The global interventional radiology devices market to grow at a CAGR of 4.28% during the period 2017-2021.
The report, Global Interventional Radiology Devices Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
The latest trend gaining momentum in the market is the increasing number of M&A. Companies are adopting to M&A to expand their global presence and increase their product offerings and market share. M&A enable companies to exchange technology and R&D capabilities. For instance, Boston Scientific is focusing on increasing M&A to improve its global presence. Similarly, Abbott is also focusing on M&A to increase its global presence.
According to the report, one of the major drivers for this market is the increasing demand for MI procedures. Globally, the demand for MI procedures is increasing. MI procedures reduce physical trauma and the risk of infections, which enables early recovery. MI procedures offer certain benefits such as lower cost, shorter hospital stay, greater comfort, and quick recovery. MI procedures have better effectiveness when compared with traditional procedures. The cost of MI procedures can be higher when compared with other conventional procedures.
Further, the report states that one of the major factors hindering the growth of this market is the deficit of IR consultants. Interventional radiologists are radiology experts that perform a wide range of interventional procedures and interpret the results accurately. Interventional radiologists are often required for clinical sub-specialties. The growth of the aging population is a major cause for the shortage of IR consultants. The need for interventional radiologists has also increased in rural areas. According to the American Association of Medical Schools (AAMC), by 2025, the demand for physicians will exceed supply by 61,700 to 94,700. The shortage of interventional radiologists is higher in EMEA. Hence, the shortage of IR consultants is a challenge for the growth of the market.