Over the past few years, it is observed that healthcare spending has grown tremulously across the globe. The per capita healthcare expenditure is presently following a growing trend across the globe. The healthcare industry accounts for around 10% of the world GDP. According to the IMF, the healthcare spending is expected to upsurge by over 6% yearly, based on the current GDP forecast. Increasing healthcare spending is showing improvements in the healthcare setting as a whole. Increase in the budgets of hospitals would specify the use of better quality equipment. This is further expected to drive the growth of the global angio suites market.
According to the latest research by the company, the global angio suites market is expected to account for over US$ 3,100.0 Mn in terms of value by the end of 2028. The market is expected to exhibit significant growth potential with an average Y-o-Y growth rate of 6.0% through 2028.
Rising geriatric population with the prevalence of heart diseases globally is leading to an increase in the demand for angio suites, which is expected to propel the market scope over the long run. The number of U.S. population aged 65 and older is projected to be more than double, i.e., from 46 million to 98 million by 2060. According to the CDC, around 610,000 people die due to heart diseases in the U.S. every year.
Furthermore, increase in the number of healthcare facilities and medical infrastructure in emerging regions is expected to boost the demand for better healthcare services and products, which is, in turn, expected to create demand for angio suites in the market. This is expected to boost the global angio suites market
However, the dearth of trained healthcare professionals and low awareness among medical facility are expected to hamper the growth of the global angio suites market. Globally, the demand for angio suites is increasing, however, due to the limited number of skilled operators and professionals, the growth of the market is expected to be stagnant. Medical faculty at the majority of government-run and private hospitals in India have no or low awareness regarding the latest technologically advanced devices. These factors are majorly responsible for hampering the growth of the global angio suites market. Furthermore, the high cost involved in the initial set up and installation of advanced angio suites and broadband technology in remote locations is one of the factors expected to hamper the growth of the angio suites market.
Challenges related to healthcare are improving as the economic conditions are improving in developing countries, such as China and India. Similar to the markets in China and India, companies are focusing on creating a base of documented local evidence. This has been aiding healthcare professionals to validate and exemplify the value of diagnosis through relevant evidence and results from their own countries.
According to the company, the single plane angio suites segment accounted for a revenue share of over 65% in the overall angio suites market in 2017. However, the growing popularity of alternative treatment devices is likely to limit the growth of the market in the near future. The Asia Pacific angio suites market is expected to register high CAGR in the global angio suites market during the forecast period
The company has segmented the global angio suites market into biplane angio suites and single plane angio suites. In terms of revenue, the single plane angio suites segment is expected to hold maximum revenue share over the forecast period.
The company’s report tracks some of the key companies operating in the angio suites market, which include GE Healthcare, Koninklijke Philips N.V., Siemens AG, Shimadzu Corporation, Canon, Inc., and others. The key players in the market are focused on increasing product footprint to strengthen their position in the market and also to expand their product penetration in the emerging markets
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