According to the latest market research 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 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global peripheral vascular diagnostic systems market based on end-user type:
Global peripheral vascular diagnostic systems market share by end-user, 2015
|
ASCs |
48.25% |
|
Hospitals |
41.12% |
|
Physicians’ offices |
10.63% |
Source: Technavio
The top three revenue contributing end-user segments are discussed below:
ASCs
In 2015, ASCs (Ambulatory Surgical Centers) occupied the maximum share of around 48% of the global peripheral vascular diagnostic systems market. ASCs provide a varied range of medical services and conduct surgical and non-surgical procedures in outpatient settings. This helps minimize the medical expenses and the duration of hospital stay. Among all nations, the major end-user of the ASCs is the US. In the US, more than 60%-75% of all surgical procedures are conducted in outpatient settings in ASCs. The concept of ASCs is gaining popularity as they have advanced operating equipment, specialist surgeons, and operating and recovery rooms without complex administrative procedures. These facilities also have limited risks of hospital-acquired infections (HAIs) compared with hospitals. ASCs that are specialist in cardiac care such as Tyler Cardiac and Endovascular Center perform cardiac outpatient procedures, which includes diagnosis of PAD.
“The Affordable Care Act (ACA) stresses on reducing the overall hospital costs which have led ASC providers to perform services at lower costs. The government also has to pay low reimbursements in these centers compared to hospitals. Moreover, these centers offer better patient care, and people can avail the same services offered in hospitals at an affordable cost, leading to an increase in diagnostic procedures in these centers,” says Barath Palada, a lead analyst at Technavio for research on medical imaging.
In EMEA, people prefer ASCs rather than hospital outpatient departments due to the low cost of cardiovascular procedures, such as non-invasive vascular diagnosis (ABI) and invasive diagnosis (angiogram) in both public and private health establishments. In APAC, countries such as Australia and India are highest adopters of the ASCs.
Hospitals
Hospitals are the key end-users that significantly influence the market growth. Large hospitals and hospital groups work under government sponsorship or through funding from private entities. These hospitals offer many inpatient and outpatient services and generate more revenues. They procure medical products and consumables on bulk and engage closely with reimbursement authorities, many suppliers, and government organizations. They also have the advanced medical infrastructure to cater to the needs of people. In these hospitals, diagnosis and monitoring of cardiac events are conducted in outpatient settings. The sales of peripheral vascular diagnostic systems in hospitals will increase rapidly due to the rising number of hospital admittance of people with diabetes and cardiac disorders.
Medium-sized hospitals have a limited number of supplier groups and have a limited budget. Unlike large hospitals, the administration of these hospitals is decentralized. The number of mid-sized hospitals is higher than large hospitals as they are easily accessible to people which will increase the adoption of peripheral vascular diagnostic systems resulting in the market growth.
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 satisfactory reimbursement policies. The number of patient visits to physicians’ offices is increasing which has led hospitals to implement a business model that involves their collaboration 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 patients visiting physicians’ offices.
The top leading vendors operating in the global peripheral vascular diagnostic systems market are:
- ArjoHuntleigh
- Viasonix
- OMRON Healthcare
- Opto Circuits
Other prominent vendors in the market include ACI Medical Management, BioMedix, Dialog Devices, D.E. Hokanson, ELCAT, FUKUDA DENSHI, Koven Technology, LD Technology, MGC Diagnostics, Medizinische Messtechnik, MESI, Perimed, Väsamed, and Wallach Surgical Devices.
A more detailed analysis is available in the Technavio report titled, ‘Global Peripheral Vascular Diagnostic Systems Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Vascular Closure Devices Market 2016-2020
- Intraoperative Neuromonitoring Market in the US 2016-2020
- Remote Health Delivery Market in India 2016-2020
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