Interventional radiology uses minimally-invasive image-guided procedures for diagnosing and treating several diseases in all organ systems. Interventional radiologists treatments consists of stenting, embolization, angioplasty, biopsies and thrombolysis. These treatments can help in curing cancer, uterine fibroids, stroke, and many more. Interventional radiology uses the concept of minimally-invasive techniques for treating and diagnosing patients.
The global interventional radiology market is forecast to be valued at US$ 22,849.9 Million in 2021 and is estimated to reach a value of US$ 35,547.3 Million by 2028 over the forecast period.
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Market Drivers:
- Rising incidences of chronic diseases like cancer, is estimated to propel growth of the global interventional radiology market over the forecast period. For instance, imaging techniques like ultrasound, X-rays, MRI, and CT are used for guiding interventional radiology treatments to the site of the cancer. The National Cancer Institute, mentioned that by 2040 the number of cancer cases is estimated to grow up to 29.5 million and cause almost 16.4 million deaths. Thus, rising incidences of cancer and the usage of IR devices is estimated to augment with an increased pace.
- Rising demand for interventional radiology devices is anticipated to fuel growth of the global interventional radiology market during the forecast period. This can treat and diagnose several chronic diseases that too without any surgery, which is estimated to propel the demand for IR devices. A premium diagnostic imaging solutions in digital radiography, ultrasound and mobile computed tomography was launched by Samsung Electronics Co. Ltd. in December 2020, at the Radiological Society of North America, for the expansion of their products in the interventional radiology industry.
Market Restraints:
Increasing prices of equipment is estimated to hamper growth of the global interventional radiology market over the forecast period. For instance, a study published in the Diagnostic Imaging 2021, mentioned that IR relies on the equipment which are expensive for buying as well as for maintain. CT scanners are available almost for US$ 2.5 million and MRI scanner costs almost US$ 3 million. The average cost of carrying out an angioplasty procedure in India varies from 1.2 lakhs to 1.6 lakhs and this costs varies depending on various cities and hospitals.
Increasing risks of exposure to high radiation is estimated to hinder growth of the global interventional radiology market over the forecast period. During interventional radiology procedures, patients are exposed to several sets of radiations for therapeutic purposes. Increased exposure to radio waves can have adverse side effects on the patient, which also depends upon the level of radiation the patient is exposed. Such internal exposures can also lead to deposition of few elements in several organs and bones.
Market Opportunities:
- Increasing government initiatives is estimated to offer productive growth opportunities for key players in the global interventional radiology market. Several non-governmental and government organizations globally are raising awareness regarding chronic diseases and their treatment using interventional radiology. The WHO is trying to sustain and enhance treatment of cardiovascular and cancer diseases. Furthermore, government organizations are proper care and timely diagnosis for patients.
- Rising preference for minimally-invasive procedures are anticipated to provide productive chances of growth for key players in the global interventional radiology market. For instance, the concept of interventional radiology is estimated to improve the improve health outcomes by using minimally-invasive techniques for treating and diagnosing patients.
Key Takeaways:
- Rising incidences of cardiovascular diseases is estimated to propel growth of the global interventional radiology market during the forecast period. For instance, interventional radiology devices are mostly utilized for diagnosing and treating various chronic disorders, like cardiovascular disorders. The World Health Organization, mentioned that cardiovascular disorders are expected to cause death of 17.9 million individuals every year. Heart disorders are responsible for causing majority of deaths in women and men.
- Rising elderly population is estimated to propel growth of the global interventional radiology market over the forecast period. For instance, increasing incidences of chronic disorders is growing amongst the geriatric and adult population. Chronic diseases are one of the main causes of premature death and disability in the geriatric population. According to the Centers for Disease Control and Prevention, almost 85% of the older population is suffering from one chronic health condition at least, and almost 60% of adults are suffering from two chronic conditions.
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Market Taxonomy:
By Product:
-
- MRI Systems
- Ultrasound Imaging Systems
- CT Scanners
- Angiography Systems
- Fluoroscopy Systems
- Biopsy Devices
- Other Products
- By Application:
- Cardiology
- Urology and Nephrology
- Oncology
- Gastroenterology
- Other Applications
- By Geography:
- North America
- Europe
- Asia-Pacific
- Middle East
- Africa
- South America
Key Players:
Key players active in the global interventional radiology market are Cook Medica, Carestream Health, Medtronic PLC, Esaote SPA, Samsung Medison, GE, Canon Inc., Fujifilm Holdings Corporation, Siemens Healthineers AG, Hologic, Inc. and Shimadzu Corporation.
Recent Developments:
ESAOTE launched MyLab X9 ultrasound system, in May 2021, for providing highest level of image quality and data processing. This technology is based on advanced X ULTRA technology.
Carestream Health and Ziehm Imaging partnered up for providing Ziehm Vision RFD C-arm, in April 2021. This is a surgical imaging system for the company’s mobile and fluoroscopic product offerings for superior image quality and also minimizing reducing exposure significantly.
A diagnostic imaging related business by Hitachi Ltd was acquired by FUJIFILM Healthcare in March 2021, and it was operating as a fully-owned subsidiary of FUJIFILM.
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Table of Content
Chapter 1 Industry Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Interventional Radiology Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Interventional Radiology Industry Impact
Chapter 2 Global Interventional Radiology Competition by Types, Applications, and Top Regions and Countries
2.1 Global Interventional Radiology (Volume and Value) by Type
2.3 Global Interventional Radiology (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Interventional Radiology Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Interventional Radiology Market Analysis
Chapter 6 East Asia Interventional Radiology Market Analysis
Chapter 7 Europe Interventional Radiology Market Analysis
Chapter 8 South Asia Interventional Radiology Market Analysis
Chapter 9 Southeast Asia Interventional Radiology Market Analysis
Chapter 10 Middle East Interventional Radiology Market Analysis
Chapter 11 Africa Interventional Radiology Market Analysis
Chapter 12 Oceania Interventional Radiology Market Analysis
Chapter 13 South America Interventional Radiology Market Analysis
Chapter 14 Company Profiles and Key Figures in Interventional Radiology Business
Chapter 15 Global Interventional Radiology Market Forecast (2022-2028)
Chapter 16 Conclusions
Research Methodology
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