Interventional Radiology Market

Global Interventional Radiology Market Size (2023 to 2028)

The size of the worldwide interventional radiology market is expected to be worth over USD 37.14 billion by 2028 from USD 26.21 billion in 2023, growing at a CAGR of 7.22% from 2023 to 2028.

Interventional radiology is the practice of diagnosing and treating diseases using minimally invasive imaging-guided procedures. The discipline of interventional radiology has grown significantly because of its wide range of applications in the identification and treatment of a variety of disorders, as well as technical improvements. Interventional radiology is a medical specialty that involves a wide range of imaging methods to get images of interior organs. An interventional radiologist uses these images to identify injury and disease and perform several interventional medical procedures.

Impact of COVID-19 on the global interventional radiology market:

The COVID-19 outbreak influenced the interventional radiology market, as social distancing measures enacted by governments worldwide resulted in a significant reduction in hospital and healthcare services. Furthermore, the pandemic had a substantial influence on the global economy and the operation of general hospital treatment for non-COVID-19 patients in hospitals worldwide. Elective interventional radiology services were also decreased overall by 88% of respondents in the research. Hospitals and healthcare services were severely limited because of rigorous containment measures to prevent coronavirus transmission, restricting the availability of general hospital care for non-COVID 19 patients. As a result, the number of radiological procedures has decreased. On the other hand, the myocardial pathology of athletes infected with COVID-19 was assessed using cardiac MRI. The findings demonstrated that the prevalence of myocarditis in athletes after contracting COVID-19 was low (3%) and that routine screening could have missed it. This is clear evidence that using image-guided devices, such as interventional radiology devices in cardiology to diagnose and treat disorders will make the process easier and allow physicians to treat patients more accurately than any other way. This contributes to the market's expansion.

MARKET DRIVERS:

The global interventional radiology market is being driven by the rising trend of minimally invasive procedures, which are more cost-effective and require less hospitalization.

Patients are treated swiftly using minimally invasive treatments and are frequently discharged from the hospital on the same day. Most of these procedures necessitate the use of imaging technologies. Advancements drive the interventional radiology market in imaging technologies, which give surgeons real-time pictures to show a comprehensive view of internal organs while diagnosing. During the forecast period, the worldwide interventional radiology market is expected to increase at a healthy rate. On a global basis, an increase in awareness of early and preventive diagnosis and the desire for non-surgical treatment choices are affecting the market growth. During the forecast period, the market is expected to be boosted by the expanding application spectrum of interventional radiology.

Soon, an increase in the number of instances of uterine fibroids among women is predicted to boost the demand for interventional radiology. The interventional radiology market growth is further driven by the increased focus on developing smart/digital inhalers. Furthermore, rising healthcare costs and favorable reimbursement conditions are two important factors that will boost market expansion. Similarly, increasing the number of applications will boost the market's growth rate. Furthermore, the interventional radiology market's development rate will be influenced by rapid urbanization, changing lifestyles, and rising disposable incomes in developing and developed countries. In addition, the rise in the senior population will boost the interventional radiology market's growth rate.

MARKET RESTRAINTS:

The expensive cost of digital radiology devices such as CT scanners, X-ray systems, and MRI scanners will impede the expansion of the global interventional radiology market. The interventional radiology market will also be challenged by dangers associated with high radiation exposure and fierce competition among market competitors. However, a scarcity of trained individuals and a lack of knowledge would restrain the market's growth rate.

REPORT COVERAGE:

This research report on the global interventional radiology market has been segmented and sub-segmented based on the product, application, end-user, and region.

Interventional Radiology Market – By Product:

• MRI
• CT
• Ultrasound
• Angiography

The CT segment is predicted to increase significantly. A CT scan combines several X-ray images taken from various angles around the body. It processes them to create cross-sectional images or slices of blood arteries, tissues, and bones. It's used to diagnose diseases, determine the severity of an injury, and arrange surgical, medicinal, or radiation treatment. Hospitals are investing in the most up-to-date, technologically advanced CT scan systems to improve patient outcomes.

Interventional Radiology Market – By Application:

• Cardiology
• Oncology
• Gastroenterology
• Obstetrics
• Gynecology

Over the forecast period, the Cardiology Application is expected to grow rapidly. Cardiac MRI is a type of magnetic resonance imaging that does not involve ionizing radiation and is used to detect or monitor cardiac disorders. It allows doctors to examine the anatomy and functions of the heart in patients with cardiac problems. This means that the market's expansion will be aided by the increased use of interventional radiology in cardiology.

Interventional Radiology Market – By End-User:

• Hospitals
• Clinics
• Ambulatory surgical centers

The interventional radiology market is expected to dominate hospitals in the next few years due to the availability of highly skilled healthcare workers and a huge patient pool in hospitals.

Interventional Radiology Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Over the forecast period, North America is expected to dominate the market. In the United States, the market is being driven by the rising burden of chronic diseases due to changing lifestyles and the growing need for less expensive solutions. Cardiac catheterization is a procedure commonly used to diagnose and treat a variety of heart conditions. In the United States, more than a million cardiac catheterizations and angiographic procedures are conducted each year. Cardiac catheterization is widely used to diagnose and treat various heart problems. In the United States, about a million cardiac catheterizations and angiographic procedures are performed each year.

Between 2022 and 2028, Europe's interventional radiology market share is expected to rise at a steady CAGR. The region's rise is credited with the vast senior population base and the increasing frequency of chronic diseases such as cancer, cardiovascular ailments, and others.

The Asia Pacific market is predicted to grow faster than the rest of the world during the forecast period due to an aging population, more government support, and significant advancements in healthcare infrastructure. In addition, various rising markets in Asia provide a variety of needs these days due to a vast untapped market.

KEY MARKET PARTICIPANTS:

Companies playing a pivotal role in the global interventional radiology market profiled in this report are Carestream Health, Esaote S.P.A., GE Healthcare, Hitachi Medical Corporation, Hologic Inc., and Koninklijke Philips N.V., Shimadzu Corporation, Siemens AG, Toshiba Medical Systems Corporation and Samsung Medison.

Recent developments in this market:

• In 2020, Vectorio dedicated to imaging liver tumors in people with known hepatocellular carcinoma during interventional oncology procedures using Lipiodol Ultra Fluid Injection.
• From November 28 to December 2, Samsung Electronics will demonstrate its premium diagnostic imaging solutions in ultrasound, digital radiography, and mobile computed tomography at the Radiological Society of North America (RSNA) 2021 Annual Meeting.