Market Trends of Vascular Screening Devices Industry
This section covers the major market trends shaping the Vascular Screening Market according to our research experts:
Hospital Segment is Expected to Hold a Major Market Share in the Vascular Screening Devices Market
- The segment is driven by the rise in hospital admission and product launches by the key market players. The increasing number of hospital admissions and admissions in the critical care unit creates the need for vascular screening devices and thus drives the growth of the market.
- For instance, as per data released by the Australian Institute of Health and Welfare (AIHW) in May 2022, about 11.8 million hospital admission occurred in 2020-2021, which was 6.3% more compared to 2019-2020. It also reported that in 2020-2021, out of 11.8 million admissions, 7.0% of hospitalizations involved a stay in the intensive care unit, 3.8% of hospitalizations involved cardiovascular disease, and 10.3% of hospitalizations had a separation mode indicating the patient died in the hospital. Such increasing admission in emergency and critical care is likely to increase the demand for vascular screening devices and thus expected to drive the market segment's growth.
- The increasing number of hospitals in the United States is also propelling the market's growth. For instance, the American Hospital Association Statistics published in January 2021 reported that there were 207 federal government hospitals, and several state and local government community hospitals in the United States in 2021. Such an increase in hospitals is likely to support market growth.
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North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
- North America is expected to hold a significant market share in the global vascular screening devices market due to increased vascular diseases, such as coronary artery disease, renal artery diseases, and carotid artery aneurysms. Coronary artery disease is the most affected heart disease.
- According to the Centers for Disease Control and Prevention (CDC) data published in September 2020, heart disease is the leading cause of death in the United States. The same source also reported that about 805,000 Americans have a heart attack every year. As the number of deaths due to heart diseases is increasing, there is a continuous need for the proper treatment of cardiac diseases since vascular screening devices help diagnose artery blockages and narrowing and are expected to show significant growth over the forecast period.
- Moreover, the growing number of vascular ambulatory services centers in the country is expected to increase the demand for vascular screening devices, thereby boosting the market's growth. For instance, in April 2021, a super-hybrid ambulatory surgical center was opened in Southern California, which offers the most comprehensive outpatient vascular surgical services within Orange County and represents a transformative vision for the future of ambulatory surgery.
- Thus, all the above-mentioned factors are expected to boost the market in the North American region over the forecast period.
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