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(Health-NewsWire.Net, November 09, 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.
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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.
DRIVER: Increasing demand for minimally invasive procedures
The demand for minimally invasive procedures has been increasing due to their advantages over conventional open surgery procedures. According to the American Institute of Minimally Invasive Surgery (AIMS), the benefits of minimally invasive procedures as compared to conventional open surgery procedures include increased safety, decreased scarring, faster recovery, and decreased length of hospital stay. The application areas of minimally invasive surgeries are also growing due to the increasing use of technologically advanced products and techniques, especially for the treatment of CVD, cancer, and peripheral artery disease (PAD). This is expected to positively influence the growth of the interventional radiology products market.
OPPORTUNITY: Emerging markets
Emerging markets such as China, India, and Brazil offer significant growth opportunities for players operating in the interventional radiology products market. These countries are expected to witness high growth in the coming years, owing to the presence of less stringent regulatory policies and low competition. To leverage the high-growth opportunities in these markets, manufacturers are strategically focusing on expanding their presence in developing countries. Moreover, the increasing competition in mature markets is further compelling interventional radiology device manufacturers to focus on emerging markets.
The cardiology segment to witness the highest CAGR during the forecast period.
Based on applications, interventional radiology products can be segmented into cardiology, urology & nephrology, oncology, gastroenterology, neurology, orthopedics, and other applications (pulmonary and gynecology). Cardiology account for the largest share of the interventional radiology products market and are expected to grow at the highest CAGR. The large share of this segment can be attributed to the rising geriatric population and the increasing prevalence of CVD across the globe.
North America was the largest regional market for interventional radiology products market in 2020.
The interventional radiology products is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2020, North America was the largest regional segment of the overall market, followed by Europe. 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.
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Key Market Players
The prominent players operating in this market include Abbott (US), Medtronic (Ireland), Boston Scientific Corporation (US), Becton Dickinson and Company (US), Terumo Medical Corporation (Japan), and Cardinal Health (US)
Recent Developments
In 2021, Medtronic (Ireland) acquired the radial artery access portfolio from RIST Neurovascular, Inc. (US). This acquisition expanded the company’s portfolio in the interventional radiology products market and enhanced its ability to serve patients that require interventional neurovascular therapy.
In 2020, Boston Scientific Corporation (US) signed an investment agreement to acquire Farapulse, Inc. (US) which will expand the company’s product portfolio in the interventional radiology products market.
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