The interventional radiology market is estimated to be valued at US$ 25916.93 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Interventional radiology refers to minimally invasive medical procedures guided by imaging technologies such as fluoroscopy, ultrasound, computed tomography (CT), and magnetic resonance imaging (MRI). It is used as an alternative to surgery for diagnosis and treatment of various diseases including cancer, liver diseases, vascular diseases, and others. These procedures help in diagnosing and treating medical conditions without requiring general anesthesia and large incisions.
Market Dynamics:
The rising demand for minimally invasive surgeries and growth in target diseases are major drivers of the Global Interventional Radiology Market Size. Minimally invasive procedures help in quick recovery, less pain, and smaller incisions, thereby fueling their adoption over traditional open surgeries. Additionally, increasing prevalence of lifestyle diseases such as cardiovascular diseases, renal diseases, gastrointestinal diseases, and cancer is also boosting the market growth. For instance, according to the American Cancer Society, over 1.9 million new cancer cases are likely to be diagnosed in the U.S. in 2023, driving demand for targeted cancer therapies and procedures such as tumor ablation. Furthermore, ongoing technological advancements in MRI and CT imaging guidance techniques are enabling physicians to treat more complex diseases, thus propelling the market growth. However, high costs associated with interventional radiology devices and procedures may hamper market growth to some extent over the forecast period.
Segment Analysis
The global interventional radiology market can be segmented based on product, procedure and end user. Based on product, the market is divided into MRI systems, ultrasound imaging systems, CT scanners, angiography systems, fluoroscopy systems and others. Among these, the angiography systems segment currently dominates the market due to wide application areas in diagnosis and treatment of various diseases. The angiography systems allow visualization of blood vessels and early diagnosis of problems.
PEST Analysis
Political: Governments across countries are actively supporting healthcare reforms and infrastructural developments to strengthen their healthcare systems. This is positively impacting the growth of interventional radiology market.
Economic: Rising disposable income levels have increased healthcare spending globally. In developing nations, growing focus on public-private investments in healthcare is boosting market growth.
Social: Growing geriatric population susceptible to chronic diseases and rising demand for minimally invasive procedures are influencing the market growth.
Technological: Advancements in imaging technologies such as flat panel detectors and introduction of new imaging modalities are augmenting the market expansion.
Key Takeaways
The global interventional radiology market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period of 2023 to 2030, due to increasing demand for minimally invasive procedures. The market size for 2023 is estimated to be US$ 25916.93 Mn.
The North American region currently dominates the global market due to presence of advanced healthcare infrastructure and growing adoption of advanced technologies. Europe is also an important regional market driven by rising research funding for interventional radiology.
Asia Pacific region is anticipated to showcase fastest growth rate during the forecast period owing to surge in healthcare infrastructure development and improving reimbursement policies in countries such as China and India.
Key players operating in the interventional radiology market are Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation), among others. The major players are investing in new product launches and geographic expansions for gaining market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
