Market Overview
The Interventional Radiology Market is expected to grow at a CAGR of 5% during the forecast period (2024-2031).
Interventional radiology is a medical specialization in which a series of minimal imaging procedures are used to obtain images of internal organs. It is widely performed for both diagnostic and therapeutic procedures and uses radiological image guidance. The interventional radiologist carefully inspects the real-time image to diagnose various interventional medical procedures. They use different imaging techniques to get a real-time image.
Market Summary
| Metrics | Details |
| Market CAGR | 5% |
| Segments Covered | By Product Type, By Application, By End-users and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Dynamics and Trends
The global interventional radiology market growth is driven by the increase in the cancer population and technological advantages. With the advanced technology introduced by IR, cancer treatment in an early stage can be processed through small indentation with a small intravenous therapy (IV) needle.
The increasing demand for minimally invasive procedures drives the market growth
The increasing prevalence of chronic diseases such as cancer and cardiovascular disorders among adults and geriatric patients is contributing to the rising demand for minimally invasive treatment options and is one of the prime factors driving the intervention radiology market growth. Patients suffering from chronic diseases can be treated using various intervention radiology technologies such as CT scans, MRIs, ultrasound, and others. Additionally, various psychological factors for surgical operation in patients have shown a positive sign for the market expansion.
Minimally invasive surgeries have gained popularity as they are cost-effective and require a shorter stay at hospitals. These treatments have increased the life expectancy among patients and set a considerable prevalence to dramatically impact the market. The low-cost technologies and cost-effective treatment have increased the number of patients’ dependency on interventional radiology treatment. Moreover, patients that receive proper care are expected to develop fewer co-morbid conditions and experience a lower risk. Thus, the continuously increasing patient number has significantly boosted the demand for intervention radiology treatment that in turn will uplift the minimally invasive procedures adoption rate. These factors are driving the growth of the market in the forecast period.
The high cost of various radiology devices will hamper the growth of the market
The high cost of various radiology devices such as X-ray systems, MRI scanners, and CT scanners act as a major restraint for the market, especially in emerging countries. These factors have resulted in lower adoption of premium devices in the industry, thereby leading to ordinary growth of the medical imaging equipment industry. The market growth can be affected in developing countries with comparatively lower income levels attributed to high costs related to minimally invasive treatment therapy.
COVID-19 Impact Analysis on Market
The COVID-19 outbreak had an impact on the interventional radiology market, as hospital and healthcare services were significantly reduced due to social distancing measures taken by governments across the world. Moreover, the pandemic affected the global economy and had a huge impact on the functioning of general hospital care for non-COVID-19 patients in hospitals globally. In August 2020, a research was published in the SAGE Public Health Emergency Collection, where the researchers studied the overall impact of the COVID-19 pandemic on interventional radiology services in Canada. The study found that there was a 49.3% overall decrease in demand for acute interventional radiology services across Canada. About 88% of respondents in the study also reported an overall decrease in elective interventional radiology services during the pandemic. A similar scenario can be observed in other countries tackling COVID-19-related issues in the year, which impacts the market.
Market Segmentation Analysis
The embolization segment is expected to grow at the fastest CAGR during the forecast period (2024-2031)
Embolization is a minimally invasive treatment that blocks one or more blood vessels or abnormal vascular channels. In a catheter embolization procedure, medications or synthetic materials called embolic agents are placed through a catheter into a blood vessel to prevent blood flow to the area. Inserting a catheter into the veins places an embolic agent into the right place to stop the abnormal bleeding. By blocking the blood vessels or closing them, blood no longer flows through that area. The embolization procedure is less invasive than surgery and works directly in the target area with minimal damage to surrounding areas. Embolization is performed by placing a small catheter inside the blood vessels that supply the area that is bleeding. Carefully navigating the catheter, under image guidance, to the safest and farthest point, a variety of different materials can then be used to block the bleeding vessels.
Market Geographical Share
North America region holds the largest market share of the global interventional radiology market
The North American region is expected to dominate the interventional radiology market. According to the Journal Of American Medical Association, in 2017 The U.S spends two times more on healthcare than any other high-income country in the world. Heavy utilization of medical imaging technologies is a contributing factor. Several radiology interventions can be used to treat cancer patients.
For instance, Tran’s arterial chemoembolization can interrupt blood supply to a tumor, while radiofrequency ablation (RFA) and microwave ablation can damage cancer cells themselves. According to the Global Cancer Observatory (GLOBOCAN) 2020 data, the United States has the second-highest number of prevalent cancer cases among all ages in the last five years globally. The same source also reports that the estimated count of prevalent cases of all types of cancer across all ages in the United States was 8,432,938 in the last five years. The high prevalence of cases indicates the increased need for radiology interventions for the treatment of patients, which will drive the demand for it in the region. The rising prevalence of chronic conditions such as cancer and diabetes and the prospects of minimally invasive, targeted treatments using imaging guidance are driving the market in the United States.
Market Companies and Competitive Landscape
The interventional radiology market is a moderately competitive presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Carestream Health, Esaote SPA, GE Healthcare, Fujifilm Holdings Corporation, Hologic Inc., Koninklijke Philips NV, Shimadzu Corporation, Siemens Healthineers AG, Canon Medical Systems Corporation, Samsung Medison (Samsung Electronics Co. Ltd), among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Interventional Radiology Market globally. For instance, in November 2020, Canon Medical introduced One-Beat Spectral Cardiac CT. The Aquilion ONE/PRISM Edition now offers deep learning spectral capabilities for cardiac exams.
Shimadzu Corporation
Overview:
Shimadzu Corporation is a precision tool and equipment maker. The Company develops, manufactures, and sells analytical and measuring instruments, medical systems, and aircraft and industrial equipment.
Product Portfolio:
Digital Radiography System – RAD speed Pro style edition EDGE package is top-of a line General Radiography System in the Shimadzu RADs peed family, which is featuring a variety of the latest cutting-edge applications like Tomosynthesis, Speed Stitch Dual Energy Subtraction.
The global interventional radiology market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 195 (approximate) pages.
