ALBANY, New York, October 19, 2016 /PRNewswire/ -- The global interventional radiology market features a largely consolidated competitive landscape, with the top five players accounting for around 60% of the market in 2015, observes a recent report by Transparency Market Research. These top five vendors, namely Philips Healthcare, Hitachi Medical Corporation, GE Healthcare, Toshiba Medical Systems Corporation, and Siemens Healthcare lead the global market owing to diversified product portfolios, extensive geographical presence, and acquisition strategies. Strong new product development capabilities have also worked in the favor of these companies over the years. With launch of innovative equipment such as the interventional x-ray equipment varieties EchoNavigator, Allura 3D, and FlexVision, these companies are expected to retain their dominance in the next few years as well.

Transparency market Research (TMR) states that the global interventional radiology market was valued at US$13.8 bn in 2015 and is expected to expand at a CAGR of 5.8 % over the period between 2016 and 2024. If the prediction holds true, the market is expected to reach US$22.9 bn by 2024. Of the key applications of interventional radiology, the segment of embolization presently dominates and held a nearly 24% of the market's overall valuation in 2015. From a geographical perspective, North America dominated, acquiring a nearly 38% of the global market in 2015.

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Rising Prevalence of Chronic Diseases and Mounting Global Population of Geriatrics Key to Market Growth

Busy lifestyles, lack of physical activities, and unhealthy habits such as smoking and poor diet are resulting in an epidemic of obesity, associated cardiac conditions, and several other chronic diseases. Chronic diseases are one of the leading causes of mortality and disabilities across the world. The increasing incidence of such conditions is expected to one of the foremost causes of the rising demand for interventional radiology procedures during the forecast period. Moreover, the evolution of new techniques such as optical coherence tomography (OCT) as well as fractional flow reserve (FFR), which is used for stenting patients with multi-vessel disease, are likely to increase the global adoption of interventional radiology techniques over the forecast period.

In addition to these factors, the rising global population of geriatrics is also expected to be one of the key factors driving the global interventional radiology market over the forecast period. Aging is associated with a large number of diseases and disorders. A majority of the geriatric population suffers from cardiovascular, neurological, and orthopedic disorders. The rising number of elderly individuals, therefore, is expected result in the increased demand for surgical interventions or acute care services in the near future.

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