Market Trends of Americas Interventional Radiology Industry
The Oncology Segment is Expected to Hold Significant Growth in the Market
Interventional radiology (IR) plays a crucial role in the oncology segment by offering minimally invasive procedures for diagnosing, treating, and managing various types of cancer. These procedures use advanced imaging guidance to precisely target tumors and deliver therapeutic interventions with minimal impact on surrounding healthy tissues.
The rising incidence of cancer in the Americas is leading to a higher demand for interventional radiology procedures as these procedures are often less invasive and offer shorter recovery times than traditional surgical methods. For instance, according to the data published by the American Cancer Society in January 2023, cancer is the second most prevalent disease in the United States, followed by heart disease. As per the same source, approximately 1.9 million new cancer cases (about 5,370 cases each day) are projected to be reported in the country in 2023. In addition, according to the data published by Statistics Canada in June 2022, an estimated 233,900 people in Canada were estimated to be diagnosed with cancer in the country in 2022.
Furthermore, according to the data released by the ICO/IARC Information Centre on HPV and Cancer on March 2023, 49.6 million women aged 15 years and older in Mexico are at risk of developing cervical cancer. According to the same source, approximately 9,439 women in the country are diagnosed with cervical cancer every year. Therefore, the high prevalence of cancer across the Americas region is projected to drive the demand for interventional radiology techniques to destroy cancerous tumors. In addition, interventional radiologists perform image-guided percutaneous biopsies to obtain tissue samples for diagnosing and staging cancers. Biopsies are usually less invasive than surgical options, allowing quicker recovery.
Moreover, the rising number of oncology interventional radiology product launches in the region is also projected to drive market growth during the forecast period. For instance, in March 2023, GenesisCare, launched ViewRay's advanced MRIdian MRI-guided radiation therapy system to reduce the burden of cancer treatment at the Lee Health Regional Cancer Center, United States.
Therefore, the rising incidence of cancer in the region and the increasing number of product launches will drive the oncology segment growth during the forecast period.
North America is Expected to Hold the Significant Share of the Market Over the Forecast Period
The major factors driving the growth of the interventional radiology market in North America include the rising prevalence of cancer, gastrointestinal disorders, the presence of many interventional radiologists in the country, and the presence of various prominent players and strategic activities done by them.
The rising prevalence of various liver, lung, and kidney cancers in the country is projected to drive the demand for interventional radiology during the forecast period. For instance, according to the data published by the American Cancer Society, in January 2023, approximately 238,340 Lung & bronchus cancer cases are projected to occur in the United States by the end of 2023. In addition, according to the data published by the Government of Canada in February 2022, an estimated 2 in 5 Canadians will be diagnosed with cancer in their lifetime, and an estimated 229,200 Canadians will be diagnosed with cancer in Canada in 2021. As per the same source, lung, breast, colorectal, and prostate cancers were anticipated to be the most commonly diagnosed cancers in the country, which accounted for 46% of all diagnoses in 2021. Therefore, the high incidence of cancer in the region is projected to drive the demand for image-guided biopsies to obtain tissue samples for diagnosis and staging lung cancer and RFA to ablate small tumors in the lung tissue.
In addition, interventional radiology is mainly used to locate and treat the source of gastrointestinal bleeding by injecting contrast agents and selectively blocking blood vessels that are bleeding. The high incidence of GI bleeding is projected to drive the demand for interventional radiology products during the forecast period. For instance, according to the article published by the Baishideng Publishing Group in April 2023, GI bleeding is a potentially life-threatening event that results in more than 400,000 hospital admissions in the United States every year.
Furthermore, the presence of many interventional radiologists in the United States compared to other countries is also projected to drive market growth during the forecast period by increasing the availability of interventional radiology services. Thus, the higher number of interventional radiologists in the United States translates to increased availability of interventional radiology services across the country, which implies that more patients can access these specialized procedures conveniently, leading to higher demand for interventional radiology services. For instance, according to the article published by the Radiological Society of North America in September 2021, the estimated number of interventional radiologists in the United States was around 3,500 in 2021. Moreover, the country's rising number of product launches is also projected to drive market growth during the forecast period. For instance, in November 2022, Fujifilm Healthcare Americas Corporation launched a SCENARIA View Focus Edition Computed Tomography (CT) system, a premium scanner with an advanced cardiac motion correction feature called Cardio StillShot, in the United States.
Therefore, the high prevalence of cancer, and GI diseases, the presence of a large number of interventional radiologists, and the rising number of product launches are projected to drive the growth of the interventional radiology market in the country during the forecast period.
