LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global peripheral vascular diagnostic systems market is expected to grow at a CAGR of more than 7% during the forecast period.
This research report titled ‘Global Peripheral Vascular Diagnostic Systems Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Deposition of plaque in arteries that carry blood to any body part other than the heart is called peripheral artery disease (PAD). PAD is directly linked to cardiovascular disease (CVD) and diabetes. Owing to unhealthy lifestyles, the number of PAD cases are increasing, driving the demand for peripheral vascular diagnostic systems.
| To increase diagnostic efficacy, vendors are manufacturing Doppler ultrasound systems and plethysmography devices. The market penetration of these devices is set to increase with vendors introducing novel technologies that minimize the need for follow-up visits to the physician. The market is likely to witness maximum growth in developing countries during the forecast period where awareness about PAD and its treatment is increasing. |
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Based on segmentation by end-user, the report categorizes the global peripheral vascular diagnostic systems market into the following categories:
- ASCs
- Hospitals
- Physicians’ offices
Ambulatory Surgical Centers (ASCs)
“Ambulatory surgical centers conduct surgical and non-surgical procedures in outpatient settings which help minimize expenses and duration of hospital stay. This concept is quickly gaining popularity as they have advanced operating equipment, specialist surgeons, and simple or no administrative procedures. They also greatly minimize the chances of acquiring hospital-acquired infections. Additionally, patients are more comfortable in a non-hospital setting and are more comfortable and at ease during the procedures,” says Srinivas Shashi, one of the lead analyst at Technavio for medical imaging research.
In the US, 60% - 75% of all surgical procedures are set in ASCs. The Affordable Care Act (ACA) emphasizes on reducing hospital costs and has led ASCs to perform quality procedures at affordable prices. In the UK, the National Health Service (NHS) provides diagnosis and treatment using advanced technology. The presence of quality trained professionals has had a huge positive impact on the adoption of peripheral vascular systems in the market. Australia is another noteworthy country in the ASC market space. Almost 80% of the people prefer outpatient facilities, with maximum people undergoing treatment for primary and other health-related issues in ASCs.
Hospitals
Another important end-user segment in this market are hospitals. Most hospitals receive large amount of government sponsorships or private funding, allowing for the accommodation of many patients with quality in-patient and out-patient services. With the increase in instances of CVDs, the sales of peripheral vascular diagnostic systems are seeing a marked increase from hospitals.
Another change that is witnessed in many hospitals is the adoption of advanced cath labs. This concept is mainly gaining popularity for percutaneous coronary intervention (PCI) in countries like Canada, the US, the UK, India, and Germany. Also, European hospitals are seeing high adoption of peripheral vascular diagnostic systems. Governments in Belgium, the UK, France, Spain, etc. emphasize on early diagnosis to reduce number of angioplasty and coronary artery bypass graft (CABG) surgery. The increased general awareness about non-invasive diagnosis will drive this market.
Physicians’ offices
Many people are undergoing treatment in physicians' offices due to the presence of improved patient care, availability of easy appointment rescheduling, and the presence of favorable reimbursement policies. The number of patient visits to physicians' offices is increasing. This has led hospitals to implement a business model that involves their collaboration with physicians' offices. Hospitals receive less reimbursement compared with physicians' offices.
“The conversion of physicians' offices into outpatient departments using hospital's outpatient ambulatory payment classification structure has increased the bill amount for the technical fee. In this case, physicians have higher benefits, as the number of patient visits for peripheral vascular diagnostic systems will keep increasing. Moreover, Medicare provides a reimbursement fee for patient visits to physicians' offices,” says Srinivas.
The top vendors highlighted by Technavio’s research analysts in this report are:
- ArjoHuntleigh
- Viasonix
- OMRON Healthcare
- Opto Circuits
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