Interventional Radiology Market
Interventional Radiology Market (Products - X-ray, Computed Tomography, Magnetic Resonance Imaging (MRI), and Ultrasound; Application - Angiography, Balloon Angioplasty, Embolization, Biopsy, Vertebroplasty, Kyphoplasty, and RF Ablation; End-user - Hospitals, Catheterization Labs, and Ambulatory Surgical Centers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019 - 2027
Press Release :
- According to Transparency Market Research’s latest report on the global Interventional Radiology market for the historical period 2017–2018 and forecast period 2019–2027, high incidence of cancer, awareness programs by governments and NGOs, increase in maternal age and late pregnancies are projected to drive the global Interventional Radiology market during the forecast period
- According to the report, the global Interventional Radiology market was valued at US$ 16.4 Bn in 2018 and is anticipated to expand at a CAGR of 5.2% from 2019 to 2027
Rising Prevalence of Cancer and cardiovascular disorders and Technological Advancement: Key Drivers
- Interventional radiology involves the use of medical imaging to see inside the body and minimally invasive techniques to diagnose and treat cancer. According to National Cancer Institute, in 2018 around 1,735, 350 new cases of cancer was estimated to be diagnosed in the U.S.
- Governments of various countries, including developed and developing nations such as the U.S., Sweden, Norway, and India, encourage patient to opt for more effective interventional radiology techniques for diagnosis of cancer.
- With the evolution of new techniques such as optical coherence tomography (OCT) and fractional flow reserve (FFR) technique for stenting patients with multi-vessel disease, likely to drive the interventional radiology market in the forecast period. Moreover, rising prevalence of cardiology disorder is expected to boost adoption of interventional radiology devices
- According to the American Heart Association, in 2018, about 92.1 million U.S. adults were living with some form of a cardiovascular disease or after-effects of stroke
- In April 2015, Philips launched innovative 3D navigation system to enhance minimally invasive treatment of vascular diseases. It can be used with interventional X-ray systems, enhancing the precision and accuracy of stent placement, while at the same time significantly reducing contrast medium usage. These new technological advancements are expected to drive the market during the forecast period.
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Wide Application Area of Interventional Radiology Systems Boost Market Growth
- Interventional radiology has wide application areas such as angiography, angioplasty & stent placement, cancer, balloon angioplasty, and vertebroplasty-kyphoplasty. According to the Journal of American College of Cardiology, imaging techniques are utilized in 70% of the coronary angioplasties performed across the world.
- Hence, increase in the number of applications is likely to fuel the growth of the interventional radiology market during the forecast period.
Low Adoption of Digital Technology-based Systems to Hamper Market
- High cost of digital radiology devices such as X-ray systems, MRI scanners, and CT scanners was a major restraint of the market in emerging countries. In these regions, complementary systems such as ultrasound were deployed instead of the costly digital radiology devices.
- Moreover, even after paying a premium price for high resolution closed system MRI equipment, growth was mediocre due to high number of claustrophobic patients. These factors have resulted in lower adoption of premium devices, thereby leading to ordinary growth of the medical imaging equipment market globally.
Global Interventional Radiology Market: Competitive Landscape
- This report profiles major players in the global interventional radiology market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global interventional radiology market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global interventional radiology market are
- Agfa-Gevaert Group.,
- FUJIFILM Holdings Corporation,
- GE Healthcare,
- Hitachi Medical Corporation,
- Hologic, Inc.,
- Medtronic , Inc.,
- Koninklijke Philips
- N.V., Siemens,
- Teleflex Incorporated
- CANON MEDICAL SYSTEMS CORPORATION
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Global Interventional Radiology Market: Key Developments
Key players in the global interventional radiology market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global Interventional Radiology market. A few expansion strategies adopted by players operating in the global Interventional Radiology market are:
- In February 2019, Siemens Healthineers launched Artis icono which is an interventional angiography systems. This new product has novel detector positioning design and floor mounted unit which is optimized for vascular and interventional radiology procedure.
- In November 2018, CANON MEDICAL SYSTEMS CORPORATION launched Alphenix platform which is a next generation interventional systems.
- In November 2017, Koninklijke Philips N.V. acquired U Analytical Informatics, Inc. which will help company expand its radiology solutions portfolio.
The report on the global Interventional Radiology market discussed individual strategies, followed by company profiles of manufacturers of oral contraceptive pills. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global Interventional Radiology market.
TMR’s report on the global Interventional Radiology market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global Interventional Radiology market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global Interventional Radiology market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global Interventional Radiology market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global Interventional Radiology 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. Furthermore, the report sheds light on the changing competitive dynamics in the global Interventional Radiology market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global Interventional Radiology market.
The report delves into the competitive landscape of the global Interventional Radiology market. Key players operating in the global Interventional Radiology market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global Interventional Radiology market that have been profiled in this report.
Key Questions Answered in Global Interventional Radiology Market Report
- What is the scope of growth of product companies in the global Interventional Radiology market?
- What will be the Y-o-Y growth of the global Interventional Radiology market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global Interventional Radiology market?
- Will North America continue to be the most profitable market for Interventional Radiology providers?
- Which factors are anticipated to hamper the growth of the global Interventional Radiology market during the forecast period?
- Which are the leading companies in the global Interventional Radiology market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global Interventional Radiology market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary methods referred to by analysts during the production of the global Interventional Radiology market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the Interventional Radiology market as primary methods.
These primary and secondary methods have provided exclusive information during interviews, which serves as a validation from the Interventional Radiology market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global Interventional Radiology market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global Interventional Radiology market more reliably and accurately.
Regional Segmentation of Interventional Radiology Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Interventional Radiology Market - Segmentation