by Market Overview:
Interventional radiology refers to the use of minimally invasive techniques to diagnose and treat diseases. These procedures offer several advantages such as shorter hospital stays, reduced risk of complications, and faster recovery times. The increasing prevalence of chronic diseases, advancements in imaging technology, and rising demand for minimally invasive treatments are driving the market growth. Interventional radiology procedures are commonly used in the treatment of cardiovascular diseases, cancer, liver diseases, and other conditions.
Market Key Trends:
One key trend in the interventional radiology market is the growing adoption of image-guided ablations. Image-guided ablation is a minimally invasive procedure that uses imaging technology to precisely target and destroy tumors or abnormal tissue. This technique offers several benefits such as reduced pain, shorter recovery times, and minimal scarring. The increasing prevalence of cancer and the rising demand for minimally invasive treatments are driving the adoption of image-guided ablations in the interventional radiology market.
The global Interventional Radiology Market Share is estimated to be valued at US$ 22,849.9 Million in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period of 2023-2030, according to a new report published by Coherent Market Insights.
Porter’s Analysis
This growth can be attributed to increasing demand for minimally invasive procedures and technological advancements in imaging systems. Now let’s analyze the five forces of Porter’s Analysis in relation to this market:
1. Threat of New Entrants: The threat of new entrants in the interventional radiology market is moderate. While the market is witnessing significant growth, high initial investments and stringent regulatory requirements act as barriers to entry for new players.
2. Bargaining Power of Buyers: The bargaining power of buyers is relatively high in the interventional radiology market. Buyers, such as healthcare providers, have the ability to negotiate prices and demand high-quality products and services.
3. Bargaining Power of Suppliers: The bargaining power of suppliers in the interventional radiology market is relatively low. The market is characterized by the presence of multiple suppliers offering a wide range of products and services, reducing the supplier’s influence over pricing and terms.
4. Threat of New Substitutes: The threat of new substitutes in the interventional radiology market is low. The unique nature of interventional radiology procedures and the lack of viable alternatives make it difficult for substitutes to gain traction.
5. Competitive Rivalry: The competitive rivalry in the interventional radiology market is high. The market is fragmented with several key players, such as Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm Holdings Corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation), among others. These players compete based on product innovation, pricing, and market presence.
Key Takeaways
The global interventional radiology market is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period. This growth is primarily driven by the increasing demand for minimally invasive procedures and advancements in imaging systems that offer better precision and accuracy.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the interventional radiology market. This can be attributed to the presence of advanced healthcare infrastructure, higher healthcare expenditure, and favorable reimbursement policies in the region.
Key players operating in the interventional radiology market include Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm Holdings Corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation). These players focus on product launches, partnerships, and acquisitions to expand their market presence and gain a competitive edge.
In conclusion, the interventional radiology market is poised for significant growth, driven by the increasing demand for minimally invasive procedures and advancements in imaging systems. North America is expected to witness the highest growth, and key players in the market are adopting strategic initiatives to maintain their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
