According to the new market research report "Interventional Radiology Products Market by type (Stents, Catheters, IVC Filter, Biopsy Needles, Embolization Devices, Accessories), Procedure Type (Angioplasty, Angiography, Thrombolysis, Embolization), Applications (Oncology) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to USD 14.1 billion by 2026 from USD 10.2 billion in 2021, at a CAGR of 6.6% during the forecast period.
The Rising prevalence of chronic diseases, growing geriatric population, increasing demand for minimally invasive procedures and favorable reimbursement scenario for interventional radiology procedures are the major factors driving the growth of the market.
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The stent segment is expected to grow at the highest CAGR during the forecast period and also accounted for the largest share in 2020.
Based on type, the interventional radiology products market is segmented into catheters, stents, inferior vena cava (IVC) filters, hemodynamic flow alteration devices, angioplasty balloons, thrombectomy systems, embolization devices, biopsy needles, accessories (contrast media, guidewires, balloon inflation devices, and other accessories), and other interventional radiology products (bone cements, nephrostomy tubes, and gastrostomy tubes). Stents account for the largest share of the market. The large share of this segment can be attributed to the growing number of angioplasty procedures performed globally and the increasing incidence of cardiac diseases and cancer.
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North America was the largest regional market for the interventional radiology products market in 2020
The market is segmented into four major regions, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America was the largest regional market for market in 2020. The large share of the North American market can be attributed to the high prevalence of chronic diseases, growing geriatric population, increasing adoption of minimally invasive procedures, and the presence of key players in the region.
However, the Asia Pacific interventional radiology products market is estimated to grow at the highest CAGR during the forecast period. The presence of emerging economies such as China, India, and South Korea, rising prevalence of chronic diseases, the growing demand for quality medical care, increasing healthcare spending and government initiatives, rising disposable income, growth in the medical device industries, and improvements in healthcare infrastructure in Southeast Asian countries are the major factors driving the growth of the market in the Asia Pacific.
Key Market Players
The global interventional radiology products market is consolidated. The prominent players operating in this market include Medtronic (Ireland), Boston Scientific Corporation (US), Becton, Dickinson and Company (US), Abbott (US), Cardinal Health (US), B. Braun Melsungen AG (Germany), Stryker (US), Terumo Medical Corporation (Japan), Cook Medical (US), Biosensors International Group, Ltd. (Singapore), Teleflex Incorporated (US), iVascular S.L.U. (Spain), Penumbra, Inc. (US), and BIOTRONIK SE & Co. KG (Germany).
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