Global Interventional Radiology Market: Snapshot
The use interventional radiology procedures is witnessing a huge surge across the globe owing to their minimally invasive nature and benefits such as less recovery time and hospital stay. A number of interventional radiology procedures are being regularly used for the treatment of diseases such as cancer, cardiovascular diseases, and traumatic inquiries, the prevalence of which is rising at an alarming rate globally. The field of interventional radiology also holds immense promise owing to the wide range of applications and technological advancements.
As a result, the global interventional radiology market is poised to observe significant growth in the next few years. Transparency Market Research estimates that market will exhibit a CAGR of 5.8% over the period between 2016 and 2024. If the prediction holds true, the market, which valued at US$13.8 bn in 2015, is expected to reach US$22.9 bn by 2024.
Rising Numbers of Traumatic Injuries to Boost Demand for Embolization Procedures
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In terms of application, the global market for interventional radiology is examined for angiography, balloon angioplasty, embolization, vertebroplasty, biopsy, kyphoplasty, and RF ablation. Of these, the segment of embolization is expected to account for a share of 24.2% of the global market by 2024. The segment also holds the dominant position in the market presently and accounted for a 23.8% of the global market in 2015.
The rising prevalence of traumatic injuries across the globe is expected to drive the increased demand for embolization surgeries worldwide. According to the National Trauma Institute, traumatic injuries account for nearly 41 mn visits to emergency departments and over 2.3 mn hospital admissions. Traumatic injury is also a serious public health issue globally and is expected to lead to an increased demand for embolization surgeries in the near future.
The angiography segment is projected to account for a share of 21.0% in the global market by 2024. The rising global prevalence of strokes and high demand for minimally invasive surgeries will allow the segment to expand at a favorable pace over the forecast period. Biopsy and vertebroplasty-kyphoplasty are relatively smaller segments of the market, with a collective share of nearly 11.8% in the global market in 2015. The segment of biopsy is expected to register a CAGR of 5.6% during the forecast period owing to the increasing prevalence of breast cancer.
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Asia Pacific to Lead to Promising Growth Opportunities
With a 38.4% share, the North America interventional radiology market held the top spot in the global market in 2015. Rising demand for minimal invasive procedures and an endless supply of technological advanced devices and equipment are the major factors supporting the growth of the North America market. The x-ray segment gained the leading position in North America in the same year, accounting for over half of the market. Owing to factors such as improvement in technology, rising incidences of a variety of cancers, and well-established healthcare facilities, the North America market for interventional radiology is expected to expand at a swift pace over the next few years as well.
Although North America will continue to account for a higher share in the global interventional radiology market as compared to other regional markets over the forecast period as well, it is expected to lose prominence to the market in Asia Pacific in terms of rate of growth. The Asia Pacific interventional radiology market is expected to exhibit a 7.1% CAGR from 2016 through 2024. Rising prevalence of a variety of cancers, rising geriatric population, improving healthcare facilities, and rising disposable incomes and the relative rise in healthcare spending will play a key role in driving the Asia Pacific interventional radiology market over the said period.
The global interventional radiology market features a consolidated competitive landscape, wherein a relatively small number of companies account for a majority share in the market. Some of the key players operating in the global Interventional Radiology market are Agfa-Gevaert N.V., Fujifilm Holdings Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic, Inc., Medtronic plc., and Philips Healthcare.