Table of Contents
New Growth Opportunities Emerge in a Mature Market
This research service pertains to the US market for interventional x-ray equipment used in radiology and cardiology. A thorough market sizing and forecasting model of market revenue, unit shipments, and pricing is included, along with analyses of technology trends, market drivers and restraints, and the competitive environment. The two market segments considered are interventional radiology (IR) and interventional cardiology (IC). The study also covers clinical specialties utilizing high-end interventional x-ray equipment, such as neurology and oncology. The base year of the study is 2012; the forecast period extends through 2019.
• Interventional x-ray equipment has been widely adopted by U.S. hospitals over the last 20 years, especially in the areas of radiology and cardiology.
• The large installed base of equipment existing within a finite addressable market space creates a highly penetrated, mature, mainly replacement market.
• This high degree of market maturity prevails mainly within the traditional interventional radiology (IR) and interventional cardiology (IC) markets.
• The size of both the IR and IC segments has contracted during the last three years, owing to macroeconomic pressures coupled with a slowdown in replacement cycles.
• While the revenue opportunity seems to have adjusted to a new lower level, the market outlook seemed to be reverting back to positive levels starting in the second half of 2012. This positive traction is due to the fact that both the IR and IC market segments also comprise smaller sub-segments that offer significant growth opportunities.
• Such is the case of interventional oncology and interventional neurology, two sub-segments of IR that are poised to pursue their current growth dynamics.
• Similarly, certain sub-segments of the IC market such as electrophysiology (EP) and other emerging minimally invasive procedures continue to exhibit robust growth.
• Combined, these growth pockets hold the promise of offsetting some of the recent growth decays in the mature market segments, keeping the overall growth dynamics positive.
• More so than the growth pockets driving, respectively, the IR and IC markets, it is the combined demand from these two segments that is creating the highest synergies.
• As combo catheterization suites and hybrid operating rooms (OR) slowly emerge as a clinical best practice, they are driving demand for multipurpose interventional equipment.
• The recovery of market growth is expected to be gradual, as installed base equipment lifecycles decay from the current X to X years toward seven to Xyears, as in the past.
• This revival of replacement cycles will hinge on technology advances that pertain to the usability of equipment in these complex environments and combine multiple modalities.
1. Replacement cycles are lengthening in mature segments, while emerging markets and procedures are offsetting part of the slowdown.
2. Product and technology innovation cycles are lengthening due to mounting market and industry pressures.
3. Technology advancement persists in advanced multimodality image guidance and visualization.
4. Clinical guidelines continue to drive procedures toward noninvasive diagnostic and minimally invasive interventional techniques.
5. Hybrid operating rooms and combination cath labs will emerge as clinical best practices, reviving market growth.
Key Questions This Study Will Answer
• Is the recent market slowdown and ensuing revenue decline a permanent one? Will the downward trend continue or give way to a more stable or increasing growth pattern?
• Which growth segments of the market are most likely to accelerate the recovery of historic market size and growth rates, and over which period of time?
• What are the key product technologies that have helped to revive legacy system replacement cycles and are likely to impact future market growth in the U.S. marketplace?
• What are the main current and future developments in clinical guidelines expected to play a role either in favor or to the detriment of interventional x-ray equipment adoption?
• What type of impact is the trend toward the development of hybrid operating rooms (OR) and combo cath labs expected to have on the evolution of the customer and market landscape?
• What is the outlook on the current industry dynamics, and is the current concentration around the top three market participants likely to increase, or is the market more likely to diversify?
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