INTERVENTIONAL RADIOLOGY MARKET ANALYSIS

Interventional radiology (IR) is a medical sub-specialty of radiology using minimally-invasive image-guided procedures to diagnose & treat diseases in nearly every organ system. Examples of treatments administered by interventional radiologists include angioplasty, stenting, image-guided thermal ablation, embolization, thrombolysis, and biopsies. These minimally invasive treatments can cure or alleviate symptoms of vascular disease, cancer, stroke, uterine fibroids, and more. The concept behind interventional radiology is to diagnose and treat patients using minimally-invasive techniques to improve health outcomes. These procedures have less risk, less pain, and less recovery time in comparison to open surgery. Thus, interventional radiology is widely used to detect and treat several diseases.

Market Statistics:

The global interventional radiology market was valued at US$ 22,849.9 Mn in 2021 and is forecast to reach a value of US$ 35,547.3 Mn by 2028 at a CAGR of 6.5% between 2022 and 2028.

North America held dominant position in the global interventional radiology market in 2020, accounting for 42.6% share in terms of volume, followed by Europe and Asia Pacific, respectively.

Figure 1. Global Interventional Radiology Market Share (%), by Region, 2021

To learn more about this report, request a free sample copy

Recent Developments:

In May 2021, ESAOTE launched MyLab X9 ultrasound system to provide the highest level of image quality and data processing quality. It is based on advanced X ULTRA technology.

In April 2021, Carestream Health and Ziehm Imaging teamed up to provide Ziehm Vision RFD C-arm, a surgical imaging system to the company’s mobile and fluoroscopic product offerings for exceptional image quality and reducing exposure significantly.

In March 2021, FUJIFILM Healthcare acquired diagnostic imaging related business of Hitachi Ltd and started operating as a FUJIFILM fully-owned subsidiary.

Market Drivers:

1. Increasing burden of chronic diseases, such as cancer, is expected to boost the growth of the global interventional radiology market during the forecast period. For instance, interventional radiology uses imaging techniques, such as real-time X-rays, CT, ultrasound, or MRI, to guide treatments right to the cancer site. According to the National Cancer Institute, the number of new cancer cases per year is expected to rise to 29.5 million and the number of cancer-related deaths to 16.4 million by 2040. Thus, with the increasing prevalence of cancer, the use of IR devices is also expected to increase with a rapid pace.
2. Increasing demand for interventional radiology devices is expected to propel growth of the global interventional radiology market over the forecast period. Interventional radiology (IR) is a way to diagnose and treat a variety of chronic disorders without major surgery, and thus, there is an increasing demand for IR devices. In December 2020, Samsung Electronics Co. Ltd. launched their premium diagnostic imaging solutions in ultrasound, digital radiography, and mobile computed tomography at the Radiological Society of North America (RSNA) 2020, to expand their product portfolio in interventional radiology industry.

Figure 2. Global Interventional Radiology Market Share (%), by Application, 2021

To learn more about this report, request a free sample copy

Market Restraints:

1. High cost of equipment is expected to hinder growth of the global interventional radiology market. For instance, According to the study published in Diagnostic Imaging 2021, IR relies on costly equipment that is both to buy and to maintain. CT scanner can cost around US$ 2.5 million and MRI scanner around US$ 3 million. In India, average cost of angioplasty procedure is around 1.2 lakhs to 1.6 lakhs. The cost may also vary with hospitals and cities.
2. Risk of high radiation exposure is expected to hamper the growth of the global interventional radiology market. In interventional radiology procedures, the patient is exposed to multiple sets of radiations for therapeutic purposes. Extended exposure to radio waves can have adverse side effects for the patient, depending upon the levels of radiation the patient is exposed to. Internal exposure can sometimes cause the deposition of certain elements in bones or organs.

Market Opportunities:

1. Favorable government initiatives or government support is expected to offer lucrative growth opportunities for players in the global interventional radiology market. Many government and non-governmental organizations across the world are coming forward to raise awareness about chronic diseases and their treatment through interventional radiology. WHO (the World Health Organization) is working to enhance and sustain cancer and cardiovascular disease treatment. Moreover, government bodies are working to ensure that patients have access to world-class care and timely diagnosis of their condition.
2. Increasing preference for minimally-invasive procedures is expected to provide significant growth opportunities for players in the global interventional radiology market. For instance, the concept behind interventional radiology is to diagnose and treat patients using minimally-invasive techniques to improve health outcomes. In April 2021, Genesis MedTech announced launch of the novel laparoscopic technology; allows physicians to conduct minimally invasive surgery instead of open surgery to reduce risk of patients and enhance recovery time.

Market Trends/Key Takeaways:

1. Increasing prevalence of cardiovascular disorders is expected to drive growth of the global interventional radiology market over the forecast period. For instance, interventional radiology devices are often used to diagnose and treat a variety of chronic disorders, such as cardiology disorders. According to WHO, cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. Heart disease is responsible for most deaths worldwide for both men and women of all races.
2. Growing elderly population across the globe is expected to augment the growth of the global interventional radiology market. For instance, the prevalence of chronic disorders is increasing considerably among the adult and geriatric population. Chronic diseases are the leading causes of disability and premature death among the elderly population. More than 85% of older adults have at least one chronic health condition, and over 60% have at least two chronic conditions, according to the Centers for Disease Control and Prevention (CDC).

Competitive Landscape:

1. Carestream Health
2. Esaote SPA
3. GE (GE Healthcare)
4. Fujifilm holdings corporation
5. Hologic, Inc.
6. Koninklijke Philips NV
7. Shimadzu Corporation
8. Siemens Healthineers AG
9. Canon Inc. (Canon Medical Systems Corporation)
10. Samsung Medison (Samsung Electronics Co. Ltd)
11. Medtronic PLC
12. Cook Medica