Interventional Radiology Market Is Estimated To Witness High Growth Owing To Increasing Demand For Minimally Invasive Procedures
Market Overview:
Interventional radiology refers to minimally invasive diagnostic and therapeutic procedures that are performed using imaging guidance. These procedures offer several advantages over traditional open surgeries, such as shorter hospital stays, reduced recovery time, and minimal scarring. The need for interventional radiology procedures has witnessed a significant increase due to the growing prevalence of chronic diseases, such as cardiovascular diseases, cancer, and neurological disorders.
Market Key Trends:
One key trend in the interventional radiology market is the increasing adoption of image-guided ablation procedures. Image-guided ablation is a minimally invasive procedure that uses heat or cold to destroy tumor cells. It is becoming increasingly popular as a treatment option for various types of cancer, including liver, lung, kidney, and bone cancers. This trend can be attributed to the advantages of image-guided ablation, such as reduced morbidity, shorter hospital stays, and lower healthcare costs.
The global Interventional Radiology Market Share is estimated to be valued at US$ 22,849.9 Million in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period of 2023-2030, according to a new report published by Coherent Market Insights.
PEST Analysis:
Political: The political factors that impact the interventional radiology market include government regulations and policies related to healthcare, reimbursement policies, and government funding for research and development in the field.
Economic: The economic factors influencing the interventional radiology market include the overall economic growth, healthcare expenditure, and insurance coverage. Economic factors also include the cost of interventional radiology procedures and the affordability of these procedures for patients.
Social: The social factors influencing the interventional radiology market include the aging population, increasing prevalence of chronic diseases, and growing awareness among patients about the benefits of interventional radiology procedures. Social factors also include patient preferences and expectations for minimally invasive treatments.
Technological: The technological factors impacting the interventional radiology market include advancements in imaging technologies, such as MRI and CT scanners, as well as innovations in interventional radiology equipment and devices. Technological factors also include the integration of artificial intelligence and robotics in interventional radiology procedures.
Key Takeaways:
The global interventional radiology market is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period of 2023-2030. This growth can be attributed to several factors, including the increasing prevalence of chronic diseases, advancements in imaging technologies, and the growing adoption of minimally invasive procedures.
Regionally, North America is expected to be the fastest-growing and dominating region in the interventional radiology market. This can be attributed to factors such as well-established healthcare infrastructure, high healthcare expenditure, and favorable reimbursement policies.
Key players operating in the interventional radiology market include Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation), among others. These key players contribute significantly to the market through their extensive product portfolios, technological advancements, and strategic collaborations.
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