Interventional Radiology Market 2022 Key Drivers and Restraints, Regional Outlook, End-User Applicants by 2028

• According to Transparency Market Research's latest report on the global Interventional Radiology market for the historical period 2017-2018 and forecast period 2019-2027, high incidence of cancer, awareness programs by governments and NGOs, increase in maternal age and late pregnancies are projected to drive the global Interventional Radiology market during the forecast period
• According to the report, the global Interventional Radiology market was valued at US$ 16.36 Bn in 2018 and is anticipated to expand at a CAGR of 5.2% from 2019 to 2027

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Rising Prevalence of Cancer and cardiovascular disorders and Technological Advancement: Key Drivers
• Interventional radiology involves the use of medical imaging to see inside the body and minimally invasive techniques to diagnose and treat cancer. According to National Cancer Institute, in 2018 around 1,735, 350 new cases of cancer was estimated to be diagnosed in the U.S.
• Governments of various countries, including developed and developing nations such as the U.S., Sweden, Norway, and India, encourage patient to opt for more effective interventional radiology techniques for diagnosis of cancer.
• With the evolution of new techniques such as optical coherence tomography (OCT) and fractional flow reserve (FFR) technique for stenting patients with multi-vessel disease, likely to drive the interventional radiology market in the forecast period. Moreover, rising prevalence of cardiology disorder is expected to boost adoption of interventional radiology devices
• According to the American Heart Association, in 2018, about 92.1 million U.S. adults were living with some form of a cardiovascular disease or after-effects of stroke
• In April 2015, Philips launched innovative 3D navigation system to enhance minimally invasive treatment of vascular diseases. It can be used with interventional X-ray systems, enhancing the precision and accuracy of stent placement, while at the same time significantly reducing contrast medium usage. These new technological advancements are expected to drive the market during the forecast period.
Wide Application Area of Interventional Radiology Systems Boost Market Growth
• Interventional radiology has wide application areas such as angiography, angioplasty & stent placement, cancer, balloon angioplasty, and vertebroplasty-kyphoplasty. According to the Journal of American College of Cardiology, imaging techniques are utilized in 70% of the coronary angioplasties performed across the world.
• Hence, increase in the number of applications is likely to fuel the growth of the interventional radiology market during the forecast period.

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Low Adoption of Digital Technology-based Systems to Hamper Market
• High cost of digital radiology devices such as X-ray systems, MRI scanners, and CT scanners was a major restraint of the market in emerging countries. In these regions, complementary systems such as ultrasound were deployed instead of the costly digital radiology devices.
• Moreover, even after paying a premium price for high resolution closed system MRI equipment, growth was mediocre due to high number of claustrophobic patients. These factors have resulted in lower adoption of premium devices, thereby leading to ordinary growth of the medical imaging equipment market globally.
Global Interventional Radiology Market: Competitive Landscape
• This report profiles major players in the global interventional radiology market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
• The global interventional radiology market is highly fragmented, with the presence of a number of international as well as regional players
• Leading players operating in the global interventional radiology market are
o Agfa-Gevaert Group.,
o FUJIFILM Holdings Corporation,
o GE Healthcare,
o Hitachi Medical Corporation,
o Hologic, Inc.,
o Medtronic , Inc.,
o Koninklijke Philips
o N.V., Siemens,
o Teleflex Incorporated
o CANON MEDICAL SYSTEMS CORPORATION

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Global Interventional Radiology Market: Key Developments
Key players in the global interventional radiology market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global Interventional Radiology market. A few expansion strategies adopted by players operating in the global Interventional Radiology market are:

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• In February 2019, Siemens Healthineers launched Artis icono which is an interventional angiography systems. This new product has novel detector positioning design and floor mounted unit which is optimized for vascular and interventional radiology procedure.
• In November 2018, CANON MEDICAL SYSTEMS CORPORATION launched Alphenix platform which is a next generation interventional systems.
• In November 2017, Koninklijke Philips N.V. acquired U Analytical Informatics, Inc. which will help company expand its radiology solutions portfolio.

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