The use of interventional radiology procedures has shown a significant increase in the last few years due to their minimal invasive nature hence, less recovery time and hospital stay. Interventional radiology procedures have thus become a widely used method of treatment for cardiovascular diseases, traumatic injuries, and cancer. As the prevalence of these conditions are on rise, the demand for interventional radiology procedures is expected to increase further in the near future. Furthermore, the field holds promise for diverse applications and technological improvements. This will create substantial opportunities for the market’s growth in the forthcoming years.
According to Transparency Market Research (TMR), the global interventional radiology market is expected to rise at a CAGR of 5.8% between 2016 and 2024. At his rate, the market is projected to reach US$22.9 bn by the end of 2024, from its value of US$13.8 bn in 2015.
Absence of Favorable Reimbursement Policies to Stall Market’s Growth
Despite witnessing positive growth over the last few years, the market is facing challenge due to the lack of encouraging reimbursement policies across several economies. In countries such as India and Brazil, reimbursement policies for procedures such as angioplasty is already quite low because of the high cost of equipment and procedures. Reduction in already low reimbursement policies is creating further difficulties for the market. This situation is likely to create adverse scenario for the market’s growth.
Additionally, high excise duties implemented on the manufacture of medical devices is creating bottlenecks for the market. Such tax results in reduction in profits of manufacturers, which later results in the higher costs of interventional radiology equipment. Such factors could hamper the market’s growth to an extent.
Compared to Other Regions, Opportunities in Asia Pacific to Grow at Higher Rate
Regionally, North America currently holds dominance in the global interventional radiology market with a share if 38.4% in 2014. The rising demand for technologically advanced devices in the healthcare industry is supporting the growth of the market in North America. Among the various segments, the x-ray segment gained the lead, accounting for over half the share in the North America interventional radiology market.
While North America is expected to continue holding higher share in the global market, as compared to other regions Asia Pacific will report a higher CAGR of 7.1% between 2016 and 2024. The increasing prevalence of chronic ailments such as cancer, significant improvement in healthcare facilities, rising willingness among consumers to spend more on healthcare, and increase in geriatric population will aid the expansion of the interventional radiology market in Asia Pacific.