Interventional Radiology Drainage Procedures Market
Interventional Radiology Drainage Procedures Market (Type: Catheter, Stent, and Others; Application: Abdomen, Pelvis, and Others; and End User: Hospitals, Specialty Clinics, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
People Seeking Minimal Invasive Surgeries to Target Injuries Driving Global Demand
Interventional radiology (IR) is a therapeutic specialization that requires performing a range of imaging procedures to capture images of the inside of the body. The interventional radiologist precisely interprets these images to diagnose the found injury or disease and to perform a variety of interventional medical procedures. The radiologist mostly uses imaging procedures such as X-rays, MRI scans, fluoroscopy, CT (computed tomography) scans, and ultrasounds. Interventional radiology drainage procedures include a broad range of procedures such as treating tumors, taking organ biopsies, or placing stents by inserting tiny instruments and thin catheters into the body via an artery or vein. The images are used to oversee catheters and devices to the specific area where the procedure or treatment is to be performed. This procedure reduces the need of open or laparoscopic surgeries, which is primarily driving the global interventional radiology drainage procedures market.
Most people with conditions such as abscess are likely to experience fever, chills, and pain in the approximate body area that is involved. People with these symptoms commonly prefer imaging tests including CT scans or ultrasound to identify and precisely diagnose the abscess. In percutaneous abscess drainage, an interventional radiologist uses imaging tests and guidance to put a thin needle into the abscess and obtain a sample of the infected fluid from the area of the body such as the chest, abdomen, or pelvis. Later, a small drainage catheter is left in place to drain the abscess fluid. Sometimes it might take several days for all the fluid to be completely removed. Seldom, when the abscesses cannot be treated by percutaneous drainage, it may require surgical drainage in the operating room. A rise in patient preference in cost-effective surgeries is expected to propel the demand for the global interventional radiology drainage procedures market.
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Increasing Number of New Suppliers Creates New Scope for Easy Equipment Availability
The coronavirus disease 2019 (COVID-19) has created unusual challenges for the healthcare system across the globe. The crisis has evolved rapidly across the world, which resulted in disrupted professional and personal lives, including that of interventional radiology specialists. Moreover, with several industries witnessing a heavy downfall in economy and production, pharmaceutical and healthcare industries have suffered a heavy slowdown due to supply chain restrictions. India and China being major pharmaceutical providers implemented strict regulations to contain the spread of the virus. This resulted in drug shortages worldwide limiting the patients to be safe at home. Furthermore, hospitals expanded their patient capacity, which decreased the amount of appropriate medical imaging that can be safely performed. Radiology experts have experienced the worst economic shock due to restricted imaging availability. In addition, outpatient practices witnessed a heavy impact with decreased interventional radiology drainage procedures.
As the rate of COVID-19 is decreasing due to increased vaccination drives, radiology and diagnostics professionals are focusing on new plans and strategies to be prepared for the increased volume of patients. As there is a slowdown in virus spread, healthcare and radiology practices are allowed to work with the guideless. The interventional radiology drainage procedures market players are designing plans to provide services in remote locations keeping the concept of outdoor lab testing in mind. New players emerging in the near future are most likely to witness mixed reception, while the number of ventures merging and collaborating with other players is expected to increase. The global market is anticipated to increase in the number of new suppliers, which might result in price decline, projecting a moderated interventional radiology drainage procedures market growth in the near future.
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Increased Benefits of Minimal Invasive Surgeries Fuel Global Popularity of IR Procedures
Image-guided minimally invasive diagnostic and therapeutic procedures have become an imperative part of interventional radiology drainage procedures. It has considerably decreased the need of invasive practices for sampling deep-seated wounds and treatment of conditions such as abscesses and fluid collections. Some of these procedures may be lifesaving. As the demand for minimally invasive procedures has been increasing due to their advantages over conventional open surgery procedures, the global interventional radiology drainage procedures market is likely to grow exponentially. Moreover, the benefits of minimally invasive practices compared to standard open surgery procedures involve enhanced safety, reduced scarring, quicker recovery, and modified length of hospital stay. Application areas of interventional radiology drainage procedures are also growing due to the rising use of technologically advanced products and techniques, particularly for the treatment of CVD, cancer, and peripheral artery disease (PAD). This is projected to positively impact the growth of the interventional radiology drainage procedures market during the projected period.
