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Technological Advancements to Drive Interventional Radiology Market Growth
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.
Access Report Summary - Interventional Radiology Market Growth
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.
Further, the interventional radiology market growth is driven by the technological developments in the interventional procedures applied for treating several chronic diseases. These developments have led to the introduction of various advanced products that help in early diagnosis of several diseases, which assists in timely management of these diseases. One such product is GE Healthcare's image-guided system (IGS) that is used in complex procedures, such as chronic total occlusion in blood vessels and structural heart, due to its enhanced visualization.
Globally, the North American interventional radiology market accounted for the largest share in 2018, due to the improved healthcare infrastructure and high healthcare expenditure. On the other hand, during the forecast period, the Asia-Pacific (APAC) market is projected to display the fastest growth, owing to the increasing incidence of chronic diseases, improving healthcare system, surging geriatric population, and rising healthcare spending. Additionally, increasing frequency of scientific meetings and training programs to develop interventional radiology is expected to boost the market growth in the region, during the forecast period.
