There is a rising trend of minimally-invasive procedures, owing to the cost-effective solution and lesser hospital stay. With the help of minimally-invasive techniques, patients are quickly treated and are often discharged from the hospital the very same day. Most of the minimally-invasive procedures require imaging technologies.
Innovation in the imaging technologies, which provides real-time images to the surgeons to show a comprehensive view of internal organs, while diagnosing, is driving the interventional radiology market.
Chronic diseases are ongoing, generally incurable illnesses or conditions, such as heart disease, asthma, cancer, and diabetes. Cardiovascular diseases are the major causes of death, globally. Until recent years, treating heart disease meant opening the patient’s chest to directly access the heart, through surgery, which was expensive and often exposed the patient to a high risk of infection.
According to the WHO 2017 report, an estimated 17.9 million people die from CVDs every year, representing 31% of all the global deaths. Of these deaths, an estimated 7.4 million are due to coronary heart disease and 6.7 million are due to stroke. These alarming numbers demand the development of safe and effective interventional procedures.
The increasing preference for minimally-invasive procedures and the prevalence of chronic diseases are driving the interventional radiology market. The market is expected to grow steadily, owing to effective interventional procedures performed in lieu of surgery.
Key Market Trends
Application in Oncology is Expected to Witness the High Growth over the Forecast Period
Interventional radiology involves the use of medical imaging to see inside the body coupled with minimally invasive techniques to diagnose and treat cancer, as well as provide relief from symptoms. Surgeons and doctors use tools such as catheters and needles to address a large variety of medical conditions that would have required surgery in the past. The most common diseases treated with this technique include cancers of the lung, liver, kidney, and bone. But this is a growing field, and researchers are exploring its use in treating a variety of other cancer types.
Moreover, the incidence of cancer in recent years has increased. Cancer Research UK suggests that the population suffering from cancer is expected to increase in the future. As per the report, if recent trends in incidence of major cancers and population growth are consistent, it is predicted there will be 27.5 million new cancer cases worldwide each year by 2040, as compared to 17 million in 2018. This factor is expected to increase the demand for minimally invasive procedures like interventional radiology, which will boost the market growth.
North America to Dominate the Market, during the Forecast Period
The growing burden of chronic diseases, owing to changing lifestyles and the rising need for cost-effective, minimally-invasive interventional procedures, are driving the market studied, in the United States. Cardiac catheterization is used extensively, for the diagnosis and treatment of various heart disorders. More than a million cardiac catheterizations and angiographic procedures are conducted every year, in the United States.
Several interventional radiology procedures can be used to treat cancer patients. For example, transarterial chemoembolization can cut off the blood supply to a tumor, while radiofrequency ablation (RFA) and microwave ablation may damage the cancerous tissue itself. According to the National Cancer Institute, in 2018, an estimated 1,735,350 new cases of cancer were expected to be diagnosed in the United States, and 609,640 people were likely to die from the disease.
The rising prevalence of chronic conditions, such as cancer, diabetes, and others, and the prospects of minimally-invasive, targeted treatments, using imaging guidance, are driving the market in the United States.
The interventional radiology market is highly competitive and consists of global as well as local players, across the world. Some of the companies that currently dominate the market include GE Healthcare, Hitachi Medical Systems, Koninklijke Philips NV, Siemens AG, and Shimadzu Corporation, among others. However, with technological advancements, it is expected that few small and mid-sized companies will also penetrate the market, in the future.
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