Interventional Radiology market: Rising Prevalence of Cancer is a key driving factor
Transparency Market Research (TMR) has published a new report titled, ‘Interventional Radiology Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global Interventional Radiology market was valued at US$ 16,367.0 Mn in 2018 and is projected to expand at a CAGR of 5.2% from 2019 to 2027.
- Interventional Radiology, is also called as vascular and interventional radiology (VIR) or surgical radiology. Interventional radiology is minimal invasive image-guided diagnosis and treatment procedure for diseases in every organ system.
- Increasing demand for minimal invasive procedures and increasing prevalence of cancer driving the growth of the Interventional Radiology market globally.
- North America dominated the global Interventional Radiology market in 2018 and the trend is anticipated to continue during the forecast period. Highly structured health care industry, early adoption of interventional radiology devices, and increasing demand for minimal invasive procedure are expected to drive the market in North America.
- Asia Pacific is likely to be a highly lucrative market for interventional radiology and it is expected to expand at a high CAGR during the forecast period
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Introduction of Technologically Advanced and/or Hybrid Products to Drive Market
- Combination of interventional radiology and vascular surgery has become an essential tool as patients mostly require both conventional surgery and image-guided intervention. The advantage of such procedures in operating rooms include expeditious completion of treatment, shorter hospital stay, lower cumulative complication rates, and lower health care costs. Thus Introduction of technologically advanced hybrid products is expected to propel the interventional radiology market during the forecast period.
- In November 2015, the European Society of Radiology launched a new subspecialty society, the European Society for Hybrid Medical Imaging (ESHI). ESHI has been created with the aim of improving training in hybrid imaging so that its practitioners can make the best use of PET/CT and PET/MR for the benefit of patients.
Combination Pills Segment to Dominate Market
- Based on type, the global Interventional Radiology market has been divided into X-ray, Computed Tomography, Magnetic Resonance Imaging (MRI) and Ultrasound. The combination pills segment dominated the global Interventional Radiology market in 2018 and the trend is projected to continue during the forecast period.
- X-rays help radiologists identify cracks, infections, injury, and abnormal bones. They also help in identifying bone cancer. X-rays help in locating alien objects inside the bones or around them. Introduction of several advanced x-ray systems such as mobile and handheld digital systems, direct digital radiography systems, likely to drive the market during the forecast period.
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Embolization to be Highly Lucrative Segment
- In terms of application, the global interventional radiology market has been classified into angiography, balloon angioplasty, embolization, biopsy, vertebroplasty-kyphoplasty, radiofrequency ablation and others.
- The embolization segment dominated the interventional radiology market due to increasing prevalence of traumatic injuries. According to the National Trauma Institute, trauma injury accounts for 30% of mortality in the U.S. each year.
North America to Dominate Global Market
- In terms of region, the global interventional radiology market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global interventional radiology market in 2018, followed by Europe.
- North America accounted for major share of the global interventional radiology market in 2018, owing to use of technological advancement technique such as optical coherence tomography (OCT) and fractional flow reserve (FFR) for stenting patients with multi-vessel disease.
- The Interventional Radiology market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to rapid economic growth in developing economies such as India, China, Indonesia, Vietnam, South Korea, and the Philippines. Improving minimally invasive, image-guided therapeutic interventions is fueling the growth of market in Asia Pacific region. For instance, in April 2015, Philips launched innovative 3D navigation system to enhance minimally invasive treatment of vascular diseases
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The global Interventional Radiology market is fragmented in terms of number of players. Key players in the global market include Agfa-Gevaert Group., FUJIFILM Holdings Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic, Inc., Medtronic , Inc., Koninklijke Philips N.V., Siemens, Teleflex Incorporated. and CANON MEDICAL SYSTEMS CORPORATION among others.
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