The global Vascular Imaging market size was estimated at USD 6.4 billion in 2023 and is projected to reach USD 12.4 billion in 2030 at a CAGR of 9.8% during the forecast period 2023-2030.
Vascular imaging, a medical diagnostic modality, plays a pivotal role in the identification and characterization of various cardiovascular diseases by employing the imaging of the vascular tissues. The technique primarily utilizes ultrasound, an imaging modality that employs high-frequency sound waves, to assess the blood flow, blood pressure, circulation, and the oxygen saturation levels in the blood within the veins and arteries. Additionally, other techniques, such as computerized tomography angiography, fluoroscopy (a technique that involves moving X-ray images using contrast dye), magnetic resonance angiography, and X-ray angiography, also find applicability in vascular imaging, thereby enhancing the diagnostic accuracy and reliability of the procedure.
The growth in the population of the elderly, which is characterized by a significant increase in life expectancy, coupled with the progressive technological advancements in vascular imaging devices, has led to an upsurge in the incidence of cardiovascular diseases. Consequently, there has been an increase in the demand for minimally invasive diagnostic and therapeutic interventions, owing to the favorable outcomes they offer. Nevertheless, the high cost of vascular imaging instruments and the availability of conventional treatment alternatives have impeded the growth of the market. Despite these challenges, emerging economies and the increasing number of diagnostic imaging centers have presented viable opportunities for market growth.
The pandemic caused by the novel coronavirus disease (COVID-19) has had a significant impact on all imaging practices throughout the nation. In addition to the effects of COVID-19, various policy measures implemented to impede disease transmission have resulted in a reduction in the demand for imaging. Furthermore, hospitals are taking steps to increase their crisis capacity, which in turn has led to a decrease in the amount of medically appropriate imaging procedures being undertaken. Although economic recessions typically lead to a reduction in healthcare expenditures, imaging groups have never before experienced an economic shock that has been compounded by the need to limit the availability of imaging. These changes will have a profound impact on outpatient practices, with the volume of imaging procedures expected to decline.
The anticipated increase in the elderly population is expected to act as a driving force for the growth of the vascular imaging market. Additionally, the estimated advancements in the technological aspects of vascular imaging devices are predicted to act as a supporting factor for the growth of the vascular imaging market. Conversely, the availability of traditional treatment alternatives is expected to hinder the growth of the vascular imaging market during the stipulated period.
Furthermore, the countries that are progressing rapidly as potential areas of growth, the rising number of diagnostic imaging centers, and the increasing acceptance of restored vascular imaging systems are expected to provide further opportunities for the growth of the vascular imaging market in the upcoming years. Nonetheless, the scarcity of medical physicists, the presence of smaller players, and entry barriers for new entrants are likely to pose challenges to the growth of the vascular imaging market in the foreseeable future.
North America to Dominate the Market
