Published By : 17 Nov 2016 | Published By : QYRESEARCH
The global market for interventional radiology is growing at a significant pace and is likely to witness participation of several players in the next few years. At present, this market is extremely consolidated in nature with a few players holding a massive share of the market. In order to attain a dominating position in the market, these players are focusing on the expansion of their product portfolio and research and development activities. According to the research study by Transparency Market Research (TMR), in 2015, the global market for interventional radiology was worth US$13.8 bn. This market is projected to reach a value of US$22.9 bn by the end of 2024, registering a healthy 5.80% CAGR between 2016 and 2024.
In this blog, several vital questions related to the growth prospects of the global interventional radiology market have been addressed to offer a strong understanding to the readers. Some of the questions are mentioned below:
What forces will affect the market dynamics of the global interventional radiology market?
The rising demand for minimally invasive procedures and tremendously rising prevalence of cancer are the key factors expected to augment the growth of the global interventional radiology market in the coming years. In addition, the rising incidence of chronic disorders worldwide, rising geriatric population, and technological advancements in the field of radiology are some of the crucial factors fuelling the growth of the overall market.
Furthermore, the emergence of technically advanced and hybrid products and cloud-based medical imaging are projected to generate promising opportunities for the leading players operating in the global interventional radiology market.
What is the top application segment in the market and why?
From the application viewpoint, the embolization segment is projected to lead the global interventional radiology market in the next few years. According to the TMR research study, this segment is projected to account for a share of 24.2% of the overall market by the end of 2024 and register a progressive growth rate in the near future. This high growth of this segment can be attributed to the increasing prevalence of traumatic injuries and the rising demand for embolization surgeries worldwide.
As per the National Trauma Institute, currently, traumatic injuries account for around 41 mn emergency department visits and approximately 2.3 mn admissions in hospitals. This rising number of expected to accelerate the growth of the embolization segment in the coming years.
Which geographical segment will experience the most exponential growth in the market for interventional radiology?
As per TMR study, in the last few years, North America led the global interventional radiology market with a massive share, owing to the technologically advanced equipment and infrastructure. In the coming years, this region will continue with a leading position in the overall market in comparison with the other regions, it is likely to lose significant share. On the other hand, Asia Pacific is expected to witness robust growth rate, thanks to the improving healthcare facilities, increasing prevalence of cancers, and increasing disposable income among consumers. With these driving factors, Asia Pacific is projected to register a 7.10% CAGR between 2016 and 2024.