Global Interventional Radiology Market: Snapshot
The global interventional radiology market is poised for modest growth in the near future. Worldwide, rising preference for minimally invasive procedures is likely to fuel the interventional radiology market. Interventional radiology involves minimally-invasive image-guided diagnostics and treatment of health conditions. Furthermore, rising prevalence of cancer which is a leading cause of mortality is poised to drive demand for interventional radiology.
However, providing headwinds to the growth of interventional radiology market are minimal reimbursement for interventional radiology procedures and low acceptance for digital technology based imaging especially in developing economies. Thus, owing to a few positive factors, the global interventional radiology market is expected to clock a modest 5.8% CAGR between 2017 and 2024.
X-ray Product Segment to Continue to Remain Attractive
The global market for interventional radiology is segregated in terms of product, application, end user, and geography. Key segments into which this market is divided based on product type are x-ray, computed tomography, magnetic resonance imaging (MRI), and ultrasound. Among them, x-ray and ultrasound are most attractive product type segments. X-ray, however, is anticipated to hold the dominant 55.5% of the overall market by 2024 end owing to widespread acceptance and consistent technological upgrades. On the other hand, MRI holds a smaller market share due to limited availability and relatively high cost factor of this imaging.
Application-wise, angiography, balloon angioplasty, embolization, biopsy, veterbroplasty-kyphoplasty, radiofrequency ablation, and others are the segments into which the interventional radiology market is divided. Embolization, among them, is predicted to register string growth hold a significant share of the market through 2024; the growth of the segment is mainly because of rising prevalence of traumatic injuries. As per National Trauma Institute, trauma injury is related to 30% mortality in the U.S. each year. Biopsy is predicted to register a significant growth rate through 2024 due to rising prevalence of breast cancer.
By end user, the interventional radiology market is segmented into hospitals, catheterization labs, ambulatory surgical centers, and others. The hospitals segment is anticipated to hold the leading 54.9% market share by 2024. Increasing adoption of intervention radiology in hospitals due to rising demand for technologically advanced imaging systems is driving the hospital end-use segment.
Catheterization labs is predicted to surpass in terms of growth rate as interventional radiology procedures are increasingly being adopted for benefits of faster recovery and shorter hospital stay.
Rising Acceptance of Digital Technology-based Imaging to Catapult Asia Pacific Market
On the basis of region, the global interventional radiology market is classified into North America, Europe, Asia Pacific, Latin America, and the Rest of the World. North America, among all, held supremacy in the interventional radiology market in the recent past. The growth of demand for technologically advanced imaging techniques such as optical coherence tomography (OCT) and fractional flow reserve (FFR) for stenting patients account for dominance of North America interventional radiology market.
However, Asia Pacific is predicted to emerge as the most attractive market for interventional radiology. Factors such as rising acceptance of image-guided therapeutic interventions will lead the Asia Pacific interventional radiology market to be valued at US$4,586.7 mn by 2024.
Leading companies in the worldwide interventional radiology market include Philips Healthcare, GE Healthcare, Toshiba Medical Systems, Siemens Healthcare, Hitachi Medical Corporation, Teleflex Incorporated, Siemens Healthineers, Medtronic plc, Hologic Inc., Fujifilm Holdings Corporation, and Agfa-Gevert N.V.
Global Interventional Radiology Market: Overview
The report on the global interventional radiology market examines the current as well as future growth prospects of the said market globally. The primary objective of the research report is to provide a satisfactory analysis of growth trends and competitive structure of the interventional radiology market for the 2017-2025 forecast period. The stakeholders of the report include companies and intermediaries involved in the manufacture of imaging equipment such as x-ray and ultrasound.
The report includes an extensive executive summary which also includes the crux of the analysis of this market. It provides in-depth information on various segments and sub-segments that are in the scope of this study. The section further provides an all-inclusive information of the global interventional radiology market based on product, application, end user, and geography at regional and global level.
Market revenue in terms of value (US$ Mn) and volume (in Kilo tons) for the overall interventional radiology market for the 2017-2024 forecast period has been provided. Revenue forecasts for all segments and sub-segments with 2016 as the base year has been provided as well.
Global Interventional Radiology Market: Report Highlights
The secondary objective of the report is to provide a conclusive analysis of this market for a know-how for market stakeholders to leverage maximum opportunities for investment and growth. Demand analysis and adoption trends of interventional radiology across each geography have also been looked into in the report. Competitive structure along with insights on competitive position and winning strategies of key players is a highlight of this report.
The report has been prepared keeping in mind several assumptions. Interventional radiology is preferred by end-users such as hospitals, catheterization labs, and ambulatory surgical centers. Following an extensive primary and secondary research phase, analysts arrived at several inference;
- Revenue for each interventional radiology product type, application type, and end-user type has been evaluated based on in-depth secondary research and interviews with primary respondents
- Analyst coverage, company annual reports, investor presentations, and research articles helped to understand the percentage split for each product, application, and end-user
- The uptake of interventional radiology has been analyzed in different regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
- Moreover, utilization of interventional radiology helped to identify the growth scenario for respective interventional radiology products, applications, and end-users in different regions. All these methodologies assisted in deriving market estimations for the global interventional radiology market
Global Interventional Radiology Market: Research Methodology
The market study has been prepared by employing a combination of top-down and bottom-up approach. Analysts carried out in-depth interviews and discussions with a wide range of key industry participants and opinion leaders for the research report. Primary research accounted for the majority of research efforts along with an extensive secondary research phase.
Secondary research phase involved reviewing key players’ annual reports, product literature, press releases, and relevant business documents for competitive analysis and market know-how. In addition, recent trade records, technical writings, internet sources, and statistical data from trade associations were scrutinized in the secondary research phase. This proved to be most reliable and successful approach to obtain precise market and to gather valuable inputs from industry participants.