Interventional radiology involves performing surgical and diagnostic procedures with image guidance. Interventional radiology procedures are generally classified into two types, namely, percutaneous procedures and endovascular procedures. The advent of minimally invasive procedures, their favorable outcomes, and the corresponding growth in demand for such procedures are driving the growth of the interventional radiology products market. Minimally invasive procedures are observed to be more effective in treating conditions as compared to traditional procedures and have a lower cost, a shorter hospital stay, improved comfort, and a lower risk of infection. The need for readmission after minimally invasive procedures is also less. Image-guided, minimally invasive surgeries are being increasingly adopted for treating conditions that were previously mandated only for conventional open surgeries. Trauma is one such area where interventional radiology is experiencing phenomenal adoption.
The field of interventional radiology has swiftly advanced to become a subspecialty. Market players in this industry have engaged in merger and acquisition strategies, enabling companies to expand their international presence along with their business areas. In addition, the exchange of technologies and R&D processes is also prominent among the market players. Therefore, M&A activities, partnerships, and collaborations are the key strategies expected to continue through the forecast period.
Market Synopsis
Catheters and Guidewires to Occupy the Largest Revenue Share
The standard devices used in guided interventions cannot be used in interventional radiology due to their ferromagnetic components and conducting materials, which result in the risk of radiofrequency-induced heating. Many of the catheters and balloons available on the market are not yet CE or FDA-approved for MRI guidance. The interventional radiology specialty is still restricted by the lack of appropriate radiology-compatible instruments. Nylon, polyester, aramid, and other fibers are viewed as viable solutions for the construction of fiber-braided catheters with improved properties. The mechanical properties of a magnetic resonance electrophysiology catheter made of nylon braided tubing outperform those of conventional catheters. Such fiber-reinforced catheters, therefore, possess the potential to be used as a superior solution in radiological interventions. Several catheter developments for MR are being reported in the market. Companies are increasingly developing an interest in developing interventional radiology catheters for procedures such as cardiac electrophysiology, renal and cardiac ablation catheters, deflectable catheters, and tracking catheters.
Because of their high procedure rate, angioplasty and angiography lead the global market.
Angiography is commonly used for the diagnostic examination of blood vessels. It is among the most common procedures where radiology is the standard guidance mode. In several cases, the therapeutic intervention was performed with stent insertion and angioplasty or embolization procedures to reduce or stop blood flow through a vessel. The diagnosis of arterial disease is often performed through CT angiography or MR angiography. Catheter angiography remains the gold standard for arterial condition diagnosis and allows treatment of the detected issue at the same time. The growing incidence of cardiovascular diseases and strokes is the key factor contributing to the dominance of this segment. Sedentary lifestyles, growing consumption of processed foods with sugar, salt, and fat, changing dietary habits, and a rapidly increasing senescent population are the key drivers of the above fact.
Neurology is expected to grow at a rapid pace.
Because of the rapid advancement of medical imaging technology and the ability to leverage interventional procedure knowledge, interventional neuroradiology is in a unique position to incorporate minimally invasive procedures into clinical management and advanced patient care. Significant opportunities lie in this segment to change the management of a variety of neurological diseases through the use of minimally invasive guided procedures. The growing clinical presence of interventional radiology has several advantages in the procedure-driven clinical environment.
The Asia-Pacific region is poised to become a lucrative market for interventional radiology.
At present, North America is the largest revenue-generating regional market for interventional radiology products. Higher reimbursements, greater awareness, and a higher patient population with chronic diseases are the key factors supporting North America's dominance. Asia Pacific, however, is estimated to progress at a faster growth rate during the forecast period. Neural and tumor interventions, along with cardiac applications, are the most common procedures performed by interventionists in Asia and the Pacific. In China, cerebral angiography is the most common IR procedure performed, followed by percutaneous transluminal angioplasty, percutaneous transhepatic cholangiography, cerebral aneurysm interventions, and transcatheter arterial chemoembolization. The rapid evolution of healthcare infrastructure, burgeoning medical tourism, and improving medical personnel skills are key factors driving the Asia Pacific market's rapid CAGR.
Periods of History and Forecast
This research report presents the analysis of each considered segment for the period from 2016 to 2026, using 2017 as the base year for estimations. Compounded annual growth rates (CAGRs) for each segment are calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The interventional radiology products market report provides a quantitative assessment of the industry in terms of current and forecasted market size while also presenting the market dynamics. This market is segmented based on products, procedures, applications, and geography.
The prevailing dynamics in the global market for interventional radiology products are studied based on the drivers, challenges, opportunities, attractive investment propositions, and market dynamics. The market dynamics studied in the report give insights into the positive aspects and pain points prevalent in the market. Major players in this industry are also scrutinized in terms of business descriptions, financial information, product portfolios, and key developments. The prominent market players profiled in this report include GE Healthcare, Siemens AG, Koninklijke Philips N.V., Carestream Health, Hologic, Inc., Shimadzu Corporation, Hitachi Medical Systems, Cardinal Health, Inc., Fujifilm Holdings Corporation, Medtronic plc., Teleflex Incorporated, Toshiba Medical Systems Corporation, and C. R. Bard.
Key questions are answered in this report.
What is the current and forecasted size of the global market for interventional radiology products?
In which direction will the global market for interventional radiology products progress in light of current and anticipated market dynamics?
What are the key drivers and challenges currently prevalent in the global market?
How are new opportunities emerging in the global market for interventional radiology products?
What are the major strategies implemented by the market players to enhance or retain their market position?
Which product is currently occupying the most prominent market position in terms of growth rate and market size?
Which are the key procedures where the sales of interventional radiology products are the highest?
Which procedure areas are anticipated to be the most prominent users of interventional radiology products?
Will the dominance of North America be challenged by the rapidly growing Asia-Pacific market?
Frequently Asked Questions:
The market for Interventional Radiology Products is expected to reach XX Bn in 2026.
The Interventional Radiology Products market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2018-2026.
The base year of this report is 2017.
GE Healthcare,Siemens AG,Koninklijke Philips N.V.,Carestream Health,Hologic Inc. are some of the major players in the global market.
