Interventional Radiology Drainage Procedures Market: Catheters to Dominate Global Market
Interventional Radiology Drainage Procedures Market: Introduction
According to the report, the global interventional radiology drainage procedures market was valued at US$ 0.59 Bn in 2019 and is projected to expand at a CAGR of ~6% from 2020 to 2030. An abscess is an infected fluid collection within the body. Percutaneous abscess drainage uses imaging guidance to place a needle or catheter through the skin into the abscess to remove or drain the infected fluid. It offers faster recovery than open surgical drainage. In terms of type, the global interventional radiology drainage procedures market has been classified into catheter, stent, and others. Drainage catheters are available in different sizes, shapes, and types. An interventional radiologist will choose a catheter according to the type of fluid, along with other factors. High prevalence of target diseases and increase in preference for minimally invasive surgeries boost the growth of the global interventional radiology drainage procedures market. North America dominated the global interventional radiology drainage procedures market in 2019 and the trend is anticipated to continue during the forecast period. High prevalence of diseases and well-established healthcare infrastructure that enables proper diagnosis and adoption of cost-effective minimally invasive procedure for abscess drainage can be attributed to the region’s large market share.
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Asia Pacific is expected to be a highly lucrative market for interventional radiology drainage procedures during the forecast period. Majority of countries in Asia Pacific are economically developing and a number of players are making significant investment in the region. These factors drive the market in Asia Pacific. Rise in technological advancements in countries in terms of healthcare and medical research is anticipated to fuel the growth of the market in the region.
Rise in Patient Preference for Minimally Invasive Surgeries and Cost-effective Drainage Procedures to Drive Global Market
The demand for minimally invasive surgeries has increased significantly in the past few years. Advantages, such as fewer post-surgery complications & side effects, shorter patient recovery period, and shorter hospital stay are prompting patients to opt for minimally invasive surgeries. Minimally invasive procedures utilize advanced technology to reach internal organs through small incisions leading to decreased pain, small incisions, low risk of infection, shorter hospital stay, quicker recovery time, less scarring, and reduced blood loss compared to traditional surgeries. Hence, rise in the number of minimally invasive surgeries is expected to drive the global interventional radiology drainage procedures market during the forecast period.
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Interventional radiology procedures are less expensive than invasive procedures and other treatment alternatives. Moreover, existing reimbursement policies for image-guided drainage procedure drive the market. According to a survey conducted by the Urgent Care Association of America (UCAOA), about 51% of urgent care revenue is currently reimbursed by private insurance and 14% by Medicare. According to industry experts, favorable insurance coverage is expected to influence the global interventional radiology drainage procedures market significantly by penetrating the sub-urban areas.
Catheters to Dominate Global Market
In terms of type, the global interventional radiology drainage procedures market has been divided into catheter, stent, and others. The catheter segment has been segregated into multipurpose drainage catheters, nephrostomy drainage catheters, biliary drainage catheters, cholecystostomy catheters, and others. The catheter segment dominated the global interventional radiology drainage procedures market in 2019 and the trend is likely to continue during the forecast period. The growth of the segment is attributable to the increase in demand for catheters, owing to rise in cases of target diseases. In December 2019, Merit Medical launched ReSolve Mini Locking Drainage Catheter, which is up to 42% smaller than the standard ReSolve Locking Drainage Catheter pigtail, and allows the catheter to be placed into small fluid pockets.
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Abdomen to be Key Application Area
Based on application, the global interventional radiology drainage procedures market has been classified into abdomen, pelvis, and others. The abdomen segment dominated the global interventional radiology drainage procedures market in 2019. Percutaneous computed tomography (CT)-guided catheter drainage has become the standard treatment for most intra-abdominal abscesses, as it avoids anesthesia and possibly difficult laparotomy. It also prevents the possibility of wound complications from open surgery, and could reduce the length of hospitalization.
Hospitals to be Major End User
Based on end user, the global interventional radiology drainage procedures market has been classified into hospitals, specialty clinics, and ambulatory surgical centers. The hospitals segment dominated the market in 2019. The segment is expected to expand at the highest CAGR from 2020 to 2030. The growth of the segment can be attributed to increase in adoption of intervention radiology (IR) in hospitals due to technological advancements such as real-time imaging systems.
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North America to Dominate Global Market
The global interventional radiology drainage procedures market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2019, followed by Europe. North America accounted for a major share of the global interventional radiology drainage procedures market in 2019, owing to rise in adoption of new technology and increase in the number of various disorders. The interventional radiology drainage procedures market in Asia Pacific is anticipated to expand at a higher CAGR from 2020 to 2030. The expansion of the interventional radiology drainage procedures market in the region can be attributed to rise in prevalence of disorders and increase in awareness about the diagnosis and newer technologies available for the treatment.
Competition Landscape
Boston Scientific, Cook Medical, and Merit Medical are the three major companies in the global interventional radiology drainage procedures market. The global interventional radiology drainage procedures market is fragmented in terms of number of players. Key players in the global market include Boston Scientific Corporation, Cook Medical LLC, Teleflex Incorporated, UreSil, LLC, Merit Medical Systems, APR Medtech Ltd., Argon Medical Devices, Inc., Rocket Medical plc, Optimed, and BIOTEQUE CORPORATION.
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New product development through robust R&D activities and mergers & acquisitions are key strategies adopted by these players to operate business in the global interventional radiology drainage procedures market.
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