According to the study, the global vascular imaging systems market is likely to grow significantly, during the forecast period, due to increasing healthcare expenditure, increasing prevalence of cancer and cardiovascular diseases and rising awareness about imaging techniques due to various conferences and seminars.
A number of factors such as the soaring cases of cancer and cardiovascular diseases (CVDs), mounting awareness about imaging techniques, mushrooming healthcare expenditure, and escalating geriatric population will help the vascular imaging systems market to progress at 5.7% CAGR during the forecast period (2017–2023). Vascular imaging systems are used for the diagnosis of ailments related to blood flow. Surgeons can diagnose blockages in veins, plaque formation, blood clots, weakening of arteries and veins, and varicose veins by using such imaging devices.
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The surging incidence of cancer and CVDs is one of the primary facilitators of the market growth worldwide. According to the World Health Organization (WHO), in 2020, 10 million deaths were caused due to cancer, globally. 2.26 million, 2.21 million, 1.93 million, 1.41 million, 1.20 million, and 1.09 million new cases of breast cancer, lung cancer, colon and rectum cancer, prostate cancer, skin (non-melanoma), and stomach cancer, respectively, were diagnosed in 2020. Furthermore, the organization also states that CVDs claim around 17.9 million human lives each year.
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At present, the vascular imaging systems market is observing a trend of the rising number of product launches by prominent market players. Leading companies, such as Siemens AG, Esaote S.P.A, Fujifilm Corporation, General Electric Company, Orthoscan Inc., Shimazdu Corporation, Hitachi Ltd., Canon Inc., Carestream Health Inc., Koninklijke Philips N.V., and Hologic Inc., are focusing on the development of new products in order to meet the rising needs of the healthcare sector. Through product launches, these companies also aspire to expand their geographical presence.
Therefore, the increasing prevalence of CVDs and cancer and mounting aging population will drive the market growth in the foreseeable future.
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