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(Health-NewsWire.Net, June 01, 2021 ) The global interventional radiology products market is projected to reach USD 14.1 billion by 2026 from USD 10.2 billion in 2021, at a CAGR of 6.6% during the forecast period. The growth in this market can be attributed to the rising prevalence of chronic diseases, growing geriatric population, increasing demand for minimally invasive procedures, and favorable reimbursement scenario for interventional radiology procedures. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, high cost and inaccessibility of advanced therapeutics may restrict market growth to a certain extent. The interventional radiology products market is segmented based on type, procedure, application, and region.
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The stent segment is expected to grow at the highest CAGR during the forecast period and also accounted for the largest share in 2020.
Based on type, the interventional radiology products market is segmented into catheters, stents, inferior vena cava (IVC) filters, hemodynamic flow alteration devices, angioplasty balloons, thrombectomy systems, embolization devices, biopsy needles, accessories (contrast media, guidewires, balloon inflation devices, and other accessories), and other interventional radiology products (bone cements, nephrostomy tubes, and gastrostomy tubes). Stents account for the largest share of the interventional radiology products market. The large share of this segment can be attributed to the growing number of angioplasty procedures performed globally and the increasing incidence of cardiac diseases and cancer.
North America was the largest regional market for the interventional radiology products market in 2020
The interventional radiology products market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America was the largest regional market for interventional radiology products market in 2020. The large share of the North American market can be attributed to the high prevalence of chronic diseases, growing geriatric population, increasing adoption of minimally invasive procedures, and the presence of key players in the region.
However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. The presence of emerging economies such as China, India, and South Korea, rising prevalence of chronic diseases, the growing demand for quality medical care, increasing healthcare spending and government initiatives, rising disposable income, growth in the medical device industries, and improvements in healthcare infrastructure in Southeast Asian countries are the major factors driving the growth of the interventional radiology products market in the Asia Pacific.
The global interventional radiology products market is consolidated. The prominent players operating in this market include Medtronic (Ireland), Boston Scientific Corporation (US), Becton, Dickinson and Company (US), Abbott (US), Cardinal Health (US), B. Braun Melsungen AG (Germany), Stryker (US), Terumo Medical Corporation (Japan), Cook Medical (US), Biosensors International Group, Ltd. (Singapore), Teleflex Incorporated (US), iVascular S.L.U. (Spain), Penumbra, Inc. (US), and BIOTRONIK SE & Co. KG (Germany).
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Mr. Aashish Mehra
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