LONDON--(BUSINESS WIRE)--The global interventional radiology (IR) devices market is expected to grow at a CAGR of more than 4% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global interventional radiology devices market for 2017-2021. The market is further categorized into four product segments, including stents, catheters, IVC filters, and others. In 2016, others accounted for close to 46% of the market share followed by stents, which held a market share of more than 40%.
“The global IR devices market will witness significant growth during the forecast period. In 2016, the Americas was the leading contributor of revenue to the global IR devices market. The Americas was followed by EMEA and APAC. The Government of the US has started various initiatives and increased funding to improve the quality of healthcare in the country. The IR devices markets in EMEA and APAC will also witness significant growth during this period,” says Neha Noopur, a lead medical imaging research expert from Technavio.
Technavio’s research analysts segment the global interventional radiology devices market into the following regions:
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Due to the increasing number of patients in the region, the sales of IR devices will increase during the forecast period. The Americas is the leading contributor of revenue to the global IR devices market. In 2016, the US contributed most of the revenue to the market in the region. The growth of the aging population and the growing prevalence of chronic disease will drive the growth of the market in the region during the forecast period.
In Brazil, the Brazilian College of Radiology and Diagnostic Imaging has 27 affiliated regional associations. It also has approximately 10,500 radiologists as members. The country has been focusing on improving the standards and procedures for diagnostic imaging and therapy.
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The IR devices market in EMEA will grow during the forecast period as a few countries in the region are underserved. Countries such as the UK, France, and Germany hold major shares of the IR devices market in the region. Due to the growth of the aging population, the number of patients is expected to increase during the forecast period. Lifestyle changes will also increase the patient pool in the region. The sales of IR devices in EMEA have been moderate. Hence, vendors are expanding their distribution networks, and many new vendors are entering the market.
“Iran has approximately two radiologists for each person. It has been focusing on training radiologists through several education programs. With increasing specialization and expertise in radiology, hospitals in Tehran are becoming reference centers that treat patients from Central Asia and the Middle East,” says Neha.
APAC is expected to register the highest growth during the forecast period. It is expected to be the fastest growing region in the global IR devices market. China and India are the world’s most populous countries, which will contribute to the growth of the market in the region. Several countries in the region are developing and undergoing rapid urbanization.
The increasing health consciousness among people is also increasing the adoption of technologically advanced products. However, people are not aware of the preventive measures that need to be taken for certain diseases. The governments of several countries in APAC are taking initiatives to improve healthcare facilities. Such initiatives also aim to improve awareness among people.
The top vendors in the global interventional radiology devices market as highlighted in this market research analysis are:
- B. Braun
- Boston Scientific
- Cardinal Health
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