Globally, the interventional radiology products market is witnessing moderate growth due to factors such as rising incidence of chronic diseases, rising geriatric population, and increasing demand for minimally invasive surgeries.
On the other hand, availability of cost-effective conventional first-level treatments and product failures and recalls are the key restraining factors to the growth of this market. The high growth potential in the emerging regions like Asia provides growth opportunities for players operating in the interventional radiology products market.
Based on type, the interventional radiology products market is segmented into stents, catheters, IVC filters, hemodynamic flow alteration devices, angioplasty balloons, thrombectomy systems, embolization devices, biopsy needles, and accessories. In 2016, the stents segment is expected to account for the largest share of the market. The key factors driving the growth of the interventional radiology stents market are the growing geriatric population and increasing incidence of cardiovascular diseases around the world.
Based on procedure, the interventional radiology products market is segmented into angioplasty, angiography, embolization, thrombolysis, biopsy & drainage, vertebroplasty, nephrostomy, and other procedures. In 2016, the angiography segment is expected to account for the largest share of the market. The increasing prevalence of these conditions and the growing demand for minimally invasive procedures are the key factors driving market growth in this segment.
Based on application, the market is segmented into cardiology, urology & nephrology, oncology, gastroenterology, neurology, orthopedics, and other applications. The oncology segment is expected to grow at the highest CAGR during the forecast period. The major factors driving the growth of this market segment are the increasing incidence of cancer and rising demand for minimally invasive procedures.
Based on region, the interventional radiology products market is segmented into North America, Europe, Asia and Rest of the World (RoW). In 2016, North America is expected to dominate the interventional radiology products market while Asia is expected to grow at the highest CAGR during the forecast period. The high growth of this geographic segment is attributed to the increasing prevalence of chronic diseases and growing geriatric population in Asia. The market is further driven by factors such as increasing reimbursement for minimally invasive procedures.