Interventional Radiology Imaging Market Overview
Interventional radiology imaging is a technique that aids in obtaining images of the inside of the body. These images are required to diagnose diseases and are also used in various interventional medical procedures, such as angioplasty and endoscopy. This imaging technique aids in effective diagnosis of chronic diseases. Other than this, increasing demand of minimally invasive procedures and technological advancements are the factors driving the growth of the interventional radiology imaging market.
On the basis of product, the interventional radiology imaging market is categorized into MRI systems, ultrasound imaging systems, CT scanners, angiography systems, fluoroscopy systems, biopsy devices, and others. Among these, ultrasound imaging systems lead the market, mainly due to the low prices of these systems as compared to other modalities.
Based on procedure, the interventional radiology imaging market is classified into angiography, angioplasty, biopsy and drainage, embolization, thrombolysis, vertebroplasty, nephrostomy, and others. Of all these procedures, angiography is expected to hold the largest share in the market in the coming years, mainly due to the increasing prevalence of cardiovascular disorders, globally.
The interventional radiology imaging products are used in various therapeutic areas, such as cardiology, urology and nephrology, oncology, and gastroenterology. Among these, oncology is expected to hold the largest share in the interventional radiology imaging market during the forecast period, owing to the increasing prevalence of cancers across the globe.
Based on end user, the interventional radiology imaging market is categorized into hospitals, clinics, diagnostic centers, and others. Diagnostic centers is expected to hold the largest share as an end-user category, due to the increasing number of out-patient imaging service providers across the globe. In addition, most of the hospitals are investing to build out-patient facilities such as ambulatory surgical centers, out-patient clinics, and emergency departments for speedy diagnosis of chronic diseases.
Interventional Radiology Imaging Market Dynamics
Some of the other factors that are facilitating the growth of interventional radiology imaging market are increasing out-patient facilities, increasing investment for interventional radiology by the government and universities, and growing aging population are also driving the market growth.
Furthermore, the increasing prevalence of life-threatening chronic diseases, such as liver disorders, cancers, cardiovascular disorders, and neurological disorders require distinct attention for the diagnosis of stage of the diseases. The increasing number of patients with chronic diseases have boosted the demand of out-patient diagnostic facilities, including interventional radiology imaging techniques.
The out-patient facilities have been increasing to cover the unmet needs of speedy diagnosis and treatment of chronic diseases, in comparison to hospitals. According to Medicare Payment Advisory Commission (MedPAC), the out-patient visit grew up to 47.0% in 2015, from 28.0% in 1994, in the U.S. This is attributed to increase in the number of evaluation and management (E&M) visits, which were billed as out-patient services. This increase in shift of patients from hospitals to out-patient facilities has supported the interventional radiology imaging market growth due to cost-effective and less time-consuming measures in out-patient facilities.
Interventional Radiology Imaging Market Competitive Landscape
With several technological advancements taking place in the interventional radiology imaging industry, the players are launching various advanced products to increase their market share. For instance, in March 2018, General Electric Company announced the launch of advanced ultrasound system, LOGIQ E10, which offers around 10 times the processing power and 48 times the data throughput as compared to previous systems.
Some of the other key players operating in the global interventional radiology imaging market are Siemens AG, Koninklijke Philips N.V., Toshiba Medical Systems Corporation, Hitachi Medical Corporation, Carestream Health Inc., Esaote S.p.A, Hologic Inc., Shimadzu Corporation, and Samsung Medison Co. Ltd.