New York, USA, June 15, 2023 (GLOBE NEWSWIRE) -- Interventional Radiology Products Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Interventional Radiology Products Market Information By Type, Application, End User and Region - Forecast till 2032”, the market Size was valued at USD 25.3 Billion in 2022. The Interventional Radiology Products market is projected to grow from USD 26.8 Billion in 2023 to USD 42 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2023 - 2032).
Market Scope
To diagnose and treat patients, interventional radiology emphasizes using less-invasive image-guided techniques. This field of medicine uses radiological guidance systems and apparatus, including X-ray, magnetic resonance imaging, computed tomography, fluoroscopy, and other modalities. The main interventional radiological procedures performed with these techniques are for identifying any underlying disorders the patient might have, which can be identified through visualization through pictures. Vascular and interventional radiology (VIR) is another name for interventional radiology. The market for interventional radiology products is anticipated to reach USD 42.0 billion by 2032, growing at a CAGR of 5.80%. All organ diseases are changing due to personalized healthcare and new medications designed to increase patient compliance and treatment effectiveness, but oncology has made the most progress.
Globally, there is a growing need for cutting-edge diagnostic and therapeutic approaches due to the rise in acute diseases. For clinical procedures for severe liver, bowel, lung, and kidney cancer disorders, imaging techniques like CT scanners, MRI, angiography systems, and an ultrasound imaging system are frequently used. The prevalence of cancer is steadily rising across many countries due to an aging population and increasingly unhealthy lifestyles, which has increased the acceptance of interventional radiology as a diagnostic tool. Creating an ambulatory shift is a developing trend in IR because it offers significant cost savings and patient care quality enhancements. Whenever it pertains to innovation in the field of radiology, guidance techniques, and interventional radiology equipment are both significant areas of development.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 42.0 Billion |
| CAGR | 5.80% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing demand for painless drug administration |
| Rising prevalence of chronic diseases like cancer and cardiovascular conditions |
Interventional Radiology Products Market Competitive Analysis
The ability of the market to thrive may be significantly hampered by the sporadic use of restrictions across several regions as labor and supply networks are severely hampered. The marketplace's constant developments and research are predicted to soon lead to several promising expansion opportunities. Government support is predicted to hasten the expansion of the world market in the upcoming years. The emphasis on accumulating resource reserves for unanticipated events is anticipated to impact future market trends. Functioning techniques are anticipated to diversify globally as more contemporary operating and transportation methods are implemented. The return of the subsequent wave of COVID instances in various regions could result in modest market growth. The projected period is expected to see a significant increase in sales dependent on online commerce, which will encourage more market participants to invest in its expansion.
Carestream Health, Abbott, Cardinal Health, Cook, Stryker, B. Braun Melsungen AG, Terumo Corporation, General Electric, Koninklijke Philips N.V., ESAOTE SPA, Hitachi, Ltd., Boston Scientific Corporation, Hologic, Inc., and Shimadzu Corporation are significant market participants in the interventional radiology products space.
Browse In-depth Market Research Report (128 Pages) on Interventional Radiology Products: https://www.marketresearchfuture.com/reports/interventional-radiology-products-market-11546
Interventional Radiology Products Market Segmental Analysis
Gastroenterology, neuroscience, cardiology, oncology, orthopedics, urological surgery, and nephrology subspecialties make up the market by application. Stents, catheters, inferior vena cava (IVC) filters, thrombectomy structures, angioplasty balloons, biopsy instruments, embolization devices, hemodynamic flow alteration devices, and parts are among the various product types available on the market. Clinics, hospitals, and home care facilities are among the end-user settings in the market.
Detailed Regional Analysis
During the projection period, North America will continue to hold the market lead for interventional radiology products. The region has a well-established healthcare infrastructure and several significant key stakeholders, which accounts for this. The market for interventional radiology products in Europe is projected to grow steadily. This is explained by the rising number of cardiovascular disease patients in the area. This is attributed to the region's growing cardiovascular disease patient population. Around 40% of individuals and geriatric patients in Germany die from heart and chronic diseases. On the other hand, due to the region's rising senior population and rising incidence of chronic diseases, the Asia-Pacific Interventional Radiology Products marketplace is anticipated to grow at the fastest rate during the projection period.
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The Asia-Pacific region dominates the market for interventional radiology due to the expanding use of image-based therapeutic interventions. The market is expanding primarily due to the increased number of elderly people, an improved healthcare system, and higher healthcare costs. The region also provides interventional radiology training programs, which help to fuel the market's explosive expansion.
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