Interventional Radiology Drainage Procedures Market
Number of pages: 100 | Report Format: PDF | Published date: April 04, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 854.4 million |
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Revenue Forecast in 2031 |
US$ 1,492.5 million |
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CAGR |
6.8% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Type, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global interventional radiology drainage procedures market was valued at US$ 854.4 million in 2022 and is expected to register a revenue CAGR of 6.8% to reach US$ 1,492.5 million by 2031.
Interventional Radiology Drainage Procedures Market Fundamentals
Interventional radiology drainage procedures are minimally invasive procedures performed by a radiologist using imaging guidance, such as ultrasound, CT scan, or fluoroscopy, to place a small tube or catheter into an internal organ or space to drain fluid or air accumulated due to various medical conditions. These procedures are typically performed under local anesthesia and sedation and involve inserting a small needle into the affected area, followed by placing a catheter or drainage tube through the needle. The catheter or drainage tube is then guided to the specific location using imaging techniques, and the fluid or air is drained out of the body. Some examples of interventional radiology drainage procedures include percutaneous drainage of abscesses or collections of fluid, thoracentesis for removing fluid from the pleural space, and paracentesis for removing fluid from the abdominal cavity. These procedures are generally safe and well-tolerated and can provide relief for patients with various medical conditions.
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Interventional Radiology Drainage Procedures Market Dynamics
The increasing incidence of chronic diseases, including cancer, cardiovascular diseases, and respiratory disorders, drives the demand for interventional radiology drainage procedures as a management option, resulting in market revenue growth. According to GLOBOCAN 2020, around 19 million new cancer cases were detected in 2020. The demand for minimally invasive surgeries is increasing due to the benefits of faster recovery time, reduced hospital stays, and fewer complications. Interventional radiology drainage procedures are minimally invasive and are becoming increasingly popular among patients and healthcare providers. Significant technological advancements, such as developing real-time imaging and robotics, and improving the precision and accuracy of interventional radiology procedures, are driving market revenue share. The healthcare industry is shifting towards a value-based care model, which focuses on improving patient outcomes and reducing costs. Interventional radiology procedures are cost-effective and have been shown to improve patient outcomes, driving the revenue growth of interventional radiology drainage procedures. Governments worldwide are investing in healthcare infrastructure and providing funding for developing new medical technologies.
The aging population is increasing globally, and older adults are more prone to chronic diseases and conditions that require interventional radiology procedures. This demographic trend is also expected to fuel the revenue growth of the interventional radiology drainage procedures market. However, the high cost of interventional radiology drainage equipment is restricting the development of the interventional radiology drainage procedures market revenue. The lack of skilled professionals is hindering the market revenue growth as interventional radiology procedures require highly trained and skilled personnel to perform the procedures safely and effectively.
The market revenue for interventional radiology drainage procedures is expected to grow significantly, driven by the rising prevalence of chronic diseases like cancer, cardiovascular diseases, and respiratory disorders. Advancements in medical technologies and devices, such as the development of new imaging techniques and the use of robotics, are boosting the interventional radiology drainage procedures market revenue growth. The aging population and increasing demand for minimally invasive surgeries also contribute to market revenue growth.
Based on region, North America accounts for the largest market revenue for interventional radiology drainage procedures, owing to the high adoption rate of advanced medical technologies and the presence of key players in the region. However, the Asia Pacific is expected to grow at the highest revenue CAGR during the forecast period, owing to the growing healthcare infrastructure, increasing disposable income, and rising awareness about minimally invasive surgeries.
Interventional Radiology Drainage Procedures Market Ecosystem
The global interventional radiology drainage procedures market is analyzed from four perspectives: type, application, end-user, and region.
Interventional Radiology Drainage Procedures Market by Type
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Based on the type, the global interventional radiology drainage procedures market is segmented into catheters, stents, and others.
The catheter segment dominates the global interventional radiology drainage procedures market with the largest revenue share. Catheters are highly versatile medical devices commonly used in interventional radiology drainage procedures to remove fluid from various body parts. They can be used for various drainage procedures, including abscess drainage, pleural effusion drainage, and ascites drainage. Their ability to remove fluid from different body parts has made them popular among healthcare providers for interventional radiology procedures. Catheter drainage procedures are widely available and can be performed in various settings, such as hospitals, clinics, and ambulatory surgical centers. This accessibility has made them a practical option for many patients and healthcare providers. Advancements in catheter technology, such as image-guided catheters and microcatheters, have increased the precision and accuracy of interventional radiology drainage procedures, making them safer and more effective. Catheter drainage procedures are more cost-effective than other interventional radiology drainage procedures, like surgery. This has contributed to their widespread use and dominance in the market in terms of revenue share.
Interventional Radiology Drainage Procedures Market by Application
Based on the application, the global interventional radiology drainage procedures market is segmented into the abdomen, pelvic, and others.
