The report “Interventional Radiology Market by Product (MRI System, Ultrasound Imaging System, CT Scanner, Angiography System), Procedures (Angiography, Angioplasty, Biopsy) & Application (Cardiology, Oncology, Urology & Nephrology) – Global Forecast to 2021”, The report provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the interventional radiology imaging market along with the estimates and forecasts of the revenue and market share analysis.
The global interventional radiology imaging market is expected to reach USD 23.50 Billion by 2021 from USD 16.99 Billion in 2016, at a CAGR of 6.7%.
What drives the market?
- Rising Incidence and Prevalence of Chronic Diseases
- Increasing Demand for Minimally Invasive Procedures
- Technological Advancements in Interventional Radiology Devices
The product segment of the market is further divided into angiography systems, fluoroscopy systems, CT scanners, ultrasound-imaging systems, MRI systems, and other devices (C-arm, contrast media injectors, & imaging catheter guidewires). The MRI system segment is projected to witness the highest growth in this market due to technological advancements and product launches.
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Challenges in the market
- Entry Barriers for New Players
- Hospital Budget Cuts
- Increasing Adoption of Refurbished Interventional Radiology Systems
Application segment of the market is segmented into cardiology, oncology, urology & nephrology, gastroenterology, and other applications (orthopedics, neurology, and gynecology). The oncology segment is projected to witness the highest CAGR during the forecast period due to increasing incidence of cancer and rising demand for minimally invasive procedures.
Based on geography, the market is segmented into North America, Europe, Asia, and the Rest of the World. Asia segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment is driven by various factors such as the rising incidence and prevalence of chronic diseases and the growing focus of market leaders as well as domestic players in this region.
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The key players in the market include GE Healthcare (General Electric Company) (U.K.), Siemens Healthcare GmBH (Siemens AG) (Germany), Koninklijke Philips N.V. (The Netherlands), Toshiba Medical Systems Corporation (Toshiba Corporation) (Japan), Hitachi Medical Corporation (Hitachi Ltd.) (Japan), Carestream Health, Inc. (U.S.), Esaote S.p.A (Italy), Hologic, Inc. (U.S.), Fujifilm Corporation (Japan), Samsung Medison (South Korea), and Shimadzu Corporation (Japan).