Global Interventional Radiology Market Segmentation, By Technology (Catheters, Stents, Inferior Vena Cava (IVC) Filters, Hemodynamic Flow Alteration (HFA) Devices, Angioplasty Balloons, Thrombectomy Systems, Embolization Devices, Biopsy Needles, Accessories, Others), Product (Magnetic Resonance Imaging (MRI), Ultrasound Imaging, Computed Tomography (CT) Scanners, Angiography Systems, Fluoroscopy Systems, Biopsy Devices, Others), Procedure (Angioplasty, Angiography, Biopsy and Drainage, Embolization, Thrombolysis, Vertebroplasty, Nephrostomy, Others), Applications (Cardiology, Urology and Nephrology, Oncology, Gastroenterology, Others), End User (Hospitals, Clinics, Home Care Settings) – Industry Trends and Forecast to 2031
Interventional Radiology Market Analysis
The increasing prevalence of chronic diseases is creating demand for high quality scans, x-rays and treatment devices in hospitals and other healthcare facilities. Therefore, many countries are emphasizing the development of new strategies to improve people's access to quality care. Innovative methods have been introduced in India to improve the monitoring of such illnesses and other related conditions. Moreover, in recent years there has been an active awareness of the importance of early diagnosis and treatment and its potential impact on the rapid recovery of patients in the developing world. The above factors help increase the demand for advanced interventional radiology products.
Interventional Radiology Market Size
Global interventional radiology market size was valued at USD 28.66 billion in 2023 and is projected to reach USD 49.72 billion by 2031, with a CAGR of 7.13% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Interventional Radiology Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Key Market Players
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General Electric (US), Koninklijke Philips N.V. (Netherlands), Carestream Health (US), ESAOTE SPA (Italy), Hitachi, Ltd. (Japan), Hologic, Inc. (US), Shimadzu Corporation (Japan), Siemens Healthcare GmbH (Germany), CANON MEDICAL SYSTEMS CORPORATION (Japan), Samsung Medison Co., Ltd. (South Korea), Medtronic (Ireland), Agfa-Gevaert Group (Belgium), Teleflex Incorporated (US), Cook (US), Analogic Corporation (US), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Trivitron Healthcare (India)
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Market Opportunities
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Interventional Radiology Market Definition
Interventional radiology is a field focused on applying minimally invasive imaging techniques to diagnose and treat patients. This medical specialty uses radiation guidance systems and equipment such as X-rays, MRI, CT, fluoroscopy and other modality. The increasing trend and need for technologically advanced products such as minimally invasive technologies with the cooperation of various interventional radiology organizations is several other factors that are presumed to drive market growth over the forecast period.
Interventional Radiology Market Dynamics
Drivers
- More Inclusion of Minimally Invasive Treatment
The increasing incidence of chronic diseases such as cancer and cardiovascular problems in adult and elderly patients is driving the demand for minimally invasive treatment options and is a major factor behind the growth of the interventional radiology market. It is one of the driving forces. Patients with chronic illness can be treated using a variety of interventional radiology techniques such as CT scans, MRIs, and ultrasound.
- Interventional Radiology Promotes Cost-effectiveness
Minimally invasive surgery is becoming more popular due to its cost-effectiveness and short hospital stay. These treatments have increased the life expectancy of patients and achieved sufficient prevalence to have a significant impact on the market. The availability of low-cost techniques and cost-effective treatments has increased patient confidence in interventional radiology.
Opportunities
- Increased Patient Population
Patients who receive appropriate treatment have less comorbidity and may be at lower risk of developing it. Therefore, the ever-growing patient population has increased the demand for interventional radiology therapy, which in turn has increased the adoption rate of minimally invasive methods.
- Increasing Population of the Elderly
The rise in the geriatric population is surely increasing the demand for interventional radiology market. Varied type of chronic diseases and its comorbidities associated with the elderly influences the treatment of minimally invasive surgeries which in turn involves the use of interventional radiology. Thus, this factor increases the demand of the market.
Restraints/Challenges
- High cost of Radiological Devices
The high cost of various radiation devices such as X-ray systems, MRI scanners and CT scanners is a major constraint on the market, especially in emerging countries. These factors have led to less acceptance of premium devices in the industry, leading to the normal growth of the medical imaging equipment industry. The high costs associated with minimally invasive therapies can hinder market growth in developing countries with relatively low income levels. However, governments in various developing countries are taking some initiatives to reduce treatment costs.
- Lack of trained individuals
Lack of trained staff and knowledge becomes a challenge, further slowing the pace of market development.
This interventional radiology market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the interventional radiology market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Interventional Radiology Market Scope
The interventional radiology market is segmented on the basis of technology, procedure, product, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Technology
- Catheters
- Stents
- Inferior Vena Cava (IVC) Filters
- Hemodynamic Flow Alteration (HFA) Devices
- Angioplasty Balloons
- Thrombectomy Systems
- Embolization Devices
- Biopsy Needles
- Accessories
- Others
Procedure
- Angioplasty
- Angiography
- Biopsy and Drainage
- Embolization
- Thrombolysis
- Vertebroplasty
- Nephrostomy
- Others
Product
- Magnetic Resonance Imaging (MRI)
- Ultrasound Imaging
- Computed Tomography (CT) Scanners
- Angiography Systems
- Fluoroscopy Systems
- Biopsy Devices
- Others
Application
- Cardiology
- Urology and Nephrology
- Oncology
- Gastroenterology
- Others
End User
- Hospitals
- Clinics
- Home Care Settings
Interventional Radiology Market Regional Analysis
The interventional radiology market is analyzed and market size insights and trends are provided by country, technology, procedure, product, application and end-user as referenced above.
The major countries covered in the interventional radiology market report are the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the interventional radiology market in terms of market share and market profits and is set to further expand its dominance during the forecast period. This is due to the availability of a large and well-established healthcare infrastructure in the region.
Meanwhile, the Asia Pacific region is expected to experience the highest growth rate during the forecast period of 2024 to 2031 due to the presence of key companies and government agencies focused on adopting therapeutic and diagnostic technologies developed in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Interventional Radiology Market Share
The interventional radiology market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to budesonide inhaler system market.
Interventional Radiology Market Leaders Operating in the Market Are:
- General Electric (US)
- Koninklijke Philips N.V. (Netherlands)
- Carestream Health (US)
- ESAOTE SPA (Italy)
- Hitachi, Ltd. (Japan)
- Hologic, Inc. (US)
- Shimadzu Corporation (Japan)
- Siemens Healthcare GmbH (Germany)
- CANON MEDICAL SYSTEMS CORPORATION (Japan)
- Samsung Medison Co., Ltd. (South Korea)
- Medtronic (Ireland)
- Agfa-Gevaert Group (Belgium)
- Teleflex Incorporated (US)
- Cook (US)
- Analogic Corporation (US)
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
- Trivitron Healthcare (India)
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