Global Interventional Radiology Market: Snapshot
The global interventional radiology market is anticipated to witness a stupendous growth in coming years. Increasing preference for nominally aggressive procedures all across the world is expected to burgeon the interventional radiology market. Interventional Radiology consists of less painful image guided treatment of health conditions. Apart from these, increasing number of cancer cases which is taking a toll on the mortality rate is prognosticated to raise the demand for interventional radiology.
Although, it has been noticed that the minimal repayment for interventional radiology procedures along with low adoption of digital technology based imaging particularly in the developing countries are expected to cause a roadblock in the market growth. Riding on the back of few factors, the global interventional radiology market is likely to rise at a decent pace of 5.8% of CAGR during the forecast period 2017 – 2024.
Rampant Acceptance of X-Ray Due To Low Cost Factor Fuels the Market
The global interventional radiology market is classified on the basis of product, end user, geography and application. On the basis of product, the market is segregated into computed tomography, x-ray, ultrasound, and magnetic resonance imaging (MRI). Of these, ultrasound and x-ray are known to be used most widely. Due to the availability of ultrasound and x ray in most of the hospitals, healthcare center, and clinics, these have gained immense popularity. X-ray is likely to hold a staggering share of 55% of the overall market by the end of the forecast, owing to the rampant adoption and regular technological upgrades. On the flip side, MRI is unable to compete against x-ray in terms of market share ascribed to limited availability and high cost required for imaging.
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On the basis of application, the market is segregated into balloon angioplasty, biopsy, embolization, angiography, radiofrequency ablation, and veterbroplasty-kyphoplasty, and others. Amongst these, embolization is anticipated to witness a significant growth and hold a decent share of the market during the assessed period. Reason helping embolization to rise is the increasing cases of traumatic injuries. According to National Trauma Institute, nearly 30% of the mortality in the U.S each year is caused by trauma injury. Biopsy is expected to hold a substantial growth rate owing to rise in breast cancer cases all across the world.
Based on end user, the interventional radiology market is bifurcated into catherizatio labs, ambulatory surgical centers, hospitals, and others. Out of these, hospital segment is expected to hold a whopping 54.9% of market share by the end of forecast period. Rising uptake of intervention radiology in hospitals attributed to increasing demand for technologically advanced imaging systems is fueling this segment. However, catherization labs is likely to hold a surpass hospitals in future due to surge in demand for faster recovery along with shorter hospital stay.
High Demand for Digital Technology Based Imaging Makes Asia Pacific to Be Attractive
Geographically, the market is smeared across Latin America, Asia Pacific, North America, Europe, and Rest of the World. Of these, North America holds the majority share in the market due to increasing demand for new lines of advanced imaging techniques such as fractional flow reserve (FRR) and optical coherence tomography (OCT) for stenting patients in the region. On the other hand, Asia Pacific is likely to provide most lucrative growth opportunity to the vendors due to rise in adoption of image guided therapeutic interventions. Asia Pacific is likely to be worth at US$4586.7 by the end of assessed period.
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Some of the major players in the market are Medtronic plc, Philips Healthcare, Siemens Healthcare, Agfa-Gevert N.V, Toshiba Medical Sysems, Hitachi Medical Corporartion, Teleflex Incorporated, and Fujifilm Holdings.