Technological Advancements to Drive Interventional Radiology Market Growth
SummaryAccording to a P&S Intelligence report, in 2018, the global interventional radiology market generated a revenue of $19.0 billion and is expected to attain a value of $27.3 billion by 2024, advancing at a 6.4% CAGR during the forecast period (2019–2024).
- Author Company: P&S Intelligence
- Author Name: Pramod Kumar
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Due to the increasing incidence of chronic diseases, surging demand for minimally invasive procedures, rising elderly population, and technological advancements, the interventional radiology market is projected to demonstrate a CAGR of 6.4% during the forecast period (2019–2024). The market generated $19.0 billion revenue in 2018, which is expected to reach $27.3 billion by 2024. This market is also led by strategic measures, such as product launches and marketing approvals.
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Increasing prevalence of chronic diseases, such as cancer and cardiovascular diseases (CVDs), is expected to have a positive impact on the interventional radiology market. Moreover, the rising number of interventional cardiology procedures, including percutaneous coronary interventions (PCI), transcatheter aortic valve implantations (TAVI), and transcatheter aortic valve replacement (TAVR), supplements the demand for interventional radiology systems to treat CVDs. Besides, the demand for tumor ablation procedures and radioembolization to treat cancer has escalated in recent years. Additionally, growing awareness regarding early detection of diseases has increased the demand for interventional radiology systems in several healthcare settings.
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The market is experiencing rapid evolution, owing to the introduction of several new products. For example, Canon Medical Systems Corporation, in January 2019, launched an illumination rendering technology within its Vitrea platform. Due to this technology, physicians can visualize patient anatomy in all dimensions and interact with photorealistic images in real time. Additionally, players operating in the market are undertaking collaborations and acquisitions to consolidate the competition. One such example is the collaboration between Koninklijke Philips N.V. and MIM Software Inc., to rationalize the treatment by using novel radiation therapy treatment techniques.