Interventional Radiology Market Demand, Sales and Consumption Status and Growth Opportunities - P&S Intelligence

The market is predominantly driven by growing prevalence of chronic diseases, increasing aging population, technological advancements, and rising reimbursement rate for interventional radiology procedures.

Different types of products available in the interventional radiology market are ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), angiography systems and others. The market for ultrasound systems is expected to grow substantially, witnessing a CAGR of 6.2% during the forecast period. Rising number of chronic diseases and birth disorders are some key factors leading to the high demand of ultrasound systems globally.

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Geographically, North America holds the largest share in the interventional radiology market, with an estimated contribution of around 36% share to the global interventional radiology market in 2018 and is projected to generate $9.3 billion revenue by 2024. Advanced healthcare facilities, and increased healthcare spending are some of the key factors driving the growth of this region.

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Moreover, the increasing healthcare expenditure in developing economies, such as China and India, for the improvement of healthcare infrastructure, is creating huge revenue generation opportunities for companies to invest in the region. According to the World Bank, the healthcare expenditure of China was 4.3% of its total gross domestic product (GDP) in 2005, which increased to 5.3% in 2015.

Globally, the interventional radiology market is witnessing rapid evolution with substantial number of new products being launched by prominent players in the market. For instance, in January 2019, Canon Medical Systems Corporation introduced illumination rendering technology within its Vitrea platform. This technology will enable physicians to interact in real-time with photorealistic images and visualize patient anatomy in all dimensions. Around the same time, the company also launched Aquilion Start CT system in Dubai.

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The acquisitions and collaborations among prominent players are key strategies noted in the global interventional radiology market. For instance, in January 2019, Koninklijke Philips N.V. collaborated with MIM Software Inc., aim to streamline approach for the treatment by using advanced radiation therapy treatment techniques. Moreover, in July 2018, Hologic Inc. announced the acquisition of Faxitron Bioptics, a privately-held company, dealing in digital specimen radiography, in $85 million cash. This acquisition was aimed to expand Hologic Inc.’s breast health product portfolio.

The global interventional radiology market is marked with the presence of key players such as Siemens AG, Koninklijke Philips N.V., General Electric Company, Canon Medical Systems Corporation, Hitachi Ltd. and Samsung Healthcare. Some other players include Carestream Health Inc., Esaote S.p.A, Hologic Inc., and Shimadzu Corporation.

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