Interventional Radiology Devices - Market Insights, Competitive Landscape and Market Forecast–2027

Interventional Radiology Devices - Market Insights, Competitive Landscape and Market Forecast–2027

Interventional Radiology Devices Market By Product Type (MRI Systems, CT Scanners, Ultrasound Imaging Systems, Angiography Systems, Biopsy Devices, And Others), By Application (Cardiology, Oncology, Urology, Gastroenterology, Obstetrics, And Others), By End-User (Hospitals & Clinics, Ambulatory Surgical Centres, And Others), by geography is expected to grow at a steady CAGR forecast till 2027 owing to the increasing patient pool due to increasing prevalence of chronic disorders & cancer and due to increasing number of geriatric patients globally and the surging awareness and demand of minimally invasive treatment worldwide

Global interventional radiology devices market is expected to grow at a CAGR of 5.23% during the forecast period of 2021-2027. The increase in demand for interventional radiology devices is primarily attributed to the increasing patient pool due to an increasing prevalence of chronic disorders & cancer and due to the increasing number of geriatric patients globally. The interventional radiology devices works on minimally invasive techniques so it involves less severe surgical procedures, thereby leading to less hospitalization period. Thus, the rising demand of the reducing healthcare expenditure across the world is anticipated to bolster the market of the devices. Furthermore, the rising awareness and the demand of minimally invasive techniques and the technological advancements in the devices such as illumination rendering technology, real-time images, and others across the world are anticipated to bolster the market, thereby contributing to the growth of the interventional radiology devices market during the forecast period from 2022-2027.

Interventional Radiology Devices Market Dynamics:

The interventional radiology devices market is witnessing a growth in product demand owing to various reasons.

The increasing patient pool worldwide is increasing the demand of the interventional radiology devices in the market. For instance, the increasing prevalence of cardiovascular disorders such as, heart failure and stroke worldwide due to various factors such as, genetic, age, obesity, and unhealthy lifestyles and increasing number of geriatric patients prone to chronic disorders across the world are anticipated to bolster the market. According to World Health Organization (WHO) 2021, in 2019, cardiovascular diseases (CVDs) was one of the leading cause of death globally. It was estimated that around 17.9 million people died from CVDs in 2019, representing 32% of all the global deaths. It was also estimated that out of 17.9 million deaths, approximately 85% of them were due to heart attack and stroke. Additionally, as per the same source, it was concluded that over three quarters of CVD deaths take place in low- and middle-income countries. WHO concluded that most of the cardiovascular diseases can be prevented by addressing behavioral risk factors such as tobacco use, unhealthy diet and obesity, physical inactivity and harmful use of alcohol. Additionally, the prevalence of heart failure is also rising. According to Global Health Data Exchange 2019, it was estimated that globally, 64.37 million people were suffering from heart failure. In this case, the increasing prevalence will increase the demand of many interventional radiology devices such as embolization devices, MRI devices for the diagnosis and treatment of the cardiovascular disorders. Thus, the increasing prevalence of chronic disorders globally will increase the patient number, thereby increasing the demand of the interventional radiology devices, therefore anticipated to bolster the overall market growth in the study period of 2022 – 2027.

Moreover, according to WHO 2021, by 2030, one in six people in the world will be aged 60 years or more. The share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion globally. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of person that are aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million. Thus, the number of geriatric population is increasing which will in turn affect the prevalence of chronic ailments as age is one of the major risk factor for these disorders. The increased prevalence of chronic disorder will ultimately increase the overall patient pool, thereby leading to the increased demand of the interventional radiology devices in the market. Hence, the above factor will bolster the market of interventional radiology devices in the forecast period.

Moreover, majority of the interventional radiology devices are minimally invasive devices as these devices do not provide any major incisions on the body which ultimately reduces the hospitalization stay, thereby resulting in the early recovery of the patient. Therefore, the surging need of the less hospitalization stay and cost will increase the demand of such devices. Therefore, the above factor is anticipated to propel the overall market growth of the interventional radiology devices in the year 2022 – 2027.

Thus, due to the increasing patient number globally, increasing prevalence of chronic disorders and rising need of less hospitalization cost, will pave the way to a rising demand for interventional radiology devices, in turn increasing the interventional radiology devices market growth.

However, higher costs of radiology devices and lack of skilled professionals in remote areas may hinder the overall market growth of the interventional radiology devices.

The ongoing COVID-19 pandemic has slightly impacted the market for interventional radiology devices. At the onset of the disease, there was a significant shortage, attributed to the imposition of stringent lockdowns to curb the spread of the virus. Hospital admissions for patients suffering from cancers and other chronic disorders were not a priority in comparison to the patients that were suffering from coronavirus. The production of certain medical devices was shut down. Furthermore, surgeries were temporarily stopped during the pandemic. To reduce the COVID-19 transmission risk, many surgical centers have postponed and canceled the semi-urgent and elective cases. However, with masses being vaccinated, the interventional radiology devices market has picked momentum.

Interventional Radiology Devices Market Segment Analysis:

Interventional Radiology Devices Market by Product Type (MRI Systems, CT Scanners, Ultrasound Imaging Systems, Angiography Systems, Biopsy Devices, and Others), by Application (Cardiology, Oncology, Urology, Gastroenterology, Obstetrics, and Others), by End-User (Hospitals & Clinics, Ambulatory Surgical Centers, and Others), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the application segment of the interventional radiology devices market, the oncology interventional radiology devices are estimated to hold a significant share in the interventional radiology devices market during the forecast period (2022-2027). This can be ascribed to the increasing prevalence of cancer globally and due to wide application circle associated with the segment.

According to the study conducted by the World Health Organization (WHO), it was estimated that cancer is one of the leading cause of the death globally. As per what the WHO had stated, cancer has nearly caused 10 million deaths in the year 2020. The most common cancers are breast, lung, colon and rectum and prostate cancers with breast cancer reported 2.26 million cases globally in the year 2020. Also in the year 2020, globally, there were 2.21 million cases of lung cancer, 1.93 million cases of colon and rectum cancer, and 1.41 million cases of prostate cancer. As per the same source it was estimated that each year, approximately 400,000 children develop cancer. The increasing prevalence of cancers globally will increase the demand of interventional radiology devices used in cancer. Therefore, increasing the overall market growth of the interventional radiology devices in the forecast period.

Moreover, tobacco use, alcohol consumption, unhealthy diet, physical inactivity and air pollution are risk factors for cancer and other non-communicable diseases. The increasing use of tobacco among the people will increase the prevalence of cancer, thereby increasing the demand of the oncology segment in the interventional radiology devices. For instance, according to American Lung Association, State of Tobacco Control 2022, a 2021 study found that menthol cigarettes were responsible for 1.5 million new smokers among African Americans in 2021. The study concluded that from 2019 to 2021, disposable e-cigarette use skyrocketed by more than 23 times among high school e-cigarette users (from 2.4% to 55.8%) and more than 14 times among middle school e-cigarette users (from 3% to 43.8%). Additionally, according to National Youth Tobacco Survey 2020, it was estimated that in 2019-2020 more than 23.6% of high school students in the U.S. use at least one tobacco product, including e-cigarettes. As per the same source, smoking is the number one preventable cause of death in the U.S. killing over 480,000 people per year. The increasing use of tobacco will increase the prevalence of cancer, thereby increasing the demand of oncology segment in the year 2022 – 2027.

Thus, owing to the increasing prevalence of cancer, surging use of tobacco is a risk factor, there will be an increase in the demand for oncology segment in interventional radiology devices, which in turn will drive the interventional radiology devices market growth.

North America is expected to dominate the overall Interventional Radiology Devices Market:

Among all the regions, North America is expected to account for the significant share in the global interventional radiology devices market.

Increasing patient pool in the region and the rising need in the improvement in the quality of the patient care will increase the product demand in the North America. Further, the increasing prevalence of chronic disorders such as diabetes, cardiovascular disorders, hypertension, infections, and many more due to high consumption of processed food & lifestyle changes, and growing incidence of obesity is anticipated to overall propel the market growth of the system in the region. Additionally, increasing number of geriatric population susceptible to chronic medical ailments such as diabetes, neurological disorders, and cardiovascular diseases, and other will increase the demand for interventional radiology devices in North America, leading to a rise in the overall interventional radiology devices market growth.

For instance, as per the data published by the International Diabetes Federation (IDF), Diabetes Atlas Tenth edition 2021, in the year 2021, approximately 51 million adults (20-79 years) were living with diabetes in North America and the total number of people living with diabetes is projected to rise to 7 million by 2030 and 63 million by 2045. As per the same source, it is estimated that almost 1 in 4 (240 million) adults living in North America with diabetes are undiagnosed. Moreover, as per the IDF, Diabetes Atlas Tenth edition 2021, in the year 2021, more than 1.2 million children and adolescents (0-19 years) were living with type 1 diabetes and one in six live births (21 million) were affected by diabetes during pregnancy. As per above statistics, it can be concluded that the prevalence of diabetes mellitus in North America is increasing, this may increase the overall patient number suffering from any disease in the region, ultimately increasing the demand of interventional radiology devices used in the treatment and diagnosis of the chronic disorders. Thus, increasing the overall market growth of interventional radiology devices in the forecast period.

Furthermore, unhealthy life is contributing for an increase in the prevalence of chronic disease like cardiovascular disease and hypertension. Adults who eat a healthy diet live longer, have a lower risk of obesity, heart disease, type 2 diabetes, and certain cancers. Most Americans, however, do not follow a healthy lifestyle. As per the Centers for Disease Control and Prevention (CDC), 2021, fewer than 1 in 10 adults and adolescents eat enough fruits and vegetables, and 9 in 10 Americans aged 20 years or older consume more than the recommended amount of sodium. The unhealthy lifestyle will increase the prevalence of chronic disorders in the forecast period owing to increase the demand of interventional radiology devices in the North America market.

For instance, according to Government of Canada 2021, by the year 2030 seniors are expected to over 9.5 million and make up 23% of Canadians. Moreover, as per the same source, by 2036, the average life expectancy at birth for women will rise to 86.2 years from the current 84.2 and to 82.9 years from the current 80 for men. Geriatric patients are more susceptible to cancer and chronic ailments owing to the increased hospital admissions. This will increase the demand of the interventional radiology devices used in the treatment and diagnosis of chronic disorders in the geriatric patients, thