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HEALTHCARE & PHARMACEUTICAL

Biliary Interventional Radiology Devices Market Segmentation by Product (Angiography Systems, Fluoroscopy Systems, CT Scanners, Ultrasound-Imaging Systems, MRI Systems, and Others); by Procedures (Angiography, Angioplasty, Embolization, Thrombolysis, Vertebroplasty, Nephrostomy, and Other); by Application (Cardiology, Oncology, Urology & Nephrology, Gastroenterology, and Other); and End User (General Medical & Surgical Hospitals and Others) – Global Demand Analysis and Opportunity Outlook 2029

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Extensive insights into the Growth of Biliary Interventional Radiology Devices Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • April 2021: Royal Philips a global leader in health technology, and Ibex Medical Analytics, a pioneer in artificial intelligence (AI) based cancer diagnostics, announced collaboration to jointly promote their digital pathology and AI solutions to hospitals, health networks and pathology labs worldwide.
  • November 2020: Abbott announced the launch of the IonicRF™ Generator. It is recently cleared by the U.S. Food and Drug Administration to deliver a non-surgical, minimally invasive treatment for the management of pain in the nervous system. The IonicRF Generator is a radiofrequency ablation device that uses heat to target specific nerves and block pain signals from reaching the brain.
  • August 2019: NinePoint Medical, Inc., announced that it has received U.S. Food and Drug Administration clearance to market the NvisionVLE Imaging System for use in the pancreas and bile duct.

Biliary Interventional Radiology Devices Market Highlights 2021-2029

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. CLICK TO DOWNLOAD SAMPLE REPORT

Biliary-Interventional-Radiology-Devices-Market-Overview

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.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure-per-Capita

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.

Biliary Interventional Radiology Devices Market Regional Synopsis

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.

Biliary-Interventional-Radiology-Devices-Market-share

The global biliary interventional radiology devices market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global biliary interventional radiology devices market includes the following segments:

By Product Type

  • Angiography Systems
  • Fluoroscopy Systems
  • CT scanners
  • MRI systems
  • Ultrasound-Imaging Systems
  • Others

 By Procedure Type

  • Angiography
  • Angioplasty
  •  Embolization
  •  Thrombolysis
  •  Vertebroplasty
  •  Nephrostomy
  •  Other

By Application

  • Cardiology
  • Oncology
  • Urology & Nephrology
  • Gastroenterology
  • Other

 By End User

  • General Medical & Surgical Hospitals
  • Specialty Hospitals
  • Clinics
  • Others

Growth Drivers

  • Rising Prevalence of  Cancer and Chronic Diseases
  • Increasing Geriatric Population in the World
  • Advancement in Technologies

Challenges

  • Expensive  Treatment Therapies
  • Lack of Awareness About the Disease in Lower Economic Regions

Key Players Dominating the Market

  • Abbott
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • GE Healthcare (General Electric Company)
  •  Siemens Healthcare GmBH
  •  Royal Philips
  •  Toshiba Medical Systems Corporation
  •  Hitachi Medical Corporation
  •  Carestream Health, Inc.
  •  Esaote S.p.A
  •  Hologic, Inc.
  •  Fujifilm Corporation

 

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