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.
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$4586.7 by the end of assessed period.
Some of the major players in the market are Medtronic plc, Philips Healthcare, Siemens Healthcare, Agfa-Gevert N.V, Toshiba Medical Sysems, Hitachi Medical Corporartion, Teleflex Incorporated, and Fujifilm Holdings.
Global Interventional Radiology Market: Overview
The report on the global interventional radiology market examines the current as well as future growth prospects of the said market globally. The primary objective of the research report is to provide a satisfactory analysis of growth trends and competitive structure of the interventional radiology market for the 2017-2025 forecast period. The stakeholders of the report include companies and intermediaries involved in the manufacture of imaging equipment such as x-ray and ultrasound.
The report includes an extensive executive summary which also includes the crux of the analysis of this market. It provides in-depth information on various segments and sub-segments that are in the scope of this study. The section further provides an all-inclusive information of the global interventional radiology market based on product, application, end user, and geography at regional and global level.
Market revenue in terms of value (US$ 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.