Latest Study on “Interventional Radiology Products Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Interventional Radiology Products market size is expected to be worth around US$ 16.1 Billion by 2027, according to a new report by nova one advisor.
The global Interventional Radiology Products market size was valued at US$ 9.0 Billion in 2020 and is anticipated to grow at a CAGR of 7.2% during forecast period 2021 to 2027.
Overview of Interventional Radiology Products Market Study
Interventional Radiology Products market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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The growth in this market can be attributed to the rising prevalence of chronic diseases, growing geriatric population, increasing demand for minimally invasive procedures, and favorable reimbursement scenario for interventional radiology procedures. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, high cost and inaccessibility of advanced therapeutics may restrict market growth to a certain extent. The interventional radiology products market is segmented based on type, procedure, application, and region.
Global Interventional radiology products Market Dynamics
DRIVER: Increasing demand for minimally invasive procedures
The demand for minimally invasive procedures has been increasing due to their advantages over conventional open surgery procedures. According to the American Institute of Minimally Invasive Surgery (AIMS), the benefits of minimally invasive procedures as compared to conventional open surgery procedures include increased safety, decreased scarring, faster recovery, and decreased length of hospital stay. The application areas of minimally invasive surgeries are also growing due to the increasing use of technologically advanced products and techniques, especially for the treatment of CVD, cancer, and peripheral artery disease (PAD). This is expected to positively influence the growth of the interventional radiology products market.
RESTRAINT: High cost and inaccessibility of advanced therapeutics
Several under-developed and developing countries like India, South Africa, Afghanistan, Bhutan, and Nepal do not have centralized insurance systems and have higher out-of-pocket expenditure. This impacts the adoption of high-priced treatment procedures. For instance, according to the Journal of American Heart Association, the price of a drug-eluting stent ranges from USD 600 to USD 2,791 in India. The high cost of products and the lack of a well-defined health insurance system in developing countries are expected to hamper the adoption of advanced medical procedures.
OPPORTUNITY: Emerging markets
Emerging markets such as China, India, and Brazil offer significant growth opportunities for players operating in the interventional radiology products market. These countries are expected to witness high growth in the coming years, owing to the presence of less stringent regulatory policies and low competition. To leverage the high-growth opportunities in these markets, manufacturers are strategically focusing on expanding their presence in developing countries. Moreover, the increasing competition in mature markets is further compelling interventional radiology device manufacturers to focus on emerging markets.
Stent segment dominated the Interventional radiology products market in 2020.
Based on type, the interventional radiology products market is segmented into catheters, stents, inferior vena cava (IVC) filters, hemodynamic flow alteration devices, angioplasty balloons, thrombectomy systems, embolization devices, biopsy needles, accessories (contrast media, guidewires, balloon inflation devices, and other accessories), and other interventional radiology products (bone cements, nephrostomy tubes, and gastrostomy tubes). Stents account for the largest share of the interventional radiology products market. The large share of this segment can be attributed to the increasing incidence of cardiac diseases and cancer and the growing number of angioplasty procedures performed globally.
The cardiology segment to witness the highest CAGR during the forecast period.
Based on applications, interventional radiology products can be segmented into cardiology, urology & nephrology, oncology, gastroenterology, neurology, orthopedics, and other applications (pulmonary and gynecology). Cardiology account for the largest share of the interventional radiology products market and are expected to grow at the highest CAGR. The large share of this segment can be attributed to the rising geriatric population and the increasing prevalence of CVD across the globe.
North America was the largest regional market for interventional radiology products market in 2020.
The interventional radiology products is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2020, North America was the largest regional segment of the overall market, followed by Europe. The large share of the North American market can be attributed to the high prevalence of chronic diseases, growing geriatric population, increasing adoption of minimally invasive procedures, and the presence of key players in the region.
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COVID-19 Impact on Interventional Radiology Products Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Interventional Radiology Products market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Interventional Radiology Products market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Interventional Radiology Products market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Interventional Radiology Products market include:
Medtronic (Ireland), Boston Scientific Corporation (US), Becton, Dickinson and Company (US), Abbott (US), Cardinal Health (US), B. Braun Melsungen AG (Germany), Stryker (US), Terumo Medical Corporation (Japan), Cook Medical (US), Biosensors International Group, Ltd. (Singapore), Teleflex Incorporated (US), iVascular S.L.U. (Spain), Penumbra, Inc. (US), BIOTRONIK SE & Co. KG (Germany), ENDOCOR GmbH (Germany), Meril Life Sciences Pvt. Ltd. (India), Palex Medical (Spain), UreSil, LLC (US), Alvimedica (Turkey), Cardionovum GmbH (Germany), SMT (India), Medinol Ltd. (Israel), Comed B.V. (Netherlands), SCITECH (Brazil), Balton Sp. z o.o. (Poland), and Rontis (Switzerland).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- Inferior Vena Cava (IVC) Filters
- Hemodynamic Flow Alteration Devices
- Angioplasty Balloons
- Thrombectomy Systems
- Embolization Devices
- Biopsy Needles
- Other Interventional Radiology Products
- Biopsy & Drainage
- Other Procedures
- Urology & Nephrology
- Other Applications
Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/interventional-radiology-products-market
Why Buy this Report?
The purpose of Nova one advisor’s Interventional Radiology Products market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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