality, which helps to detect the exact location of the issue in the body. In addition, the governments of the European region have approved several products used for angiography procedures, supporting the market's growth.
Furthermore, the growing investments by the governments for the advancement of equipment manufacturing and favorable reimbursement policies are expected to propel the market’s growth rate in Europe. An increasing number of awareness programs among the European population favors the angiography equipment market growth in Europe. To reduce the death rate due to chronic diseases, the governments of European countries and healthcare organizations have conducted several programs to provide awareness regarding the benefits of angiogram procedures for detecting diseases at an early stage and helping give quality treatment.
On the other end, the increased risk associated with radiation exposure is one of the key factors hampering the European angiography equipment market growth. Radiation can damage the skin, eyes, and DNA. In addition, the high cost of the angiography procedures is another major factor for the low adoption of angiography equipment in the European region restraining the market growth.
This research report on the European angiography equipment market has been segmented and sub-segmented into the following categories.
In 2021, the European region accounted for the second biggest global market share. During the forecast period, the European market is anticipated to hold considerable share of the global market.
The UK had the largest share of the European market in 2021, and the domination of the UK in the European market is estimated to continue during the forecast period. The UK market is primarily driven by the growing adoption of robotic angiography techniques and increasing healthcare expenditure. These robotic angiography techniques visualize blood vessels in the heart and kidney to identify the problem with a deeper diagnosis and with less risk of human errors. It also helps the healthcare providers to improve the workflow and helps in locating the actual reason for being ill. Approximately 7 million people in the UK suffer from heart and circulatory diseases, which require angiography procedures to improve the survival rate. Nearly 250,000 coronary angiograms are performed in the United Kingdom every year. Therefore, the market has increased demand for minimal invasion surgeries during the forecast period, increasing the adoption of minimal invasion surgeries. Minimal invasion surgeries help reduce pain during the procedure, reduce hospital stay, and fast recovery after the procedure.
Germany is another potential region for angiography equipment in Europe. It is expected to witness a healthy CAGR during the forecast period owing to the increasing number of coronary angiography clinics and hospitals in Germany. In addition, the increasing prevalence of heart-related diseases and growing mortality rates due to sudden heart strokes promote the market’s growth rate in Germany.
KEY MARKET PLAYERS:
Koninklijke Philips NV, B. Braels Melsungen AG, GE Healthcare, Shimadzu Corporation, Canon Incorporation, Boston Scientific Corporation, Medtronic, Inc., Cordis Corporation, AngioDynamics, Inc., Abbott Laboratories, and Siemens Healthcare are some of the noteworthy companies in the European angiography equipment market.
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