The basic interventional radiology drainage procedures include fine-needle aspiration cytology (FNAC), tru-cut (core) biopsy, needle drainage, and percutaneous catheter drainage. In addition, IR procedures involve a mandatory knowledge of hardware, planning, and patient preparation to manage and utilize the products for precise outcomes. The interventional radiology drainage procedures are growing in popularity due to advantages such as fewer post-surgery complexities and side effects, and speedier recovery that prompt patients to adopt minimally invasive surgeries. However, interventional radiology drainage procedures can be expensive. In several developing and underdeveloped regions, especially in South East Asia, governments have not centralized insurance systems and have higher out-of-pocket expenditures. This is likely to be a key restraining factor for the interventional radiology drainage procedures market.
Rising Popularity of IR Procedures Attracts Opportunities in Developing Nations
Currently, North America holds major share of the interventional radiology drainage procedures market. Due to the increasing prevalence of diseases and advanced healthcare infrastructure that enables proper diagnosis and adoption of cost-effective minimally invasive procedures for abscess drainage in the region, North America is expected to dominate the segment during the forecast period. However, in emerging markets such as Brazil, India, and China, the demand is expected in grow in the near future. The Asia Pacific offers lucrative opportunities to the market players, owing to the presence of less stringent regulatory policies and low competition. Overall, the global interventional radiology drainage procedures market is expected to reach the value of US$ 1.4 Bn by 2031, at a CAGR of 7% during the forecast period.
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The interventional radiology drainage procedures are less expensive as compared to other treatment alternatives, which is a trending factor globally. The procedures are expanding to be performed on an outpatient basis or during a short hospital stay, which decreases the cost of hospital stay and recovery time and minimizes post-surgical check-ups. Moreover, rise in awareness of early and preventive diagnosis and demand for non-surgical treatment alternatives on a global scale are also influencing the growth of the interventional radiology drainage procedures market.
Moreover, the growth of the interventional radiology drainage procedures market can be attributed to the rise in the pervasiveness of diseases, global awareness about the diagnosis, and newer technologies available for the treatment.
Interventional Radiology Drainage Procedures Market: Overview
- Interventional radiology drainage is a minimally invasive procedure, which needs a small incision in the skin to guide a flexible catheter to the collection of fluid or air in a drainage bag
- This abscess drainage is performed under the supervision of interventional radiologist. A thin needle is placed with the help of imaging guidance (CT, ultrasound, or fluoroscopy) into the abscess to obtain a sample of the infected fluid from an area of the body such as the chest, abdomen, or pelvis.
- The global interventional radiology drainage procedures market is driven by rise in prevalence of target diseases, including pelvic inflammatory disease, appendicitis, and bowel obstruction cholecystitis. Increase in demand for less-invasive, and cost-effective modalities boosts market growth.
- Rise in patient preference for minimally invasive surgeries fuels the growth of the global interventional radiology drainage procedures market. Demand for minimally invasive surgeries has increased significantly in the past few years. Advantages such as fewer post-surgery complications and side effects, faster recovery, and shorter hospital stay prompt patients to opt for minimally invasive surgeries. According to Ethicon US, LLC, around 9 million minimally invasive procedures were performed in the U.S. in 2013, and the number is likely to increase in the near future.
- Minimally invasive procedures utilize advanced technology to reach internal organs through small incisions resulting in less pain, low risk of infection, shorter hospital stay, faster recovery, less scarring, and reduced blood loss compared to traditional surgeries
Market Segmentation: Interventional Radiology Drainage Procedures Market
- In terms of type, the global interventional radiology drainage procedures market has been classified into catheter, stent, and others. The catheter segment has been spilt into multipurpose drainage catheters, nephrostomy drainage catheters, biliary drainage catheters, cholecystectomy catheters, and others.
- Based on application, the global interventional radiology drainage procedures market has been categorized into abdomen, pelvis, and others
- In terms of end user, the global interventional radiology drainage procedures market has been divided into hospitals, specialty clinics, and ambulatory surgical centers
- Each of the segments has been analyzed in detail for market trends, recent trends, and developments, drivers, restraints, opportunities, and useful insights. The interventional radiology drainage procedures market report provides current and expected revenue (US$ Mn) for each of these segments from 2021 to 2031, considering 2020 as the base year. The compound annual growth rate (percentage CAGR) has been provided for each segment and market from 2021 to 2031, along with market size estimations.
