A large section of the global aged population suffers from neurological, cardiovascular, and orthopedic disorders, creating a huge demand for surgical interventions. Utilizing minimally-invasive image-guided procedures to diagnose and treat diseases is known as interventional radiology, which is a medical sub-specialty of radiology. On account of a wide range of applications and technological advancements, the field of interventional radiology has gained immense traction.
High incidence of chronic diseases and obesity is the result of absence of physical activities, busy lifestyle, and unhealthy habits such as smoking and poor diet. This is the primary factor for the high demand for interventional radiology. In addition, the development of new techniques such as optical coherence tomography (OCT) as well as fractional flow reserve (FFR) are likely to increase the global adoption of interventional radiology techniques during the forecast period. However, several developing economies have limited or no reimbursement for interventional radiology procedures or products, thereby limiting the development of the market.
According to Transparency Market Research, the global interventional radiology market is anticipated to reach US$22.9 bn by 2024, registering a CAGR of 5.8% over the period between 2016 and 2024.
Technological Advancements to Propel Demand for Interventional Radiology
On the basis of procedure, the global interventional radiology market can be segmented into embolization, vertebroplasty angiography, biopsy, balloon angioplasty, kyphoplasty, and RF ablation. The embolization segment held a significant share in the market and is expected to grow during the said period on account of growing incidence of traumatic injuries across the globe. The high demand for minimally invasive surgeries and rising global prevalence of strokes will supplement the growth of the angiography segment over the forecast period.
In term of application, the market is categorized into oncology, urology and nephrology, cardiology, gastroenterology, and other applications such as orthopedics, neurology, and gynecology. Due to the demand for minimally invasive procedures, the cardiology segment is likely to witness the highest growth in the global market.
Based on products, the market is segmented into CT scanners, angiography systems, ultrasound-imaging systems, fluoroscopy systems, MRI system, and other devices such as C-arm, imaging catheter guide wires, and contrast media injectors. Factors such as technological advancements and product launches are fuelling the growth of the MRI system segment.
Improving Healthcare Facilities Drive Asia Pacific Market
North America held the dominant position in the global interventional radiology market. This region is expected to show a significant rise even during the forecast period owing to growing demand for minimal invasive procedures and an endless supply of technological advanced equipment and devices. In addition, rising occurrence of a variety of cancers, improvement in technology, and well-established healthcare facilities will supplemented the growth of the market in this region over the years.
Although the market in North America will continue to gain traction, it will lose prominence to the Asia Pacific market in terms of growth over the years. The development of this regional market is attributed to factors such as rising geriatric population, growing prevalence of a variety of cancers, increase in disposable incomes subsequently leading to rise in healthcare spending, and improving healthcare facilities.
Some of the leading players in the global interventional radiology market are Fujifilm Holdings Corporation, Samsung Medison, Agfa-Gevaert N.V., GE Healthcare, Hologic, Inc., Hitachi Medical Corporation, Philips Healthcare, Carestream Health, Inc., Shimadzu Corporation, and Medtronic plc.
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