Interventional Radiology Market is Estimated to Witness High Growth Owing to Growing Incidences of Target DiseasesInterventional Radiology Market is Estimated to Witness High Growth Owing to Growing Incidences of Target Diseases
Interventional radiology is a medical specialty that provides minimally invasive surgical procedures with the use of imaging technologies such as fluoroscopy, computed tomography, and ultrasound for diagnosis and treatment of diseases without making large incisions. Some common procedures include angioplasty, angioplasty with stent placement, balloon embolization, and drainage of abscesses. These procedures reduce surgical risks, hospitalization time, recovery time, and costs compared to open surgeries. The global interventional radiology market is estimated to be valued at US$ 29856.31 Thn in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing incidences of target diseases such as neuro, oncological, urological, and others have significantly contributed to the growth of interventional radiology market. According to The American Cancer Society, there will be 1.9 million new cancer cases diagnosed in 2022, it is projected to increase to 2.3 million new cases per year by 2030 in the US alone. Rising cases of cancer is expected to increase demand for minimally invasive diagnostic and treatment procedures such as biopsy, angioplasty, drainage of abscesses offered by interventional radiology. In addition, growing geriatric population which is more susceptible to chronic diseases will further drive the market growth over the forecast period.
SWOT Analysis
Strength: Global Interventional Radiology Market Size is minimally invasive technique and allows treatment of various conditions without complex surgeries. It causes less pain, scarring and faster recovery for patients. These benefits attract more patients towards this treatment option. Growing geriatric population suffering from various chronic conditions is expected to boost the market demand.
Weakness: High cost of equipment and procedures associated with interventional radiology may restrict its adoption in budget constrained settings. Lack of adequate skill and trained physicians across regions is another concern for this market.
Opportunity: Rising prevalence of cancer, cardiovascular, neurological and other chronic diseases drives the demand for minimally invasive treatments. Untapped markets in developing countries provide growth opportunities for players. Technological advancements in devices and imaging systems open up new applications areas.
Threats: Stringent regulatory approval process and safety issues associated with radiation exposure are key challenges. Presence of alternative treatment approaches like advanced surgeries pose competition in certain therapeutic areas. Reimbursement policies also impact the market growth.
Key Takeaways
The global Interventional Radiology market is expected to witness high growth. Advancements in medical imaging technologies helped interventional radiology procedures to gain popularity as minimally invasive alternative for surgeries.
North America currently dominates the global market due to rising healthcare expenditure, advanced healthcare infrastructure and favorable reimbursement policies. The region is expected to continue its dominance during the forecast period supported by new product launches and availability of skilled interventional radiologists across major countries like United States and Canada.
Key players operating in the Interventional Radiology market are Colt, Siemens Healthineers, Canon Medical Systems, Koninklijke Philips N.V., GE Healthcare, Samsung Medison, Hitachi Medical, Carestream Health, Esaote S.P.A., FUJIFILM Holdings Corporation and Hologic. Major players are focusing on new product launches, geographic expansion and mergers & acquisitions to gain competitive edge in this market.
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