ALBANY, N.Y., Oct. 14, 2020 /PRNewswire/ — The focus on improving the diagnostic aspect of imaging technologies underpins the steady advances the interventional radiology market has been made over the past few years. Growing clinical relevance of interventional radiology in angioplasty and stent placement has helped propel the market growth.
An array of new technologies such as optical coherence tomography (OCT) and fractional flow reserve (FFR) are gathering acceptance in cardiovascular procedures for improving the outcomes.
The global valuation of the interventional radiology market was pegged at US$ 16.4 Bn in 2018, and is forecast to expand at CAGR of 5.2% from 2019 to 2027.
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Key Findings of Interventional Radiology Market Report
- The final valuation of the market is projected to be US$ 26,119.3 Mn by 2027
- Of the various types, X-ray is a prominently lucrative segment
- Of the various applications, embolization was the major segment in 2018
- Extensive use of interventional radiology devices in embolization driven by marked presence of patients with traumatic injuries
- North America led the global interventional radiology market
- Asia Pacific is expected to be a highly lucrative segment over the forecast period
Explore 172 pages of top-notch research, incisive insights, and detailed country-level projections on 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 at https://www.transparencymarketresearch.com/report-toc/1337
Interventional Radiology Market: Key Driving Factors and Promising Avenues
- Growing use of surgical radiology in managing a wide range of conditions is a key trend propelling the strides in the interventional radiology market
- Need for making the treatment modalities more Advances made in imaging modalities to make them minimally invasive and targeted toward the diagnosis and treatment of various cardiovascular conditions is boosting the market.
- Growing clinical relevance of optical coherence tomography (OCT) for interventional cardiologists is boosting the prospects in interventional radiology market. An example is rise in demand for these in coronary angioplasties.
- The marked mortality and morbidity of cardiovascular diseases and multi-vessel diseases is a key trend spurring the clinical relevance of new interventional radiology technologies.
- Per the WHO, CVD claims 17.9 million lives each year. This has intensified the need for newer interventional radiology devices in managing the condition.
- The growing mortality from traumatic injuries, especially in developed nations, is bolstering the prospects in the interventional radiology market.
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Key Impediments to Interventional Radiology Market Stakeholders
- High cost of interventional radiology devices has dampened the demand in cost-sensitive markets
- Some patients are also averse to use of some of the well-known interventional radiology devices. An instance is claustrophobic patients.
- Emerging economies are slow on the uptake of digital radiology devices. A part of the restraining factor is the lack of awareness of the clinical relevance.
- Presence of several players renders a high degree of fragmentation to the interventional radiology market.
- Some of the key players in the market are Teleflex Incorporated, Siemens, Koninklijke Philips N.V., Medtronic, Inc., Hologic, Inc., Hitachi Medical Corporation, GE Healthcare, FUJIFILM Holdings Corporation, and Agfa-Gevaert Group.
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Interventional Radiology Market: Regional Assessment
- Of the various geographies, North America and Europe have been lucrative markets.
- The vast appetite for modern radiology devices in surgeries in the regional markets has helped cement their prospects
- Rise in demand for optical coherence tomography (OCT) and fractional flow reserve (FFR) in improving the outcomes of stenting has helped augment opportunities for manufacturers in the North America market.
- On the other hand, Asia Pacific is expected to be a promising regional market, and is expected to see rapid growth of opportunities. Demand for minimally invasive surgeries across the region is bolstering the prospects in the market.
- Rise in image-guided therapeutic interventions in emerging economies of the region has also helped cement the potential of the Asia Pacific interventional radiology market.
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The Interventional Radiology Market is segmented based on:
- Global Interventional Radiology Market, by Product
- Computed Tomography (CT)
- Magnetic Resonance Imaging (MRI)
- Global Interventional Radiology Market, by Application
- Balloon Angioplasty
- Radiofrequency Ablation
- Global Interventional Radiology Market, by Region
- 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
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