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| Interventional Radiology Market |
Market Overview:
The global interventional radiology market is estimated to be valued at US$
22,849.9 million in 2021 and is projected to reach US$ 36,273.5 million by
2022, with a CAGR of 6.5% during the forecast period 2022-2028, according to a
new report published by Coherent Market Insights. Interventional radiology
refers to the minimally invasive procedures performed using radiological
imaging guidance. These procedures provide a range of diagnostic and
therapeutic interventions, such as biopsies, angioplasties, embolization, and
stenting, among others. The advantages of interventional radiology include
reduced patient discomfort, shorter hospital stays, and faster recovery time.
The growing need for minimally invasive procedures, advancements in imaging
technologies, and the increasing prevalence of chronic diseases are driving the
demand for interventional radiology products in the market.
Market key trends:
Minimally invasive interventions are a key trend in the interventional
radiology market. With advancements in technology, there has been a shift
towards minimally invasive procedures for various medical conditions. These
procedures offer numerous benefits such as reduced trauma, shorter hospital
stays, and faster recovery time for patients. Additionally, these interventions
provide an alternative to traditional surgical methods, resulting in lower
healthcare costs. The demand for minimally invasive interventions is expected
to increase further due to the growing preference for non-surgical treatment
options and advancements in imaging technologies. Moreover, the adoption of
interventional radiology procedures is expected to rise in both developed and
emerging economies, driven by the increasing prevalence of chronic diseases and
the need for improved patient outcomes.
Segment Analysis:
The interventional radiology market can be segmented based on product type,
application, and end user. The product type segment can be further divided into
angiography systems, fluoroscopy systems, CT scanners, MRI scanners, ultrasound
systems, and others. Among these, the angiography systems segment dominates the
market due to its wide range of applications in diagnosing and treating various
medical conditions. Angiography systems are used to visualize blood vessels and
perform procedures such as angioplasty and embolization. The increasing
prevalence of cardiovascular diseases and the growing demand for minimally
invasive procedures are major factors driving the growth of the angiography
systems segment.
The application segment of the interventional radiology market includes
cardiology, oncology, urology and nephrology, gastroenterology, neurology, and
others. The cardiology segment holds the largest market share due to the high
incidence of cardiovascular diseases worldwide. Interventional radiology
procedures such as angioplasty, stenting, and cardiac ablation are widely used
in the diagnosis and treatment of various heart conditions.
In terms of end user, the interventional radiology market is categorized into
hospitals and ambulatory surgical centers, diagnostic centers, and others.
Hospitals and ambulatory surgical centers account for the largest share of the
market, mainly due to the availability of advanced infrastructure and skilled
healthcare professionals in these settings.
Key Takeaways:
The global Interventional
Radiology Market Growth is expected to witness high growth, exhibiting
a CAGR of 6.5% over the forecast
period. The increasing prevalence of chronic diseases such as cardiovascular
disorders, cancer, and kidney diseases is driving the demand for interventional
radiology procedures. Moreover, advancements in technology and the development
of minimally invasive techniques are also contributing to the market growth.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the interventional radiology market.
This can be attributed to the presence of well-established healthcare
infrastructure, high healthcare expenditure, and increasing adoption of
advanced medical technologies in the region.
Key players operating in the interventional radiology market include Siemens
Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc.,
Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison
(Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems
Corporation), among others. These key players are focusing on strategic
collaborations, product launches, and acquisitions to strengthen their market
position and expand their product portfolio.
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