Pramod Kumar

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How Is Surging Cancer Patient Population Accelerating Vascular Imaging Systems Market Growth

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. 

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. 

Business impact of
COVID-19 on
VASCULAR IMAGING
: SYSTEMS MARKET
7" Strategies of major
industry competitors

Moreover, the booming elderly population will also catalyze the vascular imaging systems market growth in the upcoming years. As per the United Nations United Nations Department of Economic and Social Affairs, the global population of people within the age group of 65 years or above will rise from 727 million in 2020 to more than 1.5 billion in 2050. Furthermore, the U.S. Department of Health and Human Services states that individuals aged 65 years and above are highly susceptible to CVDs as aging causes changes in the heart and blood vessels. 

The application segment of the vascular imaging systems market is categorized into oncology, cardiology, neurology, and others. Among these, the cardiology category accounts for the largest market share, due to the increasing incidence of strokes, heart attacks, and chronic obstructive pulmonary diseases (COPDs). According to the WHO, approximately 15 million people across the world suffer a stroke annually. Among these, around 5 million people are coerced to live with permanent disabilities, whereas 5 million die instantly. People surviving with permanent disabilities constantly require vascular imaging systems, as these systems help healthcare practitioners keep a tab on the conditions of disabled patients. 

Globally, the North American vascular imaging systems market generated the highest revenue in the past, due to the escalating awareness about imaging techniques, rising incidence of cancer and CVDs, and soaring geriatric population in the region. Of the two North American nations, the U.S. generates higher demand for such systems due to the presence of a large number of elderly people in the country. Whereas, Asia-Pacific (APAC) will showcase the fastest growth throughout the forecast period, due to the surging prevalence of CVDs and cancer in the region.

Source: P&S Intelligence

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