According to a study by P&S Intelligence, the interventional radiology market is expected to reach $27.3 billion in terms of revenue generation by 2024, witnessing a CAGR of 6.4% during the forecast period. The key factors driving the market are increasing prevalence of chronic diseases, advancements in technology, growing aging population, and improving reimbursement rate for interventional radiology procedures.
New York City, NY -- (SBWIRE) -- 04/30/2019 -- There are different types of products available in the interventional radiology market, including magnetic resonance imaging (MRI), ultrasound, computed tomography (CT), angiography systems, and others. The market for ultrasound systems is estimated to progress substantially during the forecast period, registering a CAGR of 6.2%. The reason for such growth would be the increasing prevalence of birth disorders and chronic diseases that are boosting the demand for ultrasound systems globally.
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Furthermore, the domain, on the basis of application, is categorized into cardiology, oncology, gastroenterology, urology and nephrology, obstetrics and gynecology, and others. Out of these, oncology is estimated to contribute the most significant share to the interventional radiology market in the forecast period. The oncology segment is expected to generate $5.1 billion revenue for the market in 2018 and $7.3 billion by 2024. Across the globe, the increasing prevalence of cancer has boosted this segment. Furthermore, the market for gastroenterology is also expected to experience significant growth, progressing at a CAGR of 5.9% during the analysis period.
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Moreover, developing countries, such as China and India, are increasing their healthcare expenditure to improve the healthcare infrastructure, which is impelling companies to invest in the region by creating notable revenue generation opportunities. According to the World Bank, China's healthcare expenditure in 2005 was 4.3% of its GDP, which increased to 5.3% in 10 years.
Across the globe, the interventional radiology market is registering growth owing to a substantial number of new equipment being introduced by prominent players. For instance, Canon Medical Systems Corporation, within its Vitrea platform, launched the illumination rendering technology in January 2019. This will enable real-time interaction with photorealistic images, allowing physicians to visualize patient's anatomy in all dimensions. That same year, Canon also launched the Aquilian Start CT system in Dubai.