The biliary interventional radiology devices market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Increasing prevalence of cancer, chronic diseases, and growing geriatric population to contribute the market growth. The rapidly increasing elderly population and consequent increase in prevalence of age-related diseases, along with advancement of technologies are expected to fuel the progress of this market. The elderly population is more vulnerable to chronic diseases such as arthritis and cardiovascular diseases which is estimated to support the growth of the radiology devices market. According to the data collected from Organization for Economic Co-operation & Development (OECD), in 2019, about 33% of the total population of OECD countries aged 15 years and over had two or more chronic conditions, and the number increased to 58% in case of persons with age more than 65 years. The growth of the market can also be attributed to the factors such as increasing need for early diagnosis of the disease along with greater research spending by governments and private organizations. The increase in research funding by the government and other organizations has led to the technological advancements in radiology devices. In 2018, the EU spent almost USD 348 billion on research & development. In India, health research allocation is around USD 360 million for financial year 2021-2022. Additionally, the rise in growth opportunities in developing countries, along with the rapid increase in awareness about the need for radiology devices are projected to boost the market.
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The market is segmented based on product type into angiography systems, fluoroscopy systems, CT scanners, MRI systems, ultrasound-imaging systems, and others, out of which MRI systems hold the highest share in the market. Advancement in technologies and new product launches attribute the market growth.
On the basis of procedure, the market is segmented into angiography, angioplasty, embolization, thrombolysis, vertebroplasty, nephrostomy, and others. Angiography is projected to grow significantly over the forecast period. Due to, rising prevalence of cardiovascular diseases and the growing demand for minimally invasive procedures.
Based on application, the market is segmented into cardiology, oncology, urology & nephrology, gastroenterology, and others. Out of which, oncology holds the highest share in the market due to the rising prevalence of cancer, rising research initiatives, and growing geriatric population.
On the basis of end-user, the market is segmented into general medical & surgical hospitals, specialty hospitals, clinics, and others. Specialty hospitals hold the highest share in the market as a considerable portion of the population with chronic diseases on a global level tend to choose healthcare facilities specializing in its treatment.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the increased spending by governmental and non-governmental agencies on improving healthcare infrastructure in the region. The healthcare spending as percentage share of GDP for Asia Pacific countries has been increasing in the recent years. According to the World Bank, for China, the share of health expenditure as percentage of GDP has increased to 5.4% in 2018 from 4.2% in 2010. Furthermore, in 2021, the market in North America is evaluated to occupy the largest share in terms of revenue, owing to the growing investment of governmental and non-governmental agencies in cancer research, accompanied by the presence of leading healthcare service providers in the region. Along with this, the North America also leads in terms of ongoing clinical trials, which is also expected to contribute to the market growth in the region. High prevalence of chronic diseases within the region also anticipate the market growth. As per the reports published by Centers of Disease Control and Prevention in 2019, around 65% of Americans aged 65 years or above suffered from chronic pain. In addition, neuropathic pain affects 3-17% of adults. Alternatively, the market in Europe is also anticipated to occupy a significant share in the market on account of rising use of minimally invasive procedures and high prevalence of chronic diseases in the region.
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The global biliary interventional radiology devices market is further classified on the basis of region as follows:
Our in-depth analysis of the global biliary interventional radiology devices market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising occurrence of cancer, chronic diseases and increasing elderly population are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Costly therapies and lack of awareness about cancer therapies in lower economic regions are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the increasing awareness about cancer.
The major players dominating the are GE Healthcare (General Electric Company), Siemens Healthcare GmBH, Toshiba Medical Systems Corporation, Hitachi Medical Corporation, Carestream Health, Inc., Esaote S.p.A, Hologic, Inc., Fujifilm Corporation, Samsung Medison among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, by procedure type, by application, type, end user and region.
With respect to application, the speciality hospitals segment is anticipated to hold the largest market share owing to the growing preference among individuals for speciality treatment facilities for rare diseases.
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