Interventional radiology is a branch of medicine that uses imaging techniques to guide minimally invasive procedures such as computed tomography, x-ray fluoroscopy, magnetic resonance imaging, and ultrasound. Through very small incisions into the body, IR performs both diagnostic and therapeutic procedures. Diagnostic IR procedures include image-guided biopsy of a tumor and injection of an image processing contrast agent together into hollow structure, including a duct or blood vessel, to aid in diagnosis or mentor further medical treatment. Therapeutic IR procedures, on the other hand, offer direct treatment that include medical device placement like stents, catheter-based medicine delivery, and angioplasty of narrowed structures.
The development of new techniques for stenting patients having multi-vessel disease, such as fractional flow reserve (FFR), and optical coherence tomography (OCT) is expected to drive the interventional radiology market during the forecast period. Furthermore, the rising prevalence of cardiology disorders is expected to increase the use of interventional radiology devices. Interventional radiology is the diagnosis and treatment of cancer using medical imaging and minimally invasive techniques. Interventional radiology has a wide range of applications, including angiography, vertebroplasty-kyphoplasty, cancer treatment, stent placement and angioplasty, and balloon angioplasty.
The rising cost of digital radiology devices such as X-ray systems, MRI scanners, and CT scanners was a significant market restraint in emerging countries. Instead of expensive digital radiology devices, complementary systems such as ultrasound were used in these areas. Furthermore, despite paying a premium for closed system MRI equipment with high resolution, growth was pretty average due to a high proportion of claustrophobic patients. Such factors have resulted in lower implementation of premium devices, thus, resulting in notable sales growth of the global medical imaging equipment market.
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Geographically, the market is widespread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America emerged as the largest revenue generator for the interventional radiology market. The presence of well-established medical infrastructure and facilities and the adoption of latest innovations in radiology, MRI, and other premium devices in the developed nations of United States and Canada will also help this region continue to dominate the market in the coming years.
Rising Prevalence of Cardiac Issues will Boost Demand for Interventional Radiology
The growing rate of factors, including rising chronic disease incidence and prevalence, the rising popularity of minimally invasive procedures, and technological advancements, are expected to promote the growth of this market. The interventional radiology imaging market now has a wide range of opportunities on account of emerging markets. However, the risk of high radioactive contamination may pose a serious challenge for the market. MRI manufacturers and healthcare facilities may pose significant threat due to exposure to radiation and this may cause major hindrance to the overall sales growth of the interventional radiology imaging market in the coming years.
The World Health Organization (WHO) is working hard to improve and sustain care for people suffering from cardiovascular diseases and cancer around the world. Such government agencies are attempting to ensure that patients have access to high-quality care and that their condition is diagnosed as soon as possible. Over the last few years, the diagnostic and interventional treatment process has advanced significantly. Many government and non-governmental institutions are stepping forward to raise awareness about chronic diseases and their treatment with interventional radiology.
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Leading players of the interventional radiology market are indulging in better radiology methodologies and are investing heavily on the same to gain a competitive edge in the overall market competition. Some other players are engaging in merger and acquisition strategies to gain impetus in the coming years. Some of the notable players of the global interventional radiology market include Teleflex Incorporated, Canon Medical Systems Corporation, Siemens, Medtronic Inc., N.V., Hologic Inc., Hitachi Medical Corporation, GE Healthcare, Fujifilm Holdings Corporation, Agfa-Gevaert Group., and others.