Regional Overview: Interventional Radiology Drainage Procedures Market
- In terms of region, the global interventional radiology drainage procedures market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions have been divided into major countries and sub-regions.
- Adoption of high-end technologically advanced devices and increase in incidence & prevalence of diseases boost the growth of the market in North America. Adoption of new technologies related to drainage devices is high in the U.S., owing to increase in awareness among end users. Moreover, a large number of players in the U.S. focus on R&D to introduce new products with improved design and technology. The market in Asia Pacific is expected to expand at the highest CAGR of 7.5% during the forecast period, primarily due to rise in prevalence of disorders and increase in awareness about the treatment.
- The current and expected market revenue (US$ Mn) of these regional markets and their major countries have been provided in the report from 2021 to 2031, with their CAGRs from 2021 to 2031
- The study also offers a list of recommendations, highlights, and useful insights of the global interventional radiology drainage procedures market, which would help new companies willing to enter the market and existing companies to increase market shares and in the decision-making process
- The interventional radiology drainage procedures market report concludes with the company profiles section, which includes key information about major players in the global interventional radiology drainage procedures market
- Leading players analyzed in the report include
- Boston Scientific Corporation
- Cook Medical LLC
- Teleflex Incorporated
- UreSil, LLC
- Merit Medical Systems
- APR Medtech Ltd.
- Argon Medical Devices, Inc.
- Rocket Medical plc
- Bioteque Corporation
- Each of these players has been profiled in the interventional radiology drainage procedures market report based on parameters such as company overview, financial overview, business strategies, application portfolio, business segments, and recent developments
Interventional Radiology Drainage Procedures Market – Scope of Report
TMR’s report on the global interventional radiology drainage procedures market studies the past as well as the current growth trends and opportunities to gain valuable insights of the indicators of the market during the forecast period from 2021 to 2031. The report provides revenue of the global interventional radiology drainage procedures market for the period from 2017–2031, considering 2020 as the base year and 2031 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global interventional radiology drainage procedures market from 2021 to 2031.
The report has been prepared after an extensive research. Primary research involved bulk of the research efforts, wherein analysts carried out interviews with key opinion leaders, industry leaders, and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the interventional radiology drainage procedures market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various attributes of the global interventional radiology drainage procedures market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Moreover, the report sheds light on the changing competitive dynamics in the global interventional radiology drainage procedures market. These serve as valuable tools for existing market players as well as for entities interested in participating in the global interventional radiology drainage procedures market.
The report delves into the competitive landscape of the global interventional radiology drainage procedures market. Key players operating in the global interventional radiology drainage procedures market are identified and each one of these is profiled in terms of various attributes. Company overview, financial standings, recent developments, and SWOT are the attributes of players in the global interventional radiology drainage procedures market profiled in this report.
Key Questions Answered in Interventional Radiology Drainage Procedures Market Report
- What is the sales/revenue generated by the interventional radiology drainage procedures market across all regions during the forecast period?
- What are the opportunities in the global interventional radiology drainage procedures market?
- What are the major drivers, restraints, and threats in the market?
- Which regional market is set to expand at the fastest CAGR during the forecast period?
- Which type segment is expected to generate the highest revenue globally in 2031?
- Which segment is projected to expand at the highest CAGR during the forecast period?
- What are the market positions of different companies operating in the global market?
Interventional Radiology Drainage Procedures Market – Research Objectives and Research Approach
The comprehensive report on the global interventional radiology drainage procedures market begins with an overview, followed by the scope and objectives of the study. The report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of products.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global interventional radiology drainage procedures market in terms of type, application, end user, and region. Key segments under each criterion are studied at length, and the market share for each of these at the end of 2031 has been provided. Such valuable insights enable market stakeholders in making informed business decisions for investment in the global interventional radiology drainage procedures market.
Interventional Radiology Drainage Procedures Market – Segmentation
TMR’s study on the global interventional radiology drainage procedures market includes information divided into four segments: type, application, end user, and region. Changing industry trends and other crucial market dynamics associated with these segments of the global interventional radiology drainage procedures market are discussed in detail.