The global interventional x-ray equipment market is experiencing a steady increase, driven by effective utilization in emerging clinical applications and ongoing demand in well-established clinical applications, according to a new report by market research firm Frost & Sullivan.
Frost & Sullivan projects that the sector will grow at a compound annual growth rate of 3.5% between 2016 and 2021 to reach an estimated market value of $3.12 billion (2.69 billion euros). Growth will be spurred by emerging clinical applications -- cardiology, orthopedics, sports medicine imaging, minimally invasive procedures, and emergency room procedures -- as well as by established clinical segments such as oncology and pediatric interventions, the company said.
In addition, Frost & Sullivan said that market demand will be augmented by system replacements, embracement of multifunctional applications in hospital segments, and a market shift from interventional applications to comprehensive image-guided therapy portfolios.
As interventional radiology and cardiology converge, the biplane systems used in cardiology, oncology, and neuroradiology are expected to be the best-performing market subsegment, owing to a renewed business interest in new, full-fledged offerings to replace existing interventional x-ray systems, according to Transformational Health Senior Analyst Poornima Srinivasan.
"On the flip side, reduced vendor margins due to fragmentation, lack of a skilled workforce in new clinical specialties, budget constraints, price erosions, and commoditization of technology are factors hindering market adoption and growth," Srinivasan said in a statement.
