Gondia, India, Nov. 27, 2024 (GLOBE NEWSWIRE) -- In 2023, the Global Interventional Radiology Market was valued at USD 26,078.20 Million and is expected to reach USD 45,615.68 Million at the CAGR of 5.7% during 2024-2032 Report Published Study by IMIR Research Pvt. Ltd.
The interventional radiology market is growing at a very high rate due to advancements in imaging technology and the increasing demand for minimally invasive procedures. The major product categories in the interventional radiology market are MRI systems, ultrasound imaging systems, CT scanners, angiography systems, fluoroscopy systems, biopsy systems, and other specialized equipment. They are used in a range of procedures such as angiography, angioplasty, embolization, biopsy, vertebroplasty, thrombolysis, and nephrostomy placement. Applications include oncology, cardiology, urology & nephrology, gastroenterology, and many other medical specialties, of which oncology and cardiology are the largest because of the higher prevalence of cancer and cardiovascular diseases.
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Figure: Global Interventional Radiology Market, 2023-2032, (USD Million)
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Summary
| Parameter | Description |
| Market Size | 2023: USD 26,078.20 Million 2032: USD 45,615.68 Million |
| CAGR | 6.4% |
| Key Market Drivers | Technological Advancements Rising Prevalence of Chronic Diseases Growing Preference for Minimally Invasive Procedures Aging Population |
| Key Market Restraints | High Costs of Equipment Lack of Skilled Professionals |
| Key Market Opportunities | Integration of Artificial Intelligence Expansion of Telemedicine |
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- Technological Advancement
This interventional radiology industry is in turn undergoing vast change through technological improvement, significant growth is being achieved due to advancements in technology, a subfield of the specialty known as radiology called interventional radiology or IR uses minimally invasive, image-guided technologies to detect and treat myriad conditions, technological developments related to these advancements extend both the range and safety while enhancing patient outcomes for patients undergoing IR procedures, leading further to their increased utilization.
- Rising Prevalence of Chronic Diseases
The interventional radiology market is going to expand rapidly due to the increased prevalence of chronic disease. The growing prevalence of chronic diseases such as cancers, neurological diseases, and cardiovascular problems is raising alarm with a rapidly ageing population with increasing sedentary behaviors and changes in dietary practices across the world. Such diseases are usually diagnosed with the aid of interventional radiology that requires even minimum invasive interventions.
Market Segmentation:
Because of Technology, the market is segmented into Catheters, Stents, Inferior Vena Cava (IVC) Filters, Hemodynamic Flow Alteration (HFA) Devices, Angioplasty Balloons, Thrombectomy Systems, Embolization Devices, and Biopsy Needles, Accessories, Others.
MRI (Magnetic Resonance Imaging) plays an important role in interventional radiology because it can achieve better resolutions of soft tissues, organs and blood arteries without resorting to ionizing radiation. Some of the drivers for the demand in MRI machines include growing preference for non-invasive diagnostic measures. Technological advances of recent times mainly include stronger field strength magnets 3T and above and fMRI functional MRI.
Based on procedure, the market is segmented into angioplasty, angiography, biopsy and drainage, embolization, thrombolysis, vertebroplasty, nephrostomy, and others.
Figure: Global Interventional Radiology Market for Angioplasty, 2020-2032
The market is divided into cardiology, urology and nephrology, oncology, gastroenterology, and others based on application. One of the most significant drivers for the interventional radiology market is the oncology segment because of the increasing prevalence of cancer worldwide. According to the World Health Organization, cancer has become one of the leading causes of death worldwide, which calls for more effective and less invasive treatment methods.
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Regional Analysis
The interventional radiology market is dominated by North America, primarily the United States and Canada. These regions are endowed with well-developed health care infrastructures, large healthcare spending, and advanced R&D skills. Also, several prominent market players, technological innovation, and favorable reimbursement policies have favored the growth of the market. Growing cases of chronic diseases like cardiovascular diseases and cancer are increasing the demand for the least invasive interventional radiology procedures. The use of innovation such as image-guided therapies and embolization procedures in the region fuels market growth.
By region, Insights into the markets in North America, Europe, Asia-Pacific, Latin America and MEA are provided by the study. North America is the current market leader, due to well-endowed healthcare facilities, a continuous rising demand for minimally invasive procedures, and good investments in health technology. Among the key factors attributed to the increased demand for these procedures in the US include an ageing population along with higher cancer and heart-related diseases cases, meaning the IR procedures, namely, tumour ablation as well as angioplasty are highly demanding. Reimbursement policies being favourable together with the presence of highly esteemed manufacturers of IR equipment’s increase the region's potential growth.
Reasonable healthcare systems plus more and more focus is there for minimally invasive methods of treatments. Germany, France, and the United Kingdom take the lead in that position with government initiatives facilitating medical imaging technologies. Its key area of interest-also is in the treatments related to cancer, whereby various IR procedures like chemoembolization as well as radiofrequency ablation are increasingly performed across these locations. Healthcare spending may still present a barrier to further expansion of the market in many parts of Europe, however.
Asia Pacific is expected to experience the highest growth of the IR market due to rising health expenditures, growth in population, and increasing awareness regarding the benefits of IR. There are a lot of investments going on within China, India, and Japan to strengthen the infrastructure of healthcare facilities. Such investments have specific objectives-improve cancer care and cardiac care. For instance, the incidence of liver cancer in China has sparked a demand for interventional oncology procedures, ablation, and embolization. Rapid urbanization and economic development, coupled with rising disposable incomes, contribute to the demand for IR as more patients seek the least invasive treatment options within these emerging markets.
Latin America, as well as Middle East & Africa, are growth geographies for IR, even though at a slower rate of growth because of scarce medical infrastructure and resultant economic issues. Latin America-specifically Brazil and Mexico-indicates more potential for IR growth on account of increased investments in more healthcare facilities and slow transit toward advanced treatments. The IR market is expanding further in the UAE and Saudi Arabia due to governments' efforts to enhance healthcare services. However, economic disparities as well as an absence of skilled professionals limit the widespread use of IRs in these regions.
Overall regional distribution for the global IR market mirrors a mix of healthcare development, economic growth, and demographics across the regions, affecting growth and adoption in all regions.
Key Players and Competitor
- Agfa-Gevaert Group
- Canon Medical Systems Corporation
- Carestream Health Inc.
- Cook
- Esaote SPA
- Fujifilm Corporation
- GE Healthcare
- Hologic, Inc.
- Koninklijke Philips N. V
- Olympus Corporation
- Samsung Healthcare (Samsung Electronics Co., Ltd.)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Shimadzu Corporation
- Siemens Healthineers
- Teleflex Incorporated
In November 2022, Canon decided to establish an entirely new subsidiary, which would be called Canon Healthcare USA, INC. Canon boosted the development of medical business by expanding its position in the American medical market
In June 2022, Siemens Healthineers introduced the Symbia Pro.specta, a SPECT/CT system that has received both the CE mark and FDA clearance. This system integrates advanced SPECT and CT imaging technologies. Notable features include a low-dose CT capable of capturing up to 64 slices, offering impressive detail in imaging.
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