by The cerebral angiography market is estimated to be valued at US$ 14.96 Billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cerebral angiography is a minimally invasive medical test used to evaluate blood vessels in the brain and neck. It helps in the diagnosis of various brain diseases and conditions such as aneurysms, abnormal blood vessels formation, carotid artery disease, stroke and brain tumors. Cerebral angiography provides high quality images of blood vessels and helps physicians to detect any blockages or abnormalities.
Market key trends:
The global cerebral angiography market is witnessing significant growth owing to increasing adoption of minimally invasive surgical procedures. Cerebral angiography is considered as one of the most effective minimally invasive techniques to examine and diagnose different neurological conditions without extensive surgical procedures. It also helps surgeons to plan surgeries accurately. Growing geriatric population, rising prevalence of brain aneurysms, strokes and other neurological disorders are some of the major factors fueling the demand for cerebral angiography tests. According to Brain Aneurysm Foundation, an estimated 6 million people in the U.S. have an unruptured brain aneurysm. Increasing awareness regarding benefits of early diagnosis and availability of advanced angiography devices is further expected to support market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high capital investment requirements to enter the Cerebral Angiography Market Growth as it requires high-end research and equipment. Bargaining power of buyers: Individual buyers have low bargaining power against established market players due to undifferentiated products however healthcare providers have moderate power. Bargaining power of suppliers: Suppliers have moderate bargaining power due to intellectual property on core technologies required by OEMs. Threat of new substitutes:No major substitute products available currently, however neurointerventional therapies could emerge as alternatives. Competitive rivalry: Intense rivalry exists among key players to gain market share and competitive advantage through innovation.
SWOT Analysis
Strengths: High accuracy in diagnosis of vascular abnormalities in the brain, minimally invasive procedure. Weaknesses: Requires skilled radiologists to interpret images, high costs associated. Opportunity: Growing geriatric population and rising incidence of cerebrovascular diseases and brain tumors drives demand. Threats: Stringent regulatory policies, social stigma around interventional procedures.
Key Takeaways
The global cerebral angiography market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing prevalence of cerebrovascular diseases. North America dominated the market with highest share in 2023 owing to accessibility to advanced technologies and rising healthcare spending in the US. Europe is projected to be second largest region during the forecast period.
Key players operating in the cerebral angiography market are Siemens Healthineers AG, GE Healthcare, Koninklijke Philips N.V., Canon Medical Systems Corporation, Shimadzu Corporation, Hitachi, Ltd., Carestream Health, Inc., Medtronic plc, Stryker Corporation, Terumo Corporation, Boston Scientific Corporation, AngioDynamics, Inc., Penumbra, Inc., MicroPort Scientific Corporation, Cook Medical LLC.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
