Interventional radiology markets in Europe are registering steady growth. The advent of technological innovations that allow for more sophisticated and rapid imaging is gradually widening the application area for interventional radiology and supporting market expansion.
New analysis from Frost & Sullivan (medicalimaging.frost.com), European Interventional Radiology Markets, finds that the market earned revenues of $399.5 million in 2006 and estimates this to reach $683.3 million in 2013.
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"Advances in the field of medical instrumentation and in radiological imaging technology have led to the rapid development of interventional procedures," notes Frost & Sullivan Research Analyst Darshana De. "Consequently, the market in Europe is growing steadily due to the large number of cost-effective interventional procedures being performed in lieu of surgery."
Cardiac interventional radiology represents the fastest growing segment in the market. More than 40 per cent of Europe’s population suffers from cardiac diseases, with such patients preferring minimally invasive imaging procedures for related diagnosis and therapy.
Vascular interventional radiology, dedicated mainly to the detection and treatment of peripheral arterial diseases, is the second largest segment in the market. Growth in this segment is likely to be partially retarded due to competition from other non-invasive imaging techniques.
The lack of dedicated neuro centers across Europe, high prices for equipment and specific installation requirements have restricted the neuroradiology market to a very small size; it comprises the smallest segment in the market.
"However, with the technological advancements and faster imaging technologies, there will be significant market growth in the overall European interventional radiology markets," adds De.
The major challenge for market participants will be to provide products that can be integrated with picture archiving and communication systems (PACS), electronic medical records (EMR) and other hospital IT systems. Another area of concern is the lack of well-trained radiologists.
Furthermore, the severe financial crisis faced by European healthcare systems presents a threat to sustained market growth. To curb spiraling healthcare expenditures, governments across Europe have slashed healthcare budgets, making it difficult for hospitals and clinics to purchase new medical equipment. To overcome this challenge, companies will need to produce cost-effective equipment to required specifications.
"Producing a fully functional system and then assembling it according to the needs of the end users would make it easier for both industry participants as well as end users" says De. "In doing so, vendors will help end users in reducing costs, saving time per procedure and maximising equipment usage."
At the same time, market participants should address the issue of equipment being under-utilised due to the dearth of properly trained radiologists. Efforts should be made to constantly update radiologists on novel offerings.
European Interventional Radiology Markets is part of the Medical Imaging Growth Partnership Service programme, which also includes research in the following markets: European Computed Tomography (CT) Systems Markets, European Ultrasound Market, European Women’s Healthcare Imaging Markets etc. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
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