The latest report by IMARC Group, titled “Interventional Radiology Market Report by Product (Magnetic Resonance Imaging (MRI), Ultrasound Imaging Systems, Computed Tomography (CT) Scanners, Angiography Systems, Fluoroscopy Systems, Biopsy Devices, and Others), Procedures (Angiography, Angioplasty, Embolization, Vertebroplasty, Thrombolysis, Nephrostomy Placement, and Others), Application (Cardiology, Urology and Nephrology, Oncology, Gastroenterology, and Others), End Use (Hospitals, Clinics, Ambulatory Surgical Centers), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the market.
How big is the interventional radiology market?
The global interventional radiology market size reached US$ 26.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 46.4 Billion by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032.
Factors Affecting the Growth of the Interventional Radiology Industry:
- Technological Advancements:
Technological innovations in imaging technologies and interventional devices are significantly enhancing the capabilities of interventional radiologists, leading to more precise and effective treatments. Advanced imaging technologies, such as high-resolution magnetic resonance imaging (MRI) and real-time 3D ultrasound, provide clearer and more detailed visualizations of internal structures, allowing radiologists to perform procedures with greater accuracy and confidence. These advancements help in identifying the exact location of abnormalities, facilitating targeted treatments that minimize damage to surrounding tissues. Moreover, the development of newer interventional devices such as robotic-assisted systems and specialized catheters has expanded the range of procedures that can be performed. These devices enable complex surgeries to be carried out through tiny incisions, improving patient outcomes and reducing the likelihood of complications.
- Rising Prevalence of Chronic Diseases:
The rising global incidence of chronic diseases such as cardiovascular diseases, cancers, and vascular disorders is significantly escalating the demand for interventional radiology procedures. These conditions often require precise diagnostic tests and targeted treatments that interventional radiology can provide. For instance, in the treatment of cardiovascular diseases, techniques such as angioplasty and stenting are performed to open blocked arteries and restore blood flow without the need for open surgery. Similarly, in cancer treatment, interventional radiology is used for tumor ablation and to deliver chemotherapy directly to the tumor site, enhancing the effectiveness of the treatment while minimizing side effects.
- Growing Preference for Minimally Invasive Procedures:
There is a growing preference for minimally invasive surgeries across the healthcare landscape, attributed to their numerous benefits over traditional open surgeries. These benefits include reduced recovery times, lower risk of infections, less postoperative pain, and minimal scarring. Interventional radiology is at the forefront of this shift, offering a range of procedures that are performed using small incisions or natural body openings, which significantly reduces patient trauma and speeds up recovery. It is preferred by patients and recommended by healthcare providers due to the cost-effectiveness and efficiency of these procedures. The reduced need for extended hospital stays and the quicker return to normal activities make minimally invasive procedures highly appealing. As healthcare systems and insurance providers continue to recognize these advantages, the demand for interventional radiology services is expected to rise, further driving market expansion and the development of new techniques and technologies in this field.
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Major Companies in the Global Interventional Radiology Industry:
- Boston Scientific Corporation
- Cook Group Incorporated
- Esaote SpA
- Fujifilm Holdings Corporation
- General Electric Company
- Hologic Inc
- Koninklijke Philips N.V.
- Medtronic plc
- Nipro Corporation
- Shimadzu Corporation
- Siemens Aktiengesellschaft
- Teleflex Incorporated
Interventional Radiology Market Report Segmentation:
By Product:
- Magnetic Resonance Imaging (MRI)
- Ultrasound Imaging Systems
- Computed Tomography (CT) Scanners
- Angiography Systems
- Fluoroscopy Systems
- Biopsy Devices
- Others
Magnetic Resonance Imaging (MRI) accounts for the largest market share due to its versatility, high image resolution, and widespread adoption across various medical specialties.
By Procedures:
- Angiography
- Angioplasty
- Embolization
- Vertebroplasty
- Thrombolysis
- Nephrostomy Placement
- Others
Angiography holds the largest share attributed to its crucial role in diagnosing and treating vascular conditions, such as heart disease and stroke.
By Application:
- Cardiology
- Urology and Nephrology
- Oncology
- Gastroenterology
- Others
Based on the application, the market has been categorized into cardiology, urology and nephrology, oncology, gastroenterology, and others.
By End Use:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
Hospitals represent the largest market segment, as they serve as primary healthcare providers and major centers for interventional radiology services.
Regional Insight:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
North America’s dominance in the interventional radiology market is attributed to advanced healthcare infrastructure, technological advancements, and rising healthcare expenditure.
What are the trends in interventional radiology?
There is a notable trend toward performing interventional radiology procedures in outpatient settings rather than hospitals. This shift is driven by factors such as cost-effectiveness, patient convenience, and technological advancements enabling safer and faster procedures outside of traditional hospital settings. Moreover, the rising awareness among patients and healthcare providers about the benefits of interventional radiology is leading to increased adoption of these techniques. Education efforts by medical professionals and industry stakeholders are contributing to this trend. Furthermore, changes in regulatory policies and reimbursement structures are influencing the adoption and utilization of interventional radiology procedures. Along with this, clear guidelines and favorable reimbursement policies can encourage healthcare providers and patients to opt for IR interventions.
Browse the Full Report with TOC & List of Figures: https://www.imarcgroup.com/interventional-radiology-market
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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