ASEAN Interventional Radiology Devices Market Size Expected To Expand At A Steady 2023-2031 | Abbott, Alvimedica, B. Braun Melsungen AG

The ASEAN Interventional Radiology Devices market held a market value of USD 626.4 Million in 2021 and is projected to reach USD 945.7 Million by the year 2027. The market is anticipated to grow at a CAGR of 7.1% from 2022 to 2027. Around 99,948 thousand units of interventional radiology devices were estimated to be sold in 2021 in the ASEAN region.

Interventional radiology devices are used to perform various minimally-invasive procedures using medical imaging guidance, such as computed tomography, x-ray fluoroscopy, ultrasound, and magnetic resonance imaging, among others. The market is expected to be driven by the surging prevalence of chronic diseases and growing adoption of interventional radiology devices. Furthermore, use of radiology devices for cancer treatment along with the technological advancements with respect to interventional radiology devices are also estimated to fuel the market growth.

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Despite the driving factors, risk of high radiation exposure is estimated to act as a barrier for the market growth. Furthermore, stringent government regulations also hamper the market growth. The Indonesian Radiation Oncology Society and the South-East Asian Society of Interventional Radiology (SEASIR), are amongst the various regulatory bodies functioning in the market.

Growth Influencers:

Surging prevalence of chronic diseases
Increasing prevalence of chronic diseases is leading to the demand for better diagnosis alternatives, which is boosting the market growth. According to the Centers for Disease Control & Prevention (CDC), as of January 2022, around 6 in 10 adults in the U.S. suffer from a chronic disease. These chronic diseases include heart diseases, cancer, chronic lung diseases, stroke, Alzheimer?s disease, diabetes, and chronic kidney diseases, among others. Therefore, surging prevalence of chronic diseases, hence fuelling the market growth.

Segments Overview:

The ASEAN Interventional Radiology Devices market is segmented into type, procedure, and applications.
By Type,
? Catheters
? Stents
? Inferior Vena Cava (IVC) Filters
? Hemodynamic Flow Alteration Devices
? Angioplasty Balloons
? Thrombectomy Systems
? Embolization Devices
? Biopsy Needles
? Accessories
? Other Interventional Radiology Products

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The stents segment is expected to account for the highest market share of more than 25% owing to the high usage of stents in various surgeries. The angioplasty balloons segment is estimated to grow at the fastest CAGR of around 8.7% over the projected period owing to various technology advancements.
By Procedure,

? Angioplasty
? Angiography
? Embolization
? Thrombolysis
? Biopsy & Drainage
? Vertebroplasty
? Nephrostomy
? Other Procedures

The angioplasty segment is expected to hold market share of over 25% in 2021 owing to the rising adoption of angioplasty surgeries. The angiography segment is estimated to surpass a revenue of around USD 100 million by 2023 owing to the high procedure number.

By Applications,
? Cardiology
? Urology & Nephrology
? Oncology
? Gastroenterology
? Neurology
? Orthopedics
? Other Applications

The orthopedics segment is expected to witness the highest growth rate of 8.1% during the forecast period owing to the increasing incidence rate of orthopedic disorders, including musculoskeletal conditions. According to the World Health Organization, as of February 2021, around 1.71 billion people suffer from musculoskeletal conditions globally. The cardiology segment is estimated to surpass a revenue of USD 250 million by 2024, owing to the rising demand for stents during the treatment of various cardiology disorders. The oncology segment is anticipated to account for a USD 47.6 million worth opportunity during 2021 to 2027 owing to the growing demand for better diagnosis and treatment techniques for cancer.

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Country Overview

By country, the ASEAN Interventional Radiology Devices market is divided into Indonesia, Malaysia, Thailand, Philippines, Vietnam, Singapore, and Rest of ASEAN.

Indonesia is estimated to hold the largest market share of around 30% in 2021 owing to the increasing prevalence of chronic diseases in the country. On the other hand, Vietnam is expected to witness the fastest growth rate of 8.4% during the forecast period owing to the rising adoption technologically advanced products in the country for management of various chronic diseases.

Competitive Landscape

Major players in the ASEAN Interventional Radiology Devices market include Abbott, Alvimedica, B. Braun Melsungen AG, Biosensors International Group, Ltd., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, Cardinal Health, Cardionovum GmbH, Comed B.V., ENDOCOR GmbH, Medtronic, Meril Life Sciences Pvt. Ltd., Palex Medical, Penumbra, Inc., Rontis, SCITECH, SMT Medinol Ltd., Stryker, Teleflex Incorporated, Terumo Medical Corporation, and other such players. The cumulative market share of the five major players is over 50%.
These market players are engaged in mergers & acquisitions, collaborations, and new product launches, among other initiatives, to strengthen their market presence. For instance, in January 2022, Medtronic acquired Affera, Inc., a privately held medical technology company. The company designs and manufactures cardiac mapping & navigation systems and catheter-based cardiac ablation technologies. The acquisition expanded Medtronic?s product portfolio.

The ASEAN Interventional Radiology Devices market report provides insights on the below pointers:

? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the ASEAN Interventional Radiology Devices market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Regulatory Landscape: Indonesian Radiation Oncology Society, South-East Asian Society of Interventional Radiology (SEASIR)

The ASEAN Interventional Radiology Devices market report answers questions such as:

? What is the market size and forecast of the ASEAN Interventional Radiology Devices Market?
? What are the inhibiting factors and impact of COVID-19 on the ASEAN Interventional Radiology Devices Market during the assessment period?
? Which are the products/segments/applications/areas to invest in over the assessment period in the ASEAN Interventional Radiology Devices Market?
? What is the competitive strategic window for opportunities in the ASEAN Interventional Radiology Devices Market?
? What are the technology trends and regulatory frameworks in the ASEAN Interventional Radiology Devices Market?
? What is the market share of the leading players in the ASEAN Interventional Radiology Devices Market?
? What modes and strategic moves are considered favorable for entering the ASEAN Interventional Radiology Devices Market?

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