(PharmaNewsWire.Com, April 14, 2020 ) Market Overview The Global Interventional Radiology Market is expected to grow at a CAGR of 6.40% during the forecasting period (2019-2026). Interventional radiology is a medical specialization in which a series of minimal imaging procedures are used to obtain images of internal organs. The interventional radiologist carefully inspects the real-time image to diagnose with various interventional medical procedures. They use different imaging techniques to get a real-time image. The standard IR procedures include angiography, biopsy, cholangiography, and others.
Market Drivers Increase in cancer population, and technological advantages are the few significant factors having a positive impact on global interventional radiology (IR) market and is also expected to remain high over the forecast period. Over the period, cancer treatment can be carried by chemotherapy, surgery, and radiation. With the advanced technology introduced by IR, the cancer treatment in an early stage can be processed through small indentation with a small intravenous therapy (IV) needle. According to the National Cancer Institute, it is estimated that for every 100,000 men in the U.S. is expected to have 440 new cases. The advantages of IR include the minimal invasiveness, less indentation required for curing the device, less painful than the conventional surgery; children can be administered with low anesthesia, low recovery time.
Market Segmentation The global interventional radiology market is segmented on product type which includes X-rays, MRI scans, fluoroscopy, CT scans, and ultrasound. These are various imaging techniques used to generate a real-time image of the tumor/bone/blood vessel. Ultrasound Imaging (UI) is leading the interventional radiology market in the year 2017 and is expected to remain high over the forecast period. Ultrasound imaging uses sound waves rather than using ionizing radiation. High-frequency sound waves are transmitted into the body through probe via conducting gel, these waves bounce back when then observe the obstruction, and that is used to create the real-time image. It can also generate the representation of objects in motion. UI is the safest form of medical imaging and has a wide range of applications. Its applications include emergency diagnosis, cardiac, spine and internal organs. It tends to be the first point of call for many radiologists. The side effects are expected to be low while using ultrasound imaging and it is the most cost-effective form of medical imaging in the current scenario.
Geographical Share North America dominates the global interventional radiology market in 2018, due to the increase in demand on MRIs, advanced healthcare technologies and high healthcare spending. According to the Journal Of American Medical Association, in 2017 The U.S spends two times more on healthcare than any other high-income country in the world. Heavy utilization of medical imaging technologies is a contributing factor. In 2017, The U.S had the second highest number of MRI units(38 per 1 million population) and tthe hird highest number of CT scaners(41 per 1 million population) in the world. In 2017, according to the Bureau of labor statistics average person in the U.S spent 7.9% of income on healthcare.
Competitive Landscape New product launches, FDA approvals, and mergers between significant healthcare organizations in Interventional Radiology is driving the global Interventional Radiology market. In January 2019, FDA approved aidoc always on AI to enable radiologists to treat patients with the help artificial intelligence. In 7th January 2019, Shimadzu Medical Systems the USA acquires CORE Medical Imaging Inc. to strengthen healthcare business in North America. In March 2018, Philips Healthcare launched ingenia elition 3.0T MRI scanner offers 50% reduction in scanning time without hampering imaging quality.
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