The abdomen segment accounts for a significant revenue share of the interventional radiology drainage procedures market. The high demand for interventional radiology drainage procedures in the abdomen can be attributed to the susceptibility of vital organs, such as the liver, pancreas, and intestines, to various conditions requiring drainage procedures. These conditions include fluid accumulation, abscesses, and tumors, which are prevalent in the abdominal region. Additionally, the accuracy of interventional radiology drainage procedures in the abdomen has been improved by technological advancements in imaging modalities, such as computed tomography (CT) and ultrasound. These advancements have enabled precise needle placement, which has reduced the risk of complications and improved outcomes, further contributing to the dominance of the abdomen segment. The minimally invasive nature of most interventional radiology drainage procedures in the abdomen, which typically require only a small incision or puncture, also makes them a preferred choice for healthcare providers and patients, as they reduce the risk of complications, shorten recovery time, and increase patient comfort. Moreover, abdominal interventional radiology drainage procedures are widely available. They can be performed in a variety of settings, including hospitals, clinics, and ambulatory surgical centers, making them accessible to a wide range of patients and healthcare providers.
Interventional Radiology Drainage Procedures Market by End User
Based on the end user, the global interventional radiology drainage procedures market is segmented into hospitals, specialty clinics, and ambulatory surgical centers.
The hospital's segment accounts for the highest revenue share of the interventional radiology drainage procedures market. Hospitals have a larger patient volume, requiring more interventional radiology drainage procedures. This high volume provides opportunities to build expertise, increase efficiency, and realize economies of scale, ultimately making the procedures more cost-effective. Hospitals have access to state-of-the-art interventional radiology equipment and cutting-edge technologies. Moreover, they have highly trained interventional radiologists and support staff who specialize in performing complex procedures, making them well-equipped to handle intricate cases. Hospitals usually offer a range of specialties and subspecialties, allowing them to treat patients with diverse conditions that may necessitate interventional radiology drainage procedures. This diversity of specialties guarantees that patients receive integrated and comprehensive care, including interventional radiology. Hospitals have established contracts with insurance providers and government payers, making receiving coverage for interventional radiology procedures easier for patients. As a result, it is more financially feasible for patients to undergo such procedures in a hospital setting.
The revenue for the ambulatory surgical centers (ASCs) segment is expected to grow considerably during the forecast period. ASCs have emerged as a popular alternative to hospitals for interventional radiology procedures due to their cost-effectiveness and convenience. These centers typically have lower overhead costs than hospitals, translating into lower patient procedure costs. ASCs have more flexible scheduling options and shorter wait times, enabling patients to receive treatment quickly and efficiently. ASCs increasingly adopt advanced interventional radiology equipment and technologies, providing patients with high-quality care and better outcomes. The number of ASCs offering interventional radiology procedures is increasing rapidly, contributing to the segment's revenue growth.
Interventional Radiology Drainage Procedures Market by Region
Based on the region, the global interventional radiology drainage procedures market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the interventional radiology drainage procedures market with the largest revenue share in 2022. North America has a well-developed healthcare infrastructure with advanced hospitals, diagnostic centers, and specialty clinics that offer interventional radiology procedures. The region has a strong research and development base, which has led to the development of advanced medical technologies and interventional radiology equipment. North America has a high incidence of chronic diseases such as cancer, and cardiovascular and kidney diseases, often requiring interventional radiology procedures. This has increased the demand for such procedures, making the region a key market for interventional radiology drainage procedures. According to the Centers for Disease Control and Prevention, around 697,000 people in the U.S. died from heart disease in 2020. The reimbursement policies in North America are generally favorable for interventional radiology procedures, which has further contributed to the market revenue growth. North America has many skilled healthcare professionals, including interventional radiologists. This has contributed to the quality of care and patient outcomes, further driving the demand for interventional radiology drainage procedures.
Competitive Landscape of Interventional Radiology Drainage Procedures Market
The prominent players operating in the global interventional radiology drainage procedures market are:
Strategic Developments in Interventional Radiology Drainage Procedures Market
The expected size of the global interventional radiology drainage procedures market in 2031 is US$ 1,492.5 million.
Based on region, North America accounts for the largest market revenue share, followed by Europe and Asia Pacific, and is expected to be the fastest-growing region during the forecast period.
The prominent players operating in the global interventional radiology drainage procedures market are Boston Scientific Corporation, Cook Medical LLC, Becton, Dickinson and Company, and Argon Medical Devices, Inc.
Interventional radiology drainage procedures are minimally invasive procedures performed by a radiologist using imaging guidance, such as ultrasound, CT scan, or fluoroscopy, to place a small tube or catheter into an internal organ or space to drain fluid or air that has accumulated due to various medical conditions.
The global interventional radiology drainage procedures market is expected to have a revenue CAGR of 6.8% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain