PUBLISHER: BIS Research | PRODUCT CODE: 1385523
PUBLISHER: BIS Research | PRODUCT CODE: 1385523
“Global Interventional Imaging Market Expected to Reach $16.93 Billion by 2033.”
KEY MARKET STATISTICS | |
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Forecast Period | 2023 - 2033 |
2023 Evaluation | $8.84 Billion |
2033 Forecast | $16.93 Billion |
CAGR | 6.71% |
The global interventional imaging market is projected to experience substantial growth over the forecast period 2023-2033. Moreover, the market value for 2022 was estimated to be $8.66 billion and is expected to reach $16.93 billion by 2023, showcasing a CAGR of 6.71% during the forecast period. This growth can be attributed to the increasing demand for minimally invasive procedures, along with the increasing adoption of new technologies and the prevalence of chronic diseases. The market includes various procedures, consumables, systems, and software's designed for diagnosis and treatment of chronic diseases.
The global interventional imaging market is in a growth and expansion stage of development phase. The recent years have seen improvements and innovations in imaging, particularly with the advent of 3D and 4D imaging and the 4k imaging (for high quality image visualization). New technologies and devices that offer faster, more efficient, point-of-care, or more cost-effective imaging could rejuvenate the market further.
The interventional imaging market has proven to be a cornerstone in the evolution of imaging systems. One of the most profound impacts is felt within the realm of medical diagnostics and treatment. The ability to efficiently diagnose has paved the way for the detect diseases at much earlier stages. This early detection often translates to more effective treatments and better prognosis for patients. The interventional imaging technology has transformed the idea of treatment in addition to detection.
In essence, the Global interventional imaging market has not just supported but catalyzed numerous breakthroughs in both diagnosis and treatment. Its influence continues to grow as the methods become more refined and accessible, promising even more revolutionary findings in the future.
Based on offering , the interventional imaging systems segment dominated the global interventional imaging market in FY2022. The interventional imaging systems constitute the prevalent offering type owing to their widespread use in almost all applications related to the global interventional imaging market. Due to the increasing utilization of interventional imaging for minimally invasive procedures and diagnosis the market is anticipated that this segment will continue to witness significant growth in the coming years.
Based on application, the global interventional imaging market was dominated by the cardiology segment in FY2022. The growth of this segment can be attributed to several factors, including the elevated prevalence of cardiac diseases, the heightened utilization of radiology procedures for diagnosing cardiac conditions, and the expanding elderly population. Cardiac MRI, which does not employ ionizing radiation, is increasingly used for detecting and monitoring cardiac diseases. It facilitates the assessment of both cardiac anatomy and functionality in individuals with heart ailments.
Based on end user, the hospitals segment accounted for the largest share of the global interventional imaging market in FY2022. Interventional imaging is a rapidly growing field of medicine that uses image-guided procedures to diagnose and treat a wide range of conditions. Interventional imaging is performed in hospitals in dedicated imaging suites called catheterization labs (Cath labs).
China dominated the Asia-Pacific market in 2022 with a share of 35.47%. Moreover, Asia-Pacific is expected to register the highest CAGR of 8.18% during the forecast period 2023-2033. The interventional imaging market in the Asia-Pacific (APAC) region is witnessing significant growth, driven by various factors, including increasing demand for aging population, with increasing healthcare needs. This demographic shift drives demand for interventional imaging procedures, including diagnostic angiography and vascular interventions.
The economic growth in countries like China and India is resulting in increased healthcare spending. Patients are increasingly seeking high-quality medical care, including interventional imaging services. This presents substantial opportunities for market expansion. Furthermore, technological advancement and adoption are on the rise.
Increasing Demand for Minimally Invasive Surgical Procedures: Interventional imaging allows rapid image capture and top-notch image clarity, elevating the overall patient experience. These breakthroughs, used across various medical fields, enhance efficiency, and diagnostic precision, and can expedite the diagnosis process. Moreover, improvements in imaging have played a crucial role in the growth of minimally invasive surgical procedures, minimizing the necessity for invasive surgeries, thereby lowering risks and speeding up patient recovery times.
Shortages of Skilled Professionals: Lack of training is one of the key barriers to the growth of the conventional technologies market. The challenge can be distinctly divided into two types - lack of formal training opportunities and sufficient operating time. In almost all cases, despite receiving advanced minimally invasive surgical training, the surgeon is highly unlikely to perform the procedure immediately afterward. The adoption of minimally invasive surgical procedures involves a steep learning curve.
Integration of AI in Interventional Imaging: The integration of artificial intelligence (AI) in interventional imaging has opened up a multitude of prospects within the global interventional imaging market. Numerous key players are actively developing imaging software leveraging AI, which is poised to elevate the market further. Interventional imaging platforms that are enabled with AI offer high accuracy in assisting surgical procedures, enhanced decision-making, and workflow automation in reducing the variations that could affect the health of the patients.
Workflow/Innovation Strategy: The global interventional imaging market (by offering) has been segmented into detailed segments, including different types of interventional imaging systems, namely X-ray, CT scanners, MRI systems, and ultrasound imaging systems. Moreover, the study provides the reader with a detailed understanding of the different applications of these products.
Growth/Marketing Strategy: Global interventional imaging process is being used for diagnosis and treatment procedures, which are further used for many applications such as cardiology, neurology, musculoskeletal, oncology, urology, gastroenterology, obstetrics, gynecology, and others. Various companies are providing systems, software, and consumables for the global interventional imaging market.
Competitive Strategy: Key players in the global interventional imaging market have been analyzed and profiled in the study, including manufacturers involved in new product launches, acquisitions, expansions, and strategic collaborations. Moreover, a detailed competitive benchmarking of the players operating in the global interventional imaging market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
The key data points taken from the primary sources include:
The key data points taken from the secondary sources include:
Medical procedure that utilizes image-guided, minimally invasive techniques for both diagnosing and treating a wide range of diseases. Interventional imaging depends on tools such as angiography, mobile C-arm systems, and fluoroscopy imaging to carry out procedures like thrombolysis, embolization, and biopsies, as well as various vascular and other minimally invasive interventions. These approaches have the potential to significantly decrease recovery periods, lower risks, and reduce overall medical expenses.
The interventional imaging market refers to the interventional imaging systems, interventional imaging software, and consumables to guide minimally invasive interventions and are involved in the diagnosis and treatment of chronic diseases.
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Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).