Interventional Radiology Market to Expand at a CAGR of 5.2% by 2027, Observes TMR Study
Based on Transparency Market Research's most recent analysis of the global Interventional Radiology market spanning from 2017 to 2018 for historical data and forecasting until 2027, several factors are expected to propel market growth. These include the heightened incidence of cancer, government and non-governmental awareness initiatives, and a rise in maternal age leading to late pregnancies. The market, valued at US$ 16.36 billion in 2018, is forecasted to grow at a CAGR of 5.2% from 2019 to 2027.
The interventional radiology market is projected to experience robust expansion during the forecast period. With a growing emphasis on precision medicine and patient-centric care, the market size is expected to surge significantly.
Rising Prevalence of Cancer and cardiovascular disorders and Technological Advancement: Key Drivers
Interventional radiology employs medical imaging and minimally invasive procedures to diagnose and treat cancer. The National Cancer Institute reported approximately 1,735,350 new cancer cases in the U.S. in 2018. Governments worldwide, from the U.S. to India, advocate for advanced interventional radiology techniques for cancer diagnosis. Emerging methods like optical coherence tomography (OCT) and fractional flow reserve (FFR) for treating multi-vessel disease are anticipated to fuel market growth.
The increasing incidence of cardiovascular diseases, affecting 92.1 million U.S. adults according to the American Heart Association in 2018, further drives adoption. Philips introduced a 3D navigation system in April 2015, enhancing precision in vascular disease treatment. This innovation, compatible with interventional X-ray systems, promises improved stent placement accuracy and reduced contrast medium usage, boosting market prospects.
Competitive Landscape:
Agfa-Gevaert Group.,,FUJIFILM Holdings Corporation,,GE Healthcare,,Hitachi Medical Corporation,,Hologic, Inc.,,Medtronic , Inc.,,Koninklijke Philips,N.V., Siemens,,Teleflex Incorporated,CANON MEDICAL SYSTEMS CORPORATION
Global Interventional Radiology Market - Segmentation
Product
X-ray
Computed Tomography (CT)
Magnetic Resonance Imaging (MRI)
Ultrasound
Application
Angiography
Balloon Angioplasty
Embolization
Biopsy
Vertebroplasty-Kyphoplasty
RF Ablation
Others
End-user
Hospitals
Catheterization Labs
Ambulatory Surgical Centers
Others
Key Developments:
In February 2019, Siemens Healthineers launched Artis icono which is an interventional angiography systems. This new product has novel detector positioning design and floor mounted unit which is optimized for vascular and interventional radiology procedure.
In November 2018, CANON MEDICAL SYSTEMS CORPORATION launched Alphenix platform which is a next generation interventional systems.
In November 2017, Koninklijke Philips N.V. acquired U Analytical Informatics, Inc. which will help company expand its radiology solutions portfolio.
Regions Covered:
North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)
Future Outlook: The future of interventional radiology looks promising, with continuous advancements in technology and expanding applications across various medical specialties. The market is expected to witness a paradigm shift towards personalized and precision medicine, offering tailored treatment options for patients.
Key Market Study Points:
Understanding the demand for different interventional radiology services across various healthcare settings.
Analyzing regional market dynamics and identifying growth opportunities.
Assessing the impact of technological advancements on market growth.
Studying the competitive landscape and strategic initiatives adopted by key market players.
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