Interventional Radiology Market Estimated at US$ 35,547.3 Mn By 2028 With CAGR of 6.5% | Canon Inc., Shimadzu Corporation, Esaote SPA, Fujifilm Holdings Corporation

Interventional radiology is used for diagnosing and treating patients by using minimally-invasive techniques. These techniques reduce the risk for the patient and also help in improving the health outcomes. IR procedures exhibit minimum risk, reduced recovery time and less pain as compared to that witnessed in open surgery. Clinicians use various medical imaging techniques like CT, ultrasound, fluoroscopy and MRI for diagnosing and treating the patient. These imaging studies can help radiologists in detecting the problems early and then diagnosing and treating them accordingly.

The global interventional radiology market is forecast to be valued at US$ 24,327.5 Million in terms of value by the end of 2022 over the forecast period.

Drivers:

Rising preference for minimally-invasive procedures is estimated to propel growth of the global interventional radiology market over the forecast period. For instance, radiologists carry out minimally invasive and image-guided procedures for diagnosing and treating various diseases, which allows doctors in conducting minimally invasive surgery and minimize the risk and increased recovery time of an open surgery. Interventional radiology clinic was launched by Aster Medcity in July 2021, which offers a wide range of specialized oncology, urology, neuroradiology, transplant and hepatobiliary interventions for patients of all age groups.

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Opportunities:

Increasing incidences chronic diseases globally is estimated to offer productive growth opportunities for key player in the global interventional radiology market over the forecast period. These minimally invasive image-guided procedures aid in curing stroke, vascular diseases, uterine fibroids and cancer. The rising incidences of chronic diseases is estimated to increase the usage of IR devices. Chronic diseases one of the major reasons of death worldwide. The Centers for Disease Control and Prevention, mentioned that six out of ten adults in the United States of America are suffering from chronic diseases like cancer, diabetes or heart disease.

Restraints:

Increased risk of high cost of equipment and large exposure to radiation is estimated to hinder growth of the global interventional radiology market over the forecast period. For instance, interventional radiology requires expensive equipment, the CT scanner is priced at US$ 2.5 million and the MRI scanner costs about US$ 3 million. Furthermore, increased exposure of radio waves is estimated to exhibit adverse effects on the patient, whereas internal exposure can lead to deposition of few elements in organs or bones, which is estimated to restrain growth of the global interventional radiology market.

Impact of Covid-19:

The World Health Organization revealed that older people, individuals suffering with medical problems such as diabetes, cardiovascular disease, chronic respiratory disease and cancer are at a greater risk of developing COVID-19. A decline in demand for acute interventional radiology services was witnessed around the world due to the pandemic. The University of Texas MD Anderson Cancer Center created a telemedicine program in December 2021, for maintaining interventional radiology services during COVID-19. During the pandemic, MD Anderson then launched a concerted effort in order to reduce the number of cancer patients visiting their facilities. In March 2020, almost 68% telemedicine encounters were transitioning back to regular visits in April 2021.

Key Takeaways:

The global interventional radiology market was 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.

The cardiology segment, among application segment is estimated to witness significant growth in the global interventional radiology market over the forecast period, due to rising approvals and increasing product launches.

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Market Trends:

1. Growing demand for interventional radiology devices is anticipated to fuel growth of the global interventional radiology market over the forecast period. For instance, new curricula for interventional radiology and clinical radiology was unveiled by the RCR in February 2022. This is based on small number of high-level learning outcomes which describe holistic capabilities required for consultant practice.
2. Rising technological advancements in the imaging technology is estimated to boost growth of the global interventional radiology market over the forecast period. For instance, Guerbet declared that they are doubling their micro-catheters and a new line of guidewires is being launched, which will result in a wide range of interventional imaging and embolization solutions available

Key Players:

Major players active in the global interventional radiology market are Canon Inc., Shimadzu Corporation, Esaote SPA, Fujifilm Holdings Corporation, Samsung Medison and Carestream Health, ., Siemens Healthineers AG and Koninklijke Philips.

Recent Developments:

MyLab X75 ultrasound system was launched by ESAOTE in May 2021, this helps in accessing liver stiffness quantification, zero-click left ventricle function analysis and micro-vascularization assessment.

An artificial intelligence ultrasound module was launched by RSIP Vision in December 2020, this ultrasound can be used for accurate and rapid point-of-care heart evaluations and the company is estimated to witness growth in the market during the forecast period.

GE Healthcare collaborated with Decisio Health and CMR Surgical Ltd in December 2019, for developing new technologies such as minimally invasive robotic surgery systems, 3D printing and virtual patient monitoring.

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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