The concept behind interventional radiology (IR) is to diagnose and treat patients utilizing the minimally-invasive techniques to minimize risk to the patient & improve health outcomes. IR procedures have less risk, less pain, and less recovery time in comparison to open surgery. In interventional radiology, clinicians use medical imaging techniques (such as ultrasound, MRI, CT, and fluoroscopy) to guide minimally invasive surgical procedures that diagnose, treat, and cure many kinds of conditions. Radiologists use minimally invasive, image-guided procedures to diagnose and treat disease. Radiologists often find problems early by interpreting results of imaging studies or correlating medical image findings with other examinations and tests.
The global interventional radiology market is estimated to account for US$ 24,327.5 Mn in terms of value by the end of 2022.
Increasing preference for minimally-invasive procedures is expected to augment the growth of the global interventional radiology market. For instance, radiologists use minimally invasive, image-guided procedures to diagnose and treat a variety of disease; allowing doctors to conduct minimally invasive surgery instead of open surgery to reduce risk and enhance recovery time. In July 2021, Aster Medcity announced the launch of interventional radiology clinic to offer a wide range of highly specialized minimally invasive neuroradiology, hepatobiliary, oncology, vascular, urology, and transplant interventions to patients of all ages.
Rising incidence and prevalence of chronic diseases worldwide is expected to provide lucrative growth opportunities for player in the global interventional radiology market. These minimally invasive image-guided procedures help cure & alleviate symptoms of vascular disease, stroke, cancer, and uterine fibroids. Thus, with the increasing prevalence of chronic diseases, the use of IR devices is also increasing. Chronic diseases are among the leading causes of death across the globe. According to the Centers for Disease Control and Prevention (CDC), six in ten adults in the U.S. currently live with a chronic disease, such as heart disease, cancer, or diabetes.
Risk of high radiation exposure and high cost of equipment are some major factors expected to hamper the growth of the global interventional radiology market. For instance, interventional radiology relies on costly equipment. CT scanner cost around US$ 2.5 million and MRI scanner cost around US$ 3 million. Moreover, extended exposure to radio waves can have adverse side effects for the patient, while internal exposure can sometimes cause the deposition of certain elements in bones or organs. This in turn is expected to hinder growth of the market.
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Global Interventional Radiology Market - Impact of Coronavirus (Covid-19) Pandemic
According to the World Health Organization (WHO), older people, and those with underlying medical problems like cardiovascular disease, cancer, diabetes, and chronic respiratory disease are at high risk of developing serious illness (COVID-19). However, there was a sharp decline in demand for acute interventional radiology services across the globe owing to the outbreak of COVID-19. Thus, in December 2021, the University of Texas MD Anderson Cancer Center developed a robust telemedicine program to maintain its interventional radiology (IR) services during the pandemic. However, as the public health crisis took hold, MD Anderson launched a concerted effort to minimize the number of cancer patients visiting its facilities. After cutting off in-person clinic visits in March 2020, the institution logged more than 10,000 telemedicine encounters (68%), before transitioning back to regular visits in April 2021.
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.
Among application segment cardiology segment held dominant position in the global interventional radiology market in 2021, accounting for 6.5% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Major players operating in the global interventional radiology market include Hologic, Inc., Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Esaote SPA, Samsung Medison (Samsung Electronics Co. Ltd.), Carestream Health, Fujifilm Holdings Corporation, and Canon Inc. (Canon Medical Systems Corporation), among others.
In May 2021, ESAOTE announced the launch of MyLab X75 ultrasound system to help access micro-vascularization assessment, liver stiffness quantification, and zero-click left ventricle function analysis.
In December 2020, RSIP Vision launched a new artificial intelligence ultrasound module for rapid and accurate point-of-care heart evaluations. The company is steadily expected to regain full strength in the market over the forecast period.
In December 2019, GE Healthcare announced its collaboration with and investment in CMR Surgical Ltd and Decisio Health for new technologies, like 3D printing, minimally invasive robotic surgery systems, and virtual patient monitoring.