What Factors Propelled The Growth Of The Interventional Radiology Market In The Past?
The interventional radiology market has seen considerable growth due to a variety of factors.
• The market size of interventional radiology has experienced significant expansion in the recent past. It is projected to escalate from $26.74 billion in 2024 to $30.25 billion in 2025, experiencing a compound annual growth rate (CAGR) of 13.1%.
The surge in the historic period can be linked to factors such as the growing elderly population, higher prevalence of chronic illnesses, the embrace of telehealth services, improved radiation safety guidelines, and the increase in minimally invasive procedures.
What Is The Projected Growth And Market Size For The Interventional Radiology Sector?
The interventional radiology market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of interventional radiology is predicted to experience a swift expansion. It is projected to reach a value of $49.01 billion by the year 2029, growing at a compound annual growth rate (CAGR) of 12.8%.
The growth during the forecast period can be credited to factors like enhanced healthcare infrastructure, the application of genomic medicine, increasing usage of interventional radiology, favorable regulatory modifications, and improved patient awareness. Key trends anticipated during this period include the embrace of focused ultrasound, an increased emphasis on pediatric interventional radiology, the implementation of point-of-care imaging, utilization of patient navigation tools, and use of catheter robotics.
What Are The Core Factors Supporting Growth In The Interventional Radiology Market?
The escalating occurrence of cancer is anticipated to fuel the expansion of the interventional radiology market in the foreseeable future. Globally, cancer remains a significant health challenge and holds the position of the second most fatal disease in the United States. Interventional radiology employs techniques such as embolization, ablation, and irreversible electroporation (IRE) to address cancer and cardiovascular diseases. As an illustration, the Australian Institute of Health and Welfare, a governmental agency based in Australia, reported in July 2024 that there was a significant annual increase in the number of diagnosed cancer cases, which went from 160,570 in 2022 up to 164,694 in 2023 within Australia. This steady increase accentuates the escalating rate of cancer within the nation. Consequently, the rising prevalence of cancer propels the expansion of the interventional radiology market.
What Are The Major Segments Within The Global Interventional Radiology Market?
The interventional radiology market covered in this report is segmented –
1) By Product: MRI, Ultrasound Imaging, CT Scanners, Angiography Systems, Fluoroscopy Systems, Biopsy Devices, Other Products
2) By Procedure: Angioplasty, Angiography, Biopsy And Drainage, Embolization, Thrombolysis, Vertebroplasty, Nephrostomy, Other Procedures
3) By Application: Oncology, Cardiology, Urology And Nephrology, Gastroenterology, Other Applications
Subsegments:
1) By MRI (Magnetic Resonance Imaging): Closed MRI Systems, Open MRI Systems, Extremity MRI Systems,
2) By Ultrasound Imaging: Portable Ultrasound Systems, Diagnostic Ultrasound Systems, 3D/4D Ultrasound Systems
3) By CT Scanners: Multi-slice CT Scanners, Cone Beam CT Scanners, Dual-energy CT Scanners
4) By Angiography Systems: Digital Subtraction Angiography (DSA) Systems, Mobile Angiography Systems, Hybrid Angiography Systems
5) By Fluoroscopy Systems: Fixed Fluoroscopy Systems, Mobile Fluoroscopy Systems, C-arm Fluoroscopy Systems
6) By Biopsy Devices: Needle Biopsy Devices, Vacuum-Assisted Biopsy Devices, Stereotactic Biopsy Devices
7) By Other Products: Contrast Agents, Surgical Navigation Systems, Interventional Accessories
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Which Trends Are Expected To Transform The Interventional Radiology Market?
The advancement of Artificial Intelligence is a major development seeing a surge in the interventional radiology market. To remain competitive in the interventional radiology landscape, companies consistently concentrate on unveiling cutting-edge technologies. For instance, in June 2022, Shimadzu Medical Systems, a medical equipment enterprise based in the US, unveiled the Trinias angiography system, enhanced with artificial intelligence. This system is engineered to support a variety of interventional procedures, encompassing interventional cardiology, peripheral investigations, interventional neurology, interventional radiology, and cancer. Conditions like congenital heart defects, heart valve disease, and coronary artery disease can all be identified and treated using the Trinias angiography system.
Who Are the Key Players in the Interventional Radiology Market?
Major companies operating in the interventional radiology market include:
• Carestream Health Inc.
• Siemens Aktiengesellschaft
• Koninklijke Philips N.V.
• General Electric Company
• Hitachi Ltd.
• Canon Medical Systems Corporation
• Toshiba Medical Systems
• Medtronic plc
• Shimadzu Corporation
• FUJIFILM Holdings Corporation
• Hologic Inc.
• Agfa-Gevaert N.V.
• Esaote S.p.A.
• Samsung Medison Co. Ltd.
• Cook Group Incorporated
• Stryker Corporation
• Abbott Laboratories
• AngioDynamics Inc.
• B. Braun Melsungen AG
• Cardinal Health Inc.
• C. R. Bard Inc.
• Terumo Corporation
• Merit Medical Systems Inc.
• Penumbra Inc.
• BTG International Ltd.
• Guerbet Group
• Medrad Inc.
• MicroPort Scientific Corporation
• Neusoft Medical Systems Co. Ltd.
• Nordion Inc.
What Is The Most Dominant Region In The Interventional Radiology Market?
North America was the largest region in the interventional radiology global market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the interventional radiology market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
