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Interventional Radiology Market Overview
The global interventional radiology market is estimated to generate $19.0 billion revenue in 2018 and is predicted to progress at a CAGR of 6.4% during 2019–2024. The rising prevalence of chronic diseases, increasing aging population, surge in the demand for minimally invasive procedures, and technological advancements are the major factors influencing the market growth.
The interventional radiology market is classified into magnetic resonance imaging (MRI), computed tomography (CT), ultrasound, and angiography systems, based on product. Among these, MRI systems is the leading category in this market and is expected to advance at a CAGR 6.8%, during the forecast period. This can be ascribed to the high number of product launches and technological advancements in this product category.
Based on procedure, the interventional radiology market is classified into angioplasty, biopsy and drainage, embolization, catheter-directed thrombolysis, vertebroplasty, nephrostomy, and other procedures. The market in the angioplasty category advanced at a CAGR of 5.6%, during the historical period. It will also lead the market in terms of size throughout the period of analysis, mainly due to the rising prevalence of cardiovascular diseases across the globe.
Based on application, the interventional radiology market is classified into cardiology, oncology, urology and nephrology, gastroenterology, and obstetrics and gynaecology. Among these, the interventional radiology products are largely used for the treatment cardiovascular diseases, making it the largest application area, throughout the analysis period. Other than cardiology, these products are also extensively used for the diagnosis of various types of cancer. Hence, the market in the oncology application area is likely to grow at a CAGR of 6.4% in the coming years.
The end users in the interventional radiology market include hospitals and ambulatory surgical centers (ASCs). Hospitals as an end-user category is anticipated to hold the larger share in this market, mainly due to the large patient pool and presence of highly-skilled medical professionals in hospitals.
Interventional Radiology Market Dynamics
Some of the factors driving the growth in the interventional radiology industry are increasing demand for minimally invasive procedures, growing technological advancements, rising prevalence of chronic diseases, and growing reimbursement rate for interventional procedures.
Further, rapid research and development activities are also leading to various technological advancements in the interventional procedures for the treatment of several chronic diseases. These advanced products play a key role in the early diagnosis, which helps in the timely management of diseases. For instance, GE healthcare’s image guided system (IGS), with enhanced visualization is used in complex procedures like structural heart and chronic total occlusion in blood vessels. Additionally, the Azurion 3 and 7 models are tailored for percutaneous interventions, which enhances visibility of vessels; provide insightful live guidance; and simplify set-up and operation, thus, saving time. Such technological advancements are increasing patient satisfaction, thereby driving the growth in the interventional radiology market.
Besides, frequent occurrence of chronic diseases, such as cardiovascular diseases and cancer has positively shaped the interventional radiology market. Moreover, increase in the number of interventional cardiology procedures performed, such as transcatheter aortic valve implantations (TAVI), transcatheter aortic valve replacement (TAVR), and percutaneous coronary interventions (PCI) also supports the demand of these systems for various cardiology applications. Additionally, with the increasing prevalence of cancer, the demand for radioembolization and tumor ablation procedures have also escalated. Also, the increasing awareness among patients for early detection of diseases has increased the adoption of interventional radiology systems in various healthcare settings, in turn supporting the market growth.
Moreover, the rural areas of developing and under developed countries provide ample growth opportunities for the players in the interventional radiology market. These areas lack proper healthcare facilities and patients are often deprived of advanced diagnostic technologies. According to the data published by the American College of Rheumatology 2017, it was found that the establishment of interventional radiology is difficult among small community hospitals in rural areas. This problem can be addressed by partnerships and collaborations among organized radiology equipment manufacturers for introducing interventional radiology to these areas.
Interventional Radiology Market - Competitive Landscape
Ongoing product launches and marketing approvals in the interventional radiology industry are expected to increase the market share of the key players in the coming years. For instance, in March 2018, GE Healthcare, a division of General Electric Company announced the commercial launch of LOGIQ E10 ultrasound system, that provides comprehensive tools to enhance precision images to treat a wide range of diseases. The system has remote control application, that helps in improving efficiency and patient experience.
Furthermore, in March 2017, the United States Food and Drug Administration (USFDA) approved Siemens AG’s Artis pheno robotic C-arm angiography system, for use in minimally invasive interventional procedures. Along with the zen40HDR flat panel detector and GIGALIX X-ray tube for high image quality, the product provides 2k recording technology, which enable the delivery of 2-D imaging resolution.
The global interventional radiology market is marked with the presence of several large players, such as Siemens AG, Koninklijke Philips N.V., General Electric Company, Canon Medical Systems Corporation, Hitachi Ltd., Samsung Electronics Co. Ltd., Carestream Health Inc., Esaote S.p.A, Hologic Inc., and Shimadzu Corporation.
The interventional radiology market is driven by the increase in chronic disease cases, growth in the elderly population, technological developments, and rise in the minimally invasive procedure volume.
ASCs and hospitals are the key end users in the interventional radiology industry.
Key players in the interventional radiology market are opting for marketing approvals and product launches, which give them a competitive edge.
The interventional radiology industry offers angiography, ultrasound, CT, MRI, and several other systems.
The segmentation of the interventional radiology market is based on product, procedure, application, end user, and region.