Patients Spending on Interventional Radiology Drainage Procedures to Reach US$ 1.4 Bn by 2031: Transparency Market Research

Interventional Radiology Drainage Procedures Market: Introduction

According to the report, the global interventional radiology drainage procedures market was valued at US$ 0.67 Bn in 2020 and is projected to expand at a CAGR of ~7% from 2021 to 2031. An abscess is an infected fluid collection within the body. Percutaneous abscess drainage uses imaging guidance to place a needle or catheter through the skin into the abscess to remove or drain the infected fluid. It offers faster recovery than open surgical drainage. In terms of type, the global interventional radiology drainage procedures market has been classified into catheter, stent, and others. Drainage catheters are available in different sizes, shapes, and types. An interventional radiologist will choose a catheter according to the type of fluid, along with other factors. High prevalence of target diseases and increase in preference for minimally invasive surgeries boost the growth of the global interventional radiology drainage procedures market.

North America dominated the global interventional radiology drainage procedures market in 2020 and the trend is anticipated to continue during the forecast period. High prevalence of diseases and well-established healthcare infrastructure that enables proper diagnosis and adoption of cost-effective minimally invasive procedure for abscess drainage can be attributed to the region’s large market share.

Asia Pacific is expected to be a highly lucrative market for interventional radiology drainage procedures during the forecast period. Majority of countries in Asia Pacific are developing countries and a number of players are making significant investment in the region. These factors propel the growth of the market in Asia Pacific. The rise in technological advancements in countries in terms of healthcare and medical research is anticipated to fuel the growth of the market in the region.

Rise in Patient Preference for Minimally Invasive Surgeries, Cost-effective Drainage Procedures to Drive Global Market

The demand for minimally invasive surgeries has increased significantly over the past few years. Advantages such as fewer post-surgery complications & side effects, faster recovery, and shorter hospital stay prompt patients to opt for minimally invasive surgeries. Minimally invasive procedures utilize advanced technology to reach internal organs through small incisions leading to decreased pain, low risk of infection, shorter hospital stay, quicker recovery, less scarring, and reduced blood loss compared to traditional surgeries. Hence, rise in the number of minimally invasive surgeries is expected to drive the global interventional radiology drainage procedures market during the forecast period.

Interventional radiology procedures are less expensive than invasive procedures and other treatment alternatives. Moreover, existing reimbursement policies for image-guided drainage procedures drive the market. According to a survey conducted by the Urgent Care Association of America (UCAOA), about 51% of urgent care revenue is currently reimbursed by private insurance and 14% by Medicare. According to industry experts, favorable insurance coverage is anticipated to influence the global interventional radiology drainage procedures market by penetrating the sub-urban areas.

Catheters to Dominate Global 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 segregated into multipurpose drainage catheters, nephrostomy drainage catheters, biliary drainage catheters, cholecystectomy catheters, and others. The catheter segment dominated the global interventional radiology drainage procedures market in 2020 and the trend is likely to continue during the forecast period. The growth of the segment can be attributed to the increase in demand for catheters, owing to the rise in cases of target diseases. In June 2020, Boston Scientific Corporation launched DIRECTSENSE Technology, a tool for monitoring the effect of radiofrequency (RF) energy delivery during cardiac ablation procedures in the U.S.

Abdomen to be Key Application Area

Based on application, the global interventional radiology drainage procedures market has been categorized into abdomen, pelvis, and others. The abdomen segment dominated the global interventional radiology drainage procedures market in 2020. Percutaneous computed tomography-guided catheter drainage is the standard treatment for most intra-abdominal abscesses, as it avoids anesthesia and possibly difficult laparotomy. It also prevents the possibility of wound complications from open surgery and could reduce the length of hospitalization.

Hospitals to be Promising End Users

In terms of end user, the global interventional radiology drainage procedures market has been classified into hospitals, specialty clinics, and ambulatory surgical centers. The hospitals segment dominated the market in 2020. The segment is expected to expand at the highest CAGR from 2021 to 2031. The growth of the segment can be attributed to increase in adoption of interventional radiology (IR) in hospitals due to technological advancements such as real-time imaging systems.

North America to Lead Interventional Radiology Drainage Procedures Market

The global interventional radiology drainage procedures market has been split into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market in 2020, followed by Europe. North America accounted for a major share of the global interventional radiology drainage procedures market in 2020, owing to rise in adoption of new technology and increase in number of various disorders. The interventional radiology drainage procedures market in Asia Pacific is anticipated to expand at a higher CAGR from 2021 to 2031. The expansion of the interventional radiology drainage procedures market in the region can be ascribed to rise in prevalence of disorders and increase in awareness about the diagnosis and newer technologies available for the treatment.

Competition Landscape

The global interventional radiology drainage procedures market is fragmented due to the presence of a large number of leading players. Key players operating in the global market include AngioDynamics, BD, Boston Scientific Corporation, Cook Medical LLC, Teleflex Incorporated, UreSil, LLC, Merit Medical Systems, APR Medtech Ltd., Argon Medical Devices, Inc., Rocket Medical plc, Optimed, and Bioteque Corporation. New product development through robust R&D activities and mergers & acquisitions are the key strategies adopted by these players to expand business in the global interventional radiology drainage procedures market

Global Interventional Radiology Drainage Procedures Market: Segmentation

  • Interventional Radiology Drainage Procedures Market, by Type
    • Catheter
      • Multipurpose Drainage Catheter
      • Nephrostomy Drainage Catheter
      • Biliary Drainage Catheter
      • Cholecystectomy Catheters
      • Others
    • Stent
    • Others
  • Interventional Radiology Drainage Procedures Market, by Application
    • Abdomen
    • Pelvis
    • Others
  • Interventional Radiology Drainage Procedures Market, by End User
    • Hospitals
    • Specialty Clinics
    • Ambulatory Surgical Centers
  • Interventional Radiology Drainage Procedures Market, by Region
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific
      • China
      • India
      • Japan
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • GCC Countries
      • South Africa
      • Rest of Middle East & Africa

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