Spurred on by a steadily aging population and a high incidence of cardiovascular and cerebrovascular disease, the Asia-Pacific interventional radiology and cardiology market is projected to increase at a compound annual growth rate (CAGR) of 3.5% through 2017, said market research firm Frost & Sullivan.
Market growth is being aided by benefits of interventional methods such as reduced hospitalization and faster recovery times, which lower inpatient admission rates. In addition, there is a greater focus on the early diagnosis and treatment of diseases, along with government initiatives to promote health checkup programs, according to the company's new report. The medical tourism industry is also driving demand, the company said.
In 2012, revenues in this market segment reached more than $591.3 million, Frost & Sullivan said. The firm recommends that multinational manufacturers partner with local vendors to build integrated networks for market expansion. Developing innovative, competitively priced offerings and providing robust after-sales services are also crucial, the company said.
