The latest market report published by Credence Research, Inc. “Interventional Radiology Products Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global interventional radiology products market was valued at US$ 7,507.0 Mn in 2017 and expected to reach US$ 11,295.3 Mn by 2026, expanding at a CAGR of 4.6% from 2018 to 2026.
Interventional radiology/IR is a clinical specialty area providing minimally invasive diagnostic and treatment procedures through image guidance across various organ systems. Since the performance of the first balloon angioplasty in stenosis patients in 1964, interventional radiology is being applied across various applications in modern medicine. On the ground of technological advancement, the demand for interventional radiology and its associated equipment is anticipated to experience new expansion opportunities during the forecast period.
Based on product types, the global interventional radiology products market is categorized into catheters, stents, guidewires, inferior vena cava filters, hemodynamic flow alteration devices, thrombectomy systems, angioplasty balloons, embolization devices, biopsy devices, and accessories and others. Among these, catheters and guidewires segments together will occupy a prominent revenue share through the forecast period. incumbent usage of these devices in every IR procedure, perpetual evolution in the materials used in catheters, advent of balloon catheters are some of the key factors supporting the dominance of catheters and guidewires markets. The growth of angioplasty balloons is anticipated to progress in correspondence to the development of catheters market.
Among the various procedures such as angiography, angioplasty, biopsy and drainage, embolization, thrombolysis, vertebroplasty, nephrostomy and others, the demand for angiography and angioplasty IT products is set to remain the highest during the forecast period. Increasing incidence of neurological conditions, where precise diagnosis of blockage with the use of angiography, growing incidence of cardiovascular and peripheral vascular blockages, and the proven success of angiography and angioplasty in efficient diagnosis treatment of such conditions are accounted to be the prime contributors to the position of these segments.
Cardiology, Urology and Nephrology, Obstretrics and Gynecology, Abdominal and Gastrointestinal, Neurology and Oncology are the prime areas where interventional radiology is prominently adopted. Amid these areas, neurology segment will experience highest demand for interventional radiology. Intrinsic structure of the neurovascular system, and the proven benefits of minimally invasive procedures in treating conditions such as aneurysm account for the lucrative expansion opportunities in this segment. Cardiology, abdominal and gastrointestinal, and urology and nephrology are the major segments where the application of interventional radiology is the highest, and hence will be the largest revenue contributors through the forecast period from 2018 to 2026.
North America is the dominant regional market for interventional radiology products in the base year 2018, accounting for over 25% market share. Presence of well-structured healthcare system, evolved and established reimbursement guidelines and earliest availability of advanced products are the key characteristic features of North America market. Europe is set to remain the second largest regional market for interventional radiology products. However, it is estimated that the market shares of these regions will be evidently challenged by the rapidly progressing Asia Pacific market. Swift moving medical tourism industry, improving awareness in terms of skill sets of healthcare personnel, and perpetual evolution of healthcare infrastructure will be the key factors supporting the growth of Asia Pacific market.
Browse the full report Interventional Radiology Products Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://www.credenceresearch.com/report/interventional-radiology-products-market
Key Market Movements:
- Growing prevalence of chronic neurological, gastrointestinal and cardiovascular diseases
- Increasing pool of geriatric population at high risk of developing chronic diseases
- Evolving healthcare infrastructure in the emerging economies of Asia Pacific along with burgeoning medical tourism industry
- Improving reimbursements on minimally invasive procedures
- Increasing application landscape of interventional radiology in peripheral vascular diseases
- Poor living conditions in low- and middle-income countries have further increased the incidence of infections that may prove fatal to the patients if left untreated
- Increasing influx of novel and combination drugs that act against drug resistance
- Entry of major market players in the emerging regions and Asia Pacific and Middle East & Africa