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Interventional Radiology Market Analysis, Top Companies, New Technology, Demand and Opportunity Analysis
Interventional radiology market is anticipated to generate $27.3 billion revenue by 2024, registering a CAGR of 6.4% during the forecast period, according to P&S Intelligence.
The market is predominantly driven by growing prevalence of chronic diseases, increasing aging population, technological advancements, and rising reimbursement rate for interventional radiology procedures.
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.
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. For instance, the Asia-Pacific Society of Cardiovascular and Interventional Radiology (APSCVIR), is going to conduct 14th Annual Scientific Meeting to exchange knowledge of cardiovascular and interventional radiology based latest techniques and applications among medical doctors and radiologists in different geographies of the region. The meeting is expected to held on February 21st to 24th, 2019 at the Bali Interventional Convention Center, Indonesia.
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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.
The global interventional radiology market is marked with the presence of key players such as Siemens AG, Koninklijke Philips N.V., General Electric Company, Canon Medical Systems Corporation, Hitachi Ltd. and Samsung Healthcare. Some other players include Carestream Health Inc., Esaote S.p.A, Hologic Inc., and Shimadzu Corporation.
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