With reference to competition, the global interventional radiology market is highly consolidated, notes Transparency Market Research (TMR). The competitive scenario features GE Healthcare, Hitachi Medical Corporation, Siemens Healthcare, Philips Healthcare, and Toshiba Medical Systems Corporation at the top. In 2015, these five companies held a whopping 60% in the global market for interventional radiology. Product innovation, partnerships, collaborations, mergers, and acquisitions are some frequently adopted business strategies of these firms. Several other firms have been focusing on expanding their presence.
For instance, in May 2017, Alliance Healthcare Services, Inc., a major supplier of outsourced oncology, radiology, and interventional services made an announcement that its oncology division, Alliance Oncology, is partnering Red Rocks Radiation and Oncology, LLC. The primary objective of the partnership is to offer superior clinical quality along with higher patient experience, covering patients residing in the Colorado region.
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In 2015, the global market for interventional radiology was pegged at US$13.8 bn. Promising significant growth, the market is expected to attain a revenue worth US$22.9 bn by the end of 2024. The global interventional radiology market is expected to expand a healthy CAGR of 5.8% between the forecast years 2016 and 2024.
Growing Incidence of Traumatic Disorders Places Embolization Segment at the Fore
By application, the embolization segment accounted for a share of 24% in 2014 and is expected to continue to hold its dominance over the forecast period as well. The increasing prevalence of diseases such as traumatic injuries has been promoting the advancement of this segment. By geography, North America surfaced as the leading segment of the global interventional radiology market in 2015, thanks to the rising demand for minimally invasive procedures and continuous upgrading of medical devices in the region.
Increasing Geriatric Population Responsible for Growing Demand
One of the primary growth drivers of the global market for interventional radiology is the alarming incidence of obesity all over the globe. Unhealthy eating habits, lack of exercise, and faulty lifestyles are leading to chronic diseases including cardiac conditions. As the number of people suffering from such disorders and diseases increases, the demand for interventional radiology is likely to pick up subsequently.
The rising geriatric population is also propelling the market for interventional radiology. Age is a significant risk factor associated with the contraction of numerous diseases. A great portion of the aging population has already been diagnosed with neurological, cardiovascular, and orthopedic disorders. Despite the advancement of the market, the lack of reimbursement policies across a number of regions can restrict growth. For instance, in developing countries such as India and Brazil, where the reimbursements are already low, a further reduction in reimbursements has been made. The high costs of equipment and surgeries has been responsible for this reduction in reimbursements.
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Additionally, levying of high excise duties can also pose a challenge to the expansion of the global intervention radiology market. The medical device manufacturers globally are witnessing reduced profit margins, due to the presence of such taxes. However, the global intervention radiology market is likely to pick up steam with the emergence of new techniques used in intervention radiology such as fractional flow reserve and optical coherence tomography.
The information presented in this review is based on a Transparency Market Research report, titled, “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 2016 – 2024.”