The interventional radiology market is expected to reach $23.50 billion by 2021, up from $16.99 billion in 2016 at a compound annual growth rate (CAGR) of 6.7%, according to a recent report from MarketsandMarkets.
The report provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the market, along with the estimates and forecasts of the revenue and market share analysis.
The major factors driving the growth of this market are rising incidence and prevalence of chronic diseases, increasing demand for minimally invasive procedures, and technological advancements.
The report segments this market on the basis of product, procedure, and application. On the basis of product, the market is segmented 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 expected to account for the largest share of the market in 2016. Technological advancements and product launches are the factors that drive this market.
Based on procedure, the market is segmented into angiography, angioplasty, embolization, thrombolysis, vertebroplasty, nephrostomy, and other procedures (biliary drainage, fallopian tube recanalization, cholecystectomy, and carotid-cavernous fistula). The angiography segment is projected to witness the highest share in this market due to increasing prevalence of cardiovascular diseases and the growing demand for minimally invasive procedures.
Based on application, the market is segmented into cardiology, oncology, urology & nephrology, gastroenterology, and other applications (orthopedics, neurology, and gynecology). The cardiology segment is projected to witness the highest growth in this market due to demand for minimally invasive procedures.
Based on geography, the market is segmented into North America, Europe, Asia, and the rest of the world. The 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.
For more information, visit MarketsandMarkets.