The interventional X-ray market, driven by a trend toward the development of hybrid systems, is expected to grow by 50 percent by 2017, according to a new report from U.K.-based market research firm InMedica.
Interventional X-ray--traditionally divided into separate interventional radiology and interventional cardiology markets--produced annual global revenues of $1.79 billion for X-ray systems in 2012, according to the report. But, the high cost of interventional X-ray, combined with a decreasing number of studies and a limited number of interventional specialists, has suppressed demand. Market growth is expected to creep up by just 1 percent in 2013.
Healthcare systems--particularly small and mid-sized hospitals--are meeting these challenges by adopting technologies that combine interventional cardiology and radiology systems in order to lower costs and increase utilization.
"Demand for combined systems in emerging markets such as China and Brazil has also been strong to date, as combined systems offer less expensive basic interventional X-ray capability," Stephen Holloway, associate director for medical electronics at IHS (which owns InMedica) said in an announcement. "Consequently, combined interventional X-ray systems are forecast to have the strongest demand among all system types, with shipments forecast to enjoy annual growth of between 8 and 10 percent in the next five years."
Hybrid operating room (hybrid OR) interventional X-ray systems, which offer a shared resource for surgical and interventional procedures, also could drive demand in this market, according to the report. Whether market demand for hybrid OR increases depends on broader economic conditions, with the report predicting demand will increase starting in 2015 as austerity measures begin to be lifted.
"The predicted ramp-up in demand from emerging regions still offers attractive growth prospects for manufacturers," Holloway said. "With the incidence of non-communicable diseases such as obesity and cardiovascular disease increasing significantly, the ability of manufacturers to provide cost-effective interventional X-ray systems will become even more important."
A report earlier this year by Frost and Sullivan about the European Interventional radiology and cardiology market also predicted that hybrid imaging--along with an expanding market in Eastern Europe--would drive market growth over the next five years.