Interventional Radiology Market Size, Share, Analysis & Forecast
Transparency market Research (TMR) states that the global interventional radiology market was valued at US$13.8 bn in 2015 and is expected to expand at a CAGR of 5.8 % over the period between 2016 and 2024. If the prediction holds true, the market is expected to reach US$22.9 bn by 2024. Of the key applications of interventional radiology, the segment of embolization presently dominates and held a nearly 24% of the market’s overall valuation in 2015. From a geographical perspective, North America dominated, acquiring a nearly 38% of the global market in 2015.
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Rising Prevalence of Chronic Diseases and Mounting Global Population of Geriatrics Key to Market Growth
Busy lifestyles, lack of physical activities, and unhealthy habits such as smoking and poor diet are resulting in an epidemic of obesity, associated cardiac conditions, and several other chronic diseases. Chronic diseases are one of the leading causes of mortality and disabilities across the world. The increasing incidence of such conditions is expected to one of the foremost causes of the rising demand for interventional radiology procedures during the forecast period. Moreover, the evolution of new techniques such as optical coherence tomography (OCT) as well as fractional flow reserve (FFR), which is used for stenting patients with multi-vessel disease, are likely to increase the global adoption of interventional radiology techniques over the forecast period.
In addition to these factors, the rising global population of geriatrics is also expected to be one of the key factors driving the global interventional radiology market over the forecast period. Aging is associated with a large number of diseases and disorders. A majority of the geriatric population suffers from cardiovascular, neurological, and orthopedic disorders. The rising number of elderly individuals, therefore, is expected result in the increased demand for surgical interventions or acute care services in the near future.
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Lack of Encouraging Reimbursement Policies to Deter Adoption across Several Economies
Several countries on a global front have very limited or almost no reimbursement for intervention radiology products or procedures. Across several key developing economies such as Brazil and India, there has been a reduction in the already low reimbursement for procedures such as angioplasty and products such as cardiac stents owing to the high cost of the surgery and equipment of late. The situation is likely to hamper the growth of the intervention radiology market in the next few years.
In addition to this factor, the global interventional radiology market is also expected to be hampered owing to the high excise duties levied on the manufacturers of medical devices globally. The reduction in the profits of manufacturers owing to such taxes reflect in the increased costs of interventional radiology equipment, adding to the already high cost of procedures.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector – such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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