Biliary Interventional Radiology Devices Market size is projected to witness lucrative growth rate during the forecast period i.e., between 2024-2036.
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.
The growth of the biliary interventional radiology devices 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.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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Regional Scope |
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The biliary interventional radiology devices 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 biliary interventional radiology devices 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.
Our in-depth analysis of the global market includes the following segments
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By Product Type |
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By Procedure Type |
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By Application
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By Application
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By End User
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APAC Market Statistics
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific and the Middle East & Africa region. Asia Pacific industry is predicted to dominate majority revenue share by 2036, owing to 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.
North America Market Analysis
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.
Author Credits: Radhika Pawar
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