The market size of the Global Interventional Radiology Products Market in the year 2019 is valued at 21.42 billion and is predicted to reach 40.76 billion by the year 2030 at 7.6% CAGR during the forecast period.
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Interventional radiology is a medical specialty that focuses on diagnosing and treating patients with minimally invasive image-guided procedures. Radiological guidance systems and technologies such as x-ray, MRI, CT, fluoroscopy, and other modalities are used in this medical speciality. The most common interventional radiological procedures performed using these technologies are for the diagnosis of any underlying disorders that the patient may have, which can be detected through visualization through photographs. Vascular and interventional radiology are other terms for interventional radiology (VIR). The rising frequency of chronic diseases such as cardiovascular ailments and cancer among the global population will function as a primary driver, driving the market’s growth pace. Consumer desire for minimally invasive procedures will raise demand for interventional radiology technologies such as CT scans, MRIs, and ultrasounds, resulting in a faster growth rate for the market.
Another important element driving market growth is the increased focus on developing smart/digital inhalers. In addition, rising healthcare expenditures and the rising need for painless drug administration are two critical factors that will boost market expansion. Similarly, an increase in the number of applications will boost the market’s growth rate. The rate of development of the interventional radiology products market will be influenced by rapid urbanization, changing lifestyles, and rising disposable incomes in developing and developed countries.
The rise in the senior population and favorable reimbursement conditions would boost the market for interventional radiology devices. However, high costs associated with digital radiology devices such as CT scanners, X-ray systems, and MRI scanners, on the other hand, will stymie industry expansion. The interventional radiology products market will also be challenged by dangers associated with high radiation exposure and fierce competition among market competitors. Moreover, a scarcity of trained individuals and a lack of knowledge will operate as a restraint, slowing the market’s growth rate.
List of Prominent Players in the Global Interventional Radiology Products Market:
Medtronic (Ireland)
Boston Scientific Corporation (US)
Becton, Dickinson and Company (US)
Abbott (US)
Cardinal Health (US)
- Braun Melsungen AG (Germany)
Stryker (US)
Terumo Medical Corporation (Japan)
Cook Medical (US)
Biosensors International Group, Ltd. (Singapore)
Teleflex Incorporated (US)
iVascular S.L.U. (Spain)
Penumbra, Inc. (US)
BIOTRONIK SE & Co. KG (Germany)
ENDOCOR GmbH (Germany)
Meril Life Sciences Pvt. Ltd. (India)
Palex Medical (Spain)
UreSil, LLC (US)
Alvimedica (Turkey)
Cardionovum GmbH (Germany)
SMT (India)
Medinol Ltd. (Israel)
Comed B.V. (Netherlands)
SCITECH (Brazil)
Balton Sp. z o.o. (Poland)
Rontis (Switzerland)
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Market Dynamics:
Drivers-
The demand for minimally invasive procedures has been increasing as a result of its advantages over standard open surgery approaches. According to the American Institute of Minimally Invasive Surgery (AIMS), the benefits of minimally invasive operations over traditional open surgery techniques include enhanced safety, reduced scarring, faster recovery, and shorter hospital stays. The utilization of technologically enhanced goods and techniques is expanding the application areas of minimally invasive surgeries, particularly for the treatment of CVD, cancer, and peripheral artery disease (PAD). This is predicted to have a beneficial impact on the market for interventional radiology goods.
Challenges:
As governments and authorities work to assure the availability of resources for COVID-19 patients, the interventional radiology products market is projected to be impacted. The interventional radiology products market has been impacted by decreased use of interventional radiology products due to a decline in the volume of elective and non-essential procedures, lower utilization of routine testing, lower capital spending by customers, and a decrease in research activity due to laboratory closures and reduced clinical testing. Many countries have started to reopen their economies, but it will take time for interventional radiology product use rates to return to pre-pandemic levels. Furthermore, any increase in COVID-19 infections could result in other lockdowns, quarantine measures, or other limitations to slow COVID-19’s spread, which could stifle market growth.
Regional Trends:
North America was the largest regional market for the market in 2019. The high prevalence of chronic diseases, increasing use of minimally invasive procedures, and the presence of significant players in the region all contribute to the region’s large market share. The interventional radiology products market in the Asia Pacific, on the other hand, is expected to develop at the fastest CAGR during the projected period. The presence of emerging economies such as China, India, and South Korea, the rising prevalence of chronic diseases, the growing demand for quality medical care, increasing healthcare spending and government initiatives, rising disposable income, growth in the medical device industry, and improvements in healthcare infrastructure in Southeast Asian countries are all major factors driving the Asia Pacific market’s growth.
Recent Developments:
- In April 2022, GE Healthcare and Medtronic announced a partnership to address the particular needs and demand for treatment in ambulatory surgery centres (ASCs) and office-based laboratories (OBLs) (OBLs). Customers will have access to a comprehensive product selection, financial solutions, and exceptional service as a result of this new partnership. GE Healthcare and Medtronic aim to assist ASCs in navigating these issues by combining the best of each company’s advanced technology, financial solutions, and personal service to offer high-quality and cost-effective advanced technology, financial solutions, and personal service.
- In Aug 2021, Abbott stated that its newest optical coherence tomography (OCT) imaging platform, driven by the company’s innovative Ultreon Software, has been approved by the US Food and Drug Administration (FDA). This cutting-edge imaging software combines OCT with artificial intelligence (AI) to provide doctors with a complete picture of coronary blood flow and blockages, assisting in decision-making and determining the optimum treatment approach.
- In Sept 2019, Mobius Imaging, LLC was acquired by Stryker under a formal agreement. Stryker’s Spine business has instant access to the intra-operative imaging market, which complements the company’s implant and navigation products. This purchase adds sophisticated imaging and robotics knowledge to Stryker’s portfolio, as well as a rich product pipeline, allowing the Spine division to deliver more comprehensive procedural solutions, including sales, service, and support.
Segmentation of Global Interventional Radiology Products Market-
By Type-
- Catheters
- Stents
- Inferior Vena Cava (IVC) Filters
- Hemodynamic Flow Alteration Devices
- Angioplasty Balloons
- Thrombectomy Systems
- Embolization Devices
- Biopsy Needles
- Accessories
- Other Interventional Radiology Products
By Applications-
- Cardiology
- Urology & Nephrology
- Oncology
- Gastroenterology
- Neurology
- Orthopedics
- Other Applications
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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