Market Scenario

Interventional radiology is a rapidly changing field due to continuous improvement in imaging quality and technological advances. The ability to combine real-time, noninvasive imaging with minimally invasive, often catheter-based, interventions offer benefits to patients who otherwise may experience the stress of an open surgery and lengthier recovery. 

The ASEAN Interventional Radiology Market is projected to rise at a CAGR of 7.1% during the forecast period. The market was valued at US$ 626.4 Mn in 2021 and is estimated to reach US$ 945.7 Mn by 2027. In terms of volume, the market is recording a CAGR of 4.7% over the forecast period. Interventional radiology (IR) is a subspecialty of radiology, that is based on the use of imaging techniques for diagnostic purposes and to guide minimally invasive therapeutic procedures. For instance, in angiographic procedures, the relevant blood vessel trees are imaged, after which a decision is made to advance to one or more therapeutic interventions via drugs, devices, or both. The list of IR procedures is extensive (such as angioplasty, angiography, embolization, biopsy & drainage among others) and continues to grow.

The market is majorly driven by factors such as the surging prevalence of chronic diseases and the growing adoption of interventional radiology devices for cancer treatment. According to WHO, noncommunicable diseases (NCDs) kill 41 million people each year, equivalent to 71% of all deaths globally. Further, NCDs disproportionately affect people in low- and middle-income countries where more than three quarters of global NCD deaths – 31.4 million – occur. Southeast Asia faces an epidemic of chronic non-communicable diseases, which is now responsible for 60% of deaths in the region. The problem stems from environmental factors that promote tobacco use, unhealthy diet, and inadequate physical activity. Disadvantaged populations are the hardest hit, with death rates inversely proportional to a country's gross national income. Furthermore, cancer is a leading cause of death worldwide and in ASEAN countries. 

Interventional Radiology (IR) is occupying an increasingly prominent role in the care of patients with cancer, with involvement from initial diagnosis, right through to minimally invasive treatment of the malignancy and its complications. Adequate diagnostic samples can be obtained under image guidance by percutaneous biopsy and needle aspiration in an accurate and minimally invasive manner. IR techniques may be used to place central venous access devices with well-established safety and efficacy. Therapeutic applications of IR in the oncology patient include local tumor treatments such as trans arterial chemoembolization and radiofrequency ablation, as well as management of complications of malignancy such as pain, organ obstruction, and venous thrombosis. However, the risk of high radiation may hinder the market growth over the forecast period.

Key Insights of the Report: 

• The latest study published by Astute Analytica analyzes ASEAN Interventional Radiology Market for the study period of 2017-2027; where historical years are 2017-2020, base year is 2021 and forecast period is 2022-2027.
• The research report offers detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 9 chapters distributed across 119 pages with 18 lists of tables and 36 lists of figures.
• The market is segmented based on device type, procedures, application, and country.
• The market estimates are presented in terms of value (US$ Mn) and volume (Thousand Units).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material providers, interventional radiology device manufacturers, distributors, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the ASEAN Interventional Radiology Market Report:

• Based on device type, the stents segment holds the highest share in the ASEAN Interventional Radiology Market in 2021. Cardiovascular diseases are on the rise in ASEAN and are a leading cause of death in the region. The increasing prevalence of cardiovascular disease risk factors such as dietary, smoking, dyslipidemia, diabetes and hypertension, among others are leading to high rates of cardiovascular diseases in the region, which in turn is propelling the market growth. Further, the angioplasty balloons segment records the highest growth rate over the projection period.
• In terms of procedure, the angioplasty segment dominates the interventional radiology devices market of ASEAN in 2021 and is further registering the highest CAGR over the forecast period. This is due to a rising prevalence of cardiovascular diseases and the growing demand for minimally invasive procedures. In angioplasty, x-ray fluoroscopy or other imaging is used to guide a balloon-tipped catheter into an artery or vein to where it is narrowed or blocked. Thus, many procedures that previously required surgical intervention are now performed by radiologists using angiographic guidance.
• Based on application, cardiology segment holds the highest market share in 2021 and is projected to continue its dominance over the forecast period 2022-2027. This is due to the growing cardiovascular cases in ASEAN countries such as Indonesia, Thailand, and Singapore. The rising cardiovascular cases is due to the increase in population coupled with increased risk of diabetes and cholesterol abnormalities at a young age in these countries. However, the orthopedic segment holds the highest annual growth rate over the projection period.
• Indonesia is the highest shareholder country in the ASEAN Interventional Radiology Market in 2021 and is projected to continue its dominance over the projection period. As the socioeconomic situation in Indonesia is improving, Indonesia is now in epidemiological transition, having the double burden of infectious diseases and emerging noncommunicable, especially cardiovascular diseases. This is expected to propel market growth during the forecast period. Further, Vietnam records the highest CAGR during 2022-2027. According to World Health Organization (WHO), in Vietnam, CVDs were responsible for 31% of total deaths in 2016 and this is estimated to rise in future.

Competitive Dashboard

The key players in the ASEAN Interventional Radiology Market are Boston Scientific, Abbott Laboratories, B. Braun Melsungen, Terumo Medical Corporation, Comed B.V., and Medtronics, among others.

Segmentation Overview

The following are the various segments of the ASEAN Interventional Radiology Market:

By Type segment of the ASEAN Interventional Radiology Market is sub-segmented into:

• Catheters
• Stents
• Inferior Vena Cava (IVC) Filters
• Hemodynamic Flow Alteration Devices
• Angioplasty Balloons
• Thrombectomy Systems
• Embolization Devices
• Biopsy Needles
• Accessories
• Other Interventional Radiology Devices Products

By Procedures segment of the ASEAN Interventional Radiology Market is sub-segmented into:

• Angioplasty
• Angiography
• Embolization
• Thrombolysis
• Biopsy & Drainage
• Vertebroplasty
• Nephrostomy
• Other Procedures

By Application segment of the ASEAN Interventional Radiology Market is sub-segmented into:

• Cardiology
• Urology & Nephrology
• Oncology
• Gastroenterology
• Neurology
• Orthopaedics
• Other Applications

By Country segment of the ASEAN Interventional Radiology Market is sub-segmented into:

• Singapore
• Indonesia
• Thailand
• Malaysia
• Vietnam
• Philippines
• Myanmar
• Rest of ASEAN