DUBLIN--(BUSINESS WIRE)--The "Interventional Radiology Market - Growth, Trends and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
There is a rising trend for minimally invasive procedures, owing to the cost-effective solution and less hospital stays, with the help of minimally invasive techniques, patients are quickly treated and are often discharged from the hospital the same day. Most of the minimally invasive procedures require imaging technologies. Innovation in the imaging technologies, which provides real-time images to the surgeons to show a comprehensive view of internal organs, while diagnosing is driving the interventional radiology market.
Chronic diseases are ongoing, generally incurable illnesses or conditions, such as heart disease, asthma, cancer, and diabetes. Cardiovascular diseases are the major cause of death, globally. Until recent years, treating heart disease meant opening the patient's chest to directly access the heart through surgery, which is expensive and often the patient is exposed to high risk of infection.
According to WHO, an estimated 17.9 million people die from CVDs every year representing 31% of all global deaths. Of these deaths, an estimated 7.4 million were due to coronary heart disease and 6.7 million were due to stroke. These alarming numbers demand the development of safe and effective interventional procedures.
The increasing preference for minimally invasive procedures and the prevalence of chronic diseases are driving the interventional radiology market. The market is expected to grow steadily, owing to effective interventional procedures performed in lieu of surgery.
Key Market Trends
Ultrasound Imaging Systems are Expected to Witness Highest CAGR Over the Forecast Period
Ultrasound imaging systems are a robust guidance tool for many interventional radiology procedures, such as biopsies, abscess drainage, and tumor ablation. The growth of the market studied is expanding the need for ultrasound support.
Ultrasound allows physicians to examine internal organs without using radiation and is commonly used as the first method to check for vascular blockages and aneurysm. Developments in the cardiology and anesthesiology sector have led to new therapies integrating interventional and surgical procedures. Hybrid operating suites are used for these procedures, combining the conventions of a surgical operating room with imaging technology.
The increased use of hybrid operating suites in a developed and mature market is driving the demand, and use of ultrasound equipment in the market studied. Recent advancements in the image quality, improved workflow, and rising concerns over radiation dose in other modalities are driving the ultrasound imaging systems.
North America to Dominate the Market in the Forecast Period
The growing burden of chronic diseases, owing to changing lifestyles and rising need for cost-effective minimally invasive interventional procedures are driving the market studied in the United States.
Some of the common interventional procedures include angiography, balloon angioplasty, biliary drainage and stenting, fallopian tube catheterization, chemoembolization, needle biopsy diagnostic test, among others. Cardiac catheterization is used extensively for the diagnosis and treatment of various heart disorders. More than a million cardiac catheterizations and angiographic procedures are done every year, in the United States.
Several interventional radiology procedures can be used to treat cancer patients. For example, transarterial chemoembolization can cut off the blood supply to a tumor, while radiofrequency ablation (RFA) and microwave ablation may damage the cancerous tissue itself. According to the National Cancer Institute, in 2018, an estimated 1,735,350 new cases of cancer are expected to be diagnosed in the United States, and 609,640 people are likely to die from the disease.
Rising prevalence of chronic conditions, such as cancer, diabetes, etc., and the prospects of minimally invasive, targeted treatments performed using imaging guidance are driving the United States market.
The Interventional Radiology market is highly competitive and consists of the global as well as local players across the globe. Some of the companies that dominate the market currently include GE Healthcare, Hitachi Medical Systems, Koninklijke Philips N.V., Siemens AG, and Shimadzu Corporation among others. However, with technological advancements, it is expected that few small and mid-sized companies will also penetrate the market in future.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Incidence and Prevalence of Chronic Diseases
4.2.2 Technological Advancements in Interventional Radiology Devices
4.3 Market Restraints
4.3.1 Risk of High Radiation Exposure
4.3.2 High Cost of Equipment
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Product
5.1.1 MRI Systems
5.1.2 Ultrasound Imaging Systems
5.1.3 CT Scanners
5.1.4 Angiography Systems
5.1.5 Fluoroscopy Systems
5.1.6 Biopsy Devices
5.2 By Procedure
5.2.3 Biopsy and Drainage
5.3 By Application
5.3.2 Urology & Nephrology
5.4.1 North America
220.127.116.11 Rest of Europe
5.4.3 Asia Pacific
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 Middle East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle East and Africa
5.4.5 South America
184.108.40.206 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Carestream Health
6.1.2 Esaote S.P.A.
6.1.3 GE Healthcare
6.1.4 Hitachi Medical Corporation
6.1.5 Hologic Inc.
6.1.6 Koninklijke Philips N.V.
6.1.7 Shimadzu Corporation
6.1.8 Siemens AG
6.1.9 Toshiba Medical Systems Corporation
6.1.10 Samsung Medison
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/7jh9ec