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ASEAN Interventional Radiology Devices Market to Generate Revenue of $945.7 Million By 2027 | Astute Analytica

September 23rd, 2022 Astute Analytica Releases

ASEAN interventional radiology devices market was valued at $626.4 million in 2021 and is projected to surpass the market size of $945.7 million by 2027 at a CAGR of 7.1% during the forecast period, 2022–2027.

Get a Free Sample Copy of this Report@ https://www.astuteanalytica.com/request-sample/asean-interventional-radiology-devices-market

ASEAN interventional radiology devices market is growing rapidly due to the increasing prevalence of chronic diseases. According to the World Health Organization, the prevalence of chronic diseases such as heart disease, cancer, and diabetes is expected to triple within the next 30 years. This increase in chronic diseases has led to an increased demand for interventional radiology services.

One of the main reasons for this increase in demand for interventional radiology services is the advent of minimally invasive treatments such as stents and balloon angioplasty. These treatments are safe and effective when used correctly, but they can be life-saving if used in cases of heart attack or stroke.

As per Astute Analytica the challenge that healthcare providers face in ASEAN interventional radiology devices market is that many patients do not have access to standard clinics and hospitals. This means that patients must travel long distances to undergo these procedures. In addition, many patients do not have insurance or money to cover the cost of these treatments. As a result, providers are turning to online platforms such as Airbnb to generate revenue from their services.

Growing demand for interventional radiology devices is underscored by the patients’ increasing preference for minimally invasive treatments. This trend is evident in the continued growth of laparoscopic and robot-assisted surgery, as well as Image-Guided Interventions (IGI). With more information available on a patient’s conditions through images, procedures are becoming more targeted, which leads to improved outcomes for patients.

Market Dynamics

Drivers

Increasing Number of Devices and Procedure to Treat Chronic Disease

ASEAN interventional radiology devices market has seen a rapid growth in demand in recent years, with devices being introduced that provide an expanded range of procedures and treatments. This has led to increased competition for market share among device manufacturers, and as a result, prices for these devices have fallen significantly over the past few years.

While this has meant great benefits for patients who can access treatments that were previously unavailable or unaffordable, it has also created opportunities for non-traditional players to enter the market and profit from the growing demand for interventional radiology devices.

Growing Preference for Quality Care and Improving Economic Condition in ASEAN Countries

ASEAN interventional radiology devices market is booming as a lucrative and growing field in south East Asian countries. This is because patients there are seeking high-quality care, which the specialty offers. Here are a few factors driving demand for interventional radiology in these regions:

  1. Healthcare quality: Patients in south East Asian countries have high expectations for quality healthcare, and they know that interventional radiology delivers on that promise. A highly skilled and experienced team provides top-level care, and the technology used is state-of-the-art.
  2. Economic development: Economic growth in these regions is fueling demand for ASEAN interventional radiology devices market. Medical advances are allowing people to live longer, and thus more people are seeking treatment for cancer, cardiac problems, and other serious health issues. As a result, hospital budgets are increasingly being allocated to interventional radiology services.
  3. Rising life expectancy: South East Asian countries are seeing a rising trend of life expectancy, which is fueling demand for medical interventions such as interventional radiology. With more people living longer overall, people are more likely to experience complications from diseases that would have previously led to early deaths. Consequently, the number of people needing interventional radiology devices in also increasing.

Restraints

Interventional radiology is a highly popular and common medical specialty in developed countries. However, the demand for interventional radiology services in the ASEAN interventional radiology devices market is relatively low due to various socio-economic factors.

  • These factors include high cost of healthcare, poor infrastructure, and lack of availability of skilled personnel.
  • Additionally, access to medical insurance is often difficult for people living in these countries.
  • Consequently, patients are often reluctant to undergo interventional procedures due to the high cost.

Another prominent obstacle in the ASEAN interventional radiology devices market is a lack of awareness about interventional radiology among patients and their caregivers.

  • Another hindrance to increased demand for interventional radiology services is a shortage of radiologists. In some areas, such as Vietnam and Cambodia, there are only around 20 radiologists practicing interventional radiology, which can severely restrict access to procedures for patients.

Segmental Analysis

By Type

By Type, ASEAN interventional radiology devices market is dominated by stent. As per Astute Analytica’s market analysis, the segment generated over 26% revenue of the market in 2021.

The demand for stents in ASEAN countries is high, with around half a million patients expected to need one each year by 2020. In light of this, manufacturers have been keen to invest in stent manufacturing and R&D developments. This is in part due to the high incidence of cardiovascular disease and the prevalence of diabetes, which can lead to heart failure and stroke. In 2021, over 11.3 million people died of cardiovascular diseases in the region, accounting for 35% of all deaths in Asia and most of them were premature deaths. Our study suggests that over 58% of total CVD deaths occurs in Asia only.

Issues around the quality and safety of these devices in the ASEAN interventional radiology devices market have been brought to the fore recently. In March 2021, 510 cases of adverse events were reported from Thailand after the implantation. Recently in June 2022, Atrium Medical Corporation has recalled the iCast Covered Stent System. This led to health watchdog groups like the Thai Pharmaceutical Association and FDA calling for tighter regulation of the industry.

By Country

Indonesia is the largest consumer of interventional radiology devices, annually purchasing an estimated total of US$120 million worth of devices. This is a 15% increase from 2016 and marks Indonesia’s continued growth as a radiography market force. The main reasons for this growth include population growth and aging, as well as increasing cases of vascular diseases, which necessitate proper diagnosis and treatment with intra-arterial or endovascular procedures.

Since 2007, the number of interventional procedures performed in Indonesia has increased by 132%. This growth is being driven largely by the country’s burgeoning middle class, who are increasingly able to afford quality healthcare. While many physicians in Indonesia still use traditional surgical techniques, radiology has emerged as a preferred approach for many procedures due to its accuracy and potential for fewer side effects.

One of the main reasons for this growth is the growing population and aging population in Indonesia. According to data from the World Bank, Indonesia’s population is estimated to reach 270 million by 2025, which would translate into an annual growth rate of nearly 6%. Moreover, this population growth is expected to be followed by an even higher rate of aging because of Indonesia’s high birthrate (over 2.29 children per woman on average) and relatively low mortality rate. Consequently, the demand for medical procedures that can effectively treat chronic diseases such as CVD, obesity, and diabetes will increase in the coming years.

Another major factor behind Indonesia’s impressive growth in the interventional radiology devices market is its expanding healthcare infrastructure. The country has made significant strides in terms of health coverage over the past few years.

Market Segmentation:

By Type:

  • Catheters
  • Stents
  • Inferior Vena Cava (IVC) Filters
  • Hemodynamic Flow Alteration Devices
  • Angioplasty Balloons
  • Thrombectomy Systems
  • Embolization Devices
  • Biopsy Needles
  • Accessories
  • Other Interventional Radiology Devices Products

By Procedures:

  • Angioplasty
  • Angiography
  • Embolization
  • Thrombolysis
  • Biopsy & Drainage
  • Vertebroplasty
  • Nephrostomy
  • Other Procedures

By Application:

  • Cardiology
  • Urology & Nephrology
  • Oncology
  • Gastroenterology
  • Neurology
  • Orthopaedics
  • Other Applications

By Country:

  • Singapore
  • Indonesia
  • Thailand
  • Malaysia
  • Vietnam
  • Philippines
  • Myanmar
  • Rest of ASEAN

To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/asean-interventional-radiology-devices-market

About Astute Analytica 

Astute Analytica is a global analytics and advisory company which has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in depth and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the Globe. They are able to make well calibrated decisions and leverage highly lucrative opportunities while surmounting the fierce challenges all because we analyze for them the complex business environment, segment wise existing and emerging possibilities, technology formations, growth estimates, and even the strategic choices available. In short, a complete package. All this is possible because we have a highly qualified, competent, and experienced team of professionals comprising of business analysts, economists, consultants, and technology experts. In our list of priorities, you-our patron-come at the top. You can be sure of best cost-effective, value-added package from us, should you decide to engage with us.

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