Market Trends of Interventional Radiology Industry
This section covers the major market trends shaping the Interventional Radiology Market according to our research experts:
The Cardiology Application is Expected to Witness High Growth Over the Forecast Period
The high incidence of cardiac diseases, increasing utilization of radiology procedures for cardiac disease diagnosis, and the rising geriatric population are some of the factors responsible for the growth of the segment. Cardiac MRI does not use ionizing radiation and is employed for the detection or monitoring of cardiac diseases. It enables the evaluation of the heart's anatomy and functions in patients with heart diseases. According to an article published by PubMed in August 2022, there have been growing uses of intravascular ultrasound (IVUS) during lower extremity arterial and venous revascularization, and observational data suggests that the use of IVUS can improve periprocedural and long-term outcomes in this cardiology procedure. This indicates that the increased utilization of interventional radiology in cardiology may boost the market's growth.
The incidence of cardiovascular disorders in recent years has increased. According to the data updated by CDC in October 2022, heart diseases are the leading cause of death for men, women, and people of most racial and ethnic groups in the United States, and it is estimated that one person dies every 34 seconds in the United States from cardiovascular disease.
As per the study published by the American College of Cardiology in August 2022, cardiac MRI plays a critical and complementary role in the evaluation and surveillance of pericardial diseases, such as pericarditis, pericardial effusion, and pericardial constriction, among others. This is a clear indication that having image-guided devices such as interventional radiology devices in cardiology that help diagnose and treat diseases will ease the process and help physicians maintain accuracy in treating the disease more than any conventional method. This also helps in boosting the market's growth.
In addition, several product launches by companies are also boosting segment growth. For instance, in March 2022, Royal Philips, a global leader in health technology, launched the Ultrasound Workspace at the American College of Cardiology's Annual Scientific Session & Expo. Philips Ultrasound Workspace is a vendor-neutral echocardiography image analysis and reporting solution that can be accessed remotely via a browser.
Thus, in view of the increasing incidences of cardiovascular diseases and new product launches, the market studied is expected to witness growth over the forecast period.
North America to Expected to Dominate the Market Over the Forecast Period
The growing burden of chronic diseases due to changing lifestyles and the increasing need for less expensive interventions are driving the market in the United States. Cardiac catheterization is widely used to diagnose and treat various heart diseases. More than a million cardiac catheterizations and angiographic procedures are performed annually in the United States.
Several radiology interventions can be used to treat cancer patients. For example, transarterial chemoembolization can interrupt blood supply to a tumor, while radiofrequency ablation (RFA) and microwave ablation can damage cancer cells themselves. According to the data from the American Cancer Society in 2022, everyone is at risk of developing cancer. However, the likelihood increases greatly with age. It is estimated that 80% of the people diagnosed with cancer in the United States are 55 years of age or older, and 57% are 65 or older. Also, in the United States, an estimated 40 out of 100 men and 39 out of 100 women are likely to develop cancer during their lifetime. The high prevalence of cases indicates the increased need for radiology interventions for the treatment of patients, which will drive the demand for it in the region.
In addition, new product developments and launches are expected to fuel the growth of the North American market over the forecast period. For instance, in November 2021, Siemens Healthineers launched Naeotom Alpha, one of the world's first photon-counting CT scanners. The system was cleared for clinical use in the United States and Europe.
The rising prevalence of chronic conditions such as cancer and diabetes and the prospects of minimally invasive, targeted treatments using imaging guidance are driving the market in the United States.
