The Americas Interventional Radiology Market is growing at the CAGR of 9.7% by Forecasted Period 2017 – 2023.
Interventional radiology is a sub specialty of radiology which utilizes minimally invasive procedure for diagnosis and treatment of diseases. MRI and CT scan are commonly used interventional radiology techniques followed by ultrasound and angiography. Thus, the market of interventional radiology in America is governed by demand of minimally invasive techniques for diagnosis and treatment of patients and rising prevalence of chronic diseases such as cardiovascular diseases.
Interventional radiology market is flourishing across the Americas. Increasing demand for non-invasive surgical procedures, and technological advancement in the medical devices are the major drivers for the growth of the market. Additionally, increasing healthcare expenditure by developed economies across Americas also fuels the growth of the market. Concentration of key players in the U.S. also determines the growth of the market.
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According to the Centre of Disease Control and Prevention (CDC), about half of Americans (47%) suffer from risks factors leading to heart diseases like high blood pressure, high cholesterol and smoking and 610000 Americans die from heart disease every year. Coronary heart disease is the most common type of heart disease in Americas. These facts are evident for the growth of this market in America. North America is the largest market for interventional radiology. Increasing demand of minimally invasive procedures, high prevalence of cardiovascular diseases, lifestyle changes and addiction like alcohol and smoking drive the growth of the market in North America. Increasing demand of interventional radiology is also found on South America. Continuous technological innovation the R&D activities by market leaders restrict the entrance of new players in this market.
Key Players in the Interventional Radiology:
Key players in the interventional radiology market are UreSil (U.S), Lantheus Medical Imaging (U.S.), Abbott Laboratories(U.S), Boston Scientific (U.S), Cordis (U.S), Baylis Medical Company (Canada), General Electric Company (U.S), Siemens Medical Solutions USA, Inc. (U.S), Toshiba Medical Systems Corporation (Japan), Hitachi Medical Corporation (Japan), Carestream Health, Inc. (U.S.), Hologic, Inc. (U.S), Cardinal Health (U.S.), B. Braun Melsungen AG (Germany), C.R Bard (U.S.), Stryker Corporation (U.S.), and Cook Medical Inc. (U.S.). The main focus of these players is tapping the market in developing regions across the globe.
Strategic approaches adopted help the major players in the market to sustain their growth and develop their business in various geographical areas across the globe. Agreements and collaborations, mergers and acquisitions, and new product launches are various strategies followed by the key players.
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Carestream Health, Inc.:
Carestream health, incorporated in 2007 is an overall supplier of medical and dental imaging frameworks and IT arrangements, X-ray imaging systems for non-destructive testing and advanced for perfect films and electronic markets.
November 2016: Carestream Health, Inc. announced its collaboration with Materialise NV (NASDAQ:MTLS); Materialise is a leading provider of additive manufacturing software and innovative 3D printing solutions in the medical and industrial markets. This collaboration with Materialise NV will help Carestream health to extend its product line and thus strengthen its position in the market.
General Electric Company:
General Electric Company is an American multinational conglomerate corporation incorporated in New York.
Wide range of interventional radiology products offered by the company are Discovery IGS 750, Discovery IGS 540, Discovery IGS 530 and many more. ViewPoint 6 is a smart, flexible solution for radiology department which helps to communicate across departments and connect with existing HIS, RIS, PACS or EMR systems.
Siemens is one of the major market players in interventional radiology. Its products include medical imaging, point of care testing, laboratory diagnostics, healthcare IT, therapy system and many other products.
Somatom Confidence, a CT system, Acuson NX3 an ultrasound system and MAGNETOM, an MRI system are highly specialized imaging system provided by the company.
In November 2016, the company acquired Conworx Technology GmbH to deliver open connectivity for point-of-care instruments
Toshiba Medical Systems Corporation:
Toshiba Medical Systems Corporation is a medical equipment company in Japan. In 1914, it begin research on X-ray tube. It was a market leader in diagnostic imaging equipment and introduced MRI and helical CT for the first time. Therefore, the market for interventional radiology is expected to tremendous growth during the forecast period owing to an increasing demand for medical devices for diagnostic and therapeutic use. The growth of the market is also marked by an increase in the economies of scale of key players, maintaining product differentiation.
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