Albany, NY -- (SBWIRE) -- 09/17/2018 -- In a largely concentrated global interventional radiology market, top five companies account for nearly 60% share of the overall market. Top companies in the global interventional radiology market to name are Philips Healthcare, Hitachi Medical Corporation, GE Healthcare, Toshiba Medical Systems, and Siemens Healthcare that display intense competitive rivalry among them. These companies hold significant market shares attributable to their differentiator product portfolio and vast geographical presence. Product innovation and product development have also been instrumental for these companies to establish a strong presence. With the launch of an array of interventional x-beam hardware namely EchoNavigator, FlexVision, and Allura 3D, these organizations are set to further consolidate their position in the interventional radiology market.
As per a report by Transparency Market Research (TMR), the demand in the global interventional radiology market is predicted to translate into a revenue of US$22,908.3 mn expanding at a CAGR of 5.8% between 2017 and 2024. The opportunities in the market translated into a revenue of US$15,397.6 mn in 2017. Among the key product type segments, x-ray is anticipated to be the most lucrative through 2024 closely followed by ultrasound. Application-wise, embolization is anticipated to hold a significant 24.2% share by 2024 mainly because of increasing incidence of traumatic injuries. North America, among key regions, holds prominence due to fast paced technological advancements in medical science.
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Soaring Applications of Interventional Radiology to Boost Growth
Worldwide, individuals are increasingly preferring minimally invasive procedures in place of conventional surgical procedures. This is because minimally invasive procedures have advantages of fewer post-surgery complications, faster recovery, and shorter hospital stay. Hence, the demand for interventional radiology is on the rise, which involves minimally invasive image-guided diagnostics and treatment.
In addition, with rising prevalence of cancer the demand for minimally invasive procedures is on the rise. Interventional radiology is used to view inside the body and employ radiological image guidance to diagnose and treat cancer.
Furthermore, interventional radiology has wide application areas for an array of minimally invasive and conventional surgical procedures. This includes angiography, angioplasty & stent placement, cancer, balloon angioplasty, and veterbroplasty-kyphoplasty. As per data of the American College of Cardiology, diagnostic imaging is used in 70% coronary angioplasties performed worldwide. With further rise in the applications of interventional radiology, the market for interventional radiology is likely to receive a boost.
At present, changing food habits and sedentary life style have led to a monumental rise in chronic diseases such as obesity and concomitant cardiac conditions. According to Centers for Disease Control and Prevention, chronic diseases are the leading cause of mortality and disability in the U.S. This is predicted to stoke demand for interventional radiology for image-guided diagnosis and treatment.
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With the development of new techniques such as optical coherence tomography (OCT) and fractional flow reserve (FFR) for stenting patients, the interventional radiology market is anticipated to receive a boost.
Cost effectiveness, ease to be performed in outpatient department, and faster recovery are some other attributes of interventional radiology.
Poor Reimbursement Scenario Crimps Growth
On the flip side, limited to zero reimbursement for interventional radiology procedures in most countries worldwide is limiting its adoption. This is hampering the growth of interventional radiology market.
Moreover, low adoption of digital technology-based systems is providing headwinds to the market's growth. High cost of digital radiology devices such as MRI scanners and CT scanners have been reasons for widespread popularity of alternative imaging such as ultrasound.
Lastly, excise duty imposed on manufacturers and importers of medical devices in the U.S. is hampering overall revenue of interventional radiology market.
The review presented here is based on the findings of a TMR 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 2017 – 2024."
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