NEW YORK, Feb. 18, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, Interventional radiology market is anticipated to generate $27.3 billion revenue by 2024, registering a CAGR of 6.4% during the forecast period. The market is predominantly driven by growing prevalence of chronic diseases, increasing aging population, technological advancements, and rising reimbursement rate for interventional radiology procedures.
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Different types of products available in the interventional radiology market are ultrasound, computed tomography (CT), magnetic resonance imaging (MRI), angiography systems and others. The market for ultrasound systems is expected to grow substantially, witnessing a CAGR of 6.2% during the forecast period. Rising number of chronic diseases and birth disorders are some key factors leading to the high demand of ultrasound systems globally.
The interventional radiology systems are utilized in various therapeutic areas, such as cardiology, urology and nephrology, oncology, and gastroenterology. Among these, oncology is expected to hold significant share in the interventional radiology market during the forecast period. The market for this segment is estimated to generate $5.1 billion in 2018, and is anticipated to reach $7.3 billion by 2024. This rise can be ascribed to the increasing prevalence of cancer across the globe. Additionally, the market for gastroenterology segment is also forecasted to witness significant growth, registering a CAGR of 5.9% during the period of analysis.
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Geographically, North America holds the largest share in the interventional radiology market, with an estimated contribution of around 36% share to the global interventional radiology market in 2018 and is projected to generate $9.3 billion revenue by 2024. Advanced healthcare facilities, and increased healthcare spending are some of the key factors driving the growth of this region.
During the forecast period, the interventional radiology market in APAC is expected to witness the fastest growth, observing a CAGR of 7.9%. The growth in the market is mainly led by rising prevalence of chronic diseases, growing geriatric population, improving healthcare infrastructure, and rising healthcare expenditure. Additionally, training programs and scientific meetings are being conducted for interventional radiology in this region which is also playing pivotal role in the growth of market.
Moreover, the increasing healthcare expenditure in developing economies, such as China and India, for the improvement of healthcare infrastructure, is creating huge revenue generation opportunities for companies to invest in the region. According to the World Bank, the healthcare expenditure of China was 4.3% of its total gross domestic product (GDP) in 2005, which increased to 5.3% in 2015.
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Globally, the interventional radiology market is witnessing rapid evolution with substantial number of new products being launched by prominent players in the market. For instance, in January 2019, Canon Medical Systems Corporation introduced illumination rendering technology within its Vitrea platform. This technology will enable physicians to interact in real-time with photorealistic images and visualize patient anatomy in all dimensions. Around the same time, the company also launched Aquilion Start CT system in Dubai.
The acquisitions and collaborations among prominent players are key strategies noted in the global interventional radiology market. For instance, in January 2019, Koninklijke Philips N.V. collaborated with MIM Software Inc., aim to streamline approach for the treatment by using advanced radiation therapy treatment techniques. Moreover, in July 2018, Hologic Inc. announced the acquisition of Faxitron Bioptics, a privately-held company, dealing in digital specimen radiography, in $85 million cash. This acquisition was aimed to expand Hologic Inc.’s breast health product portfolio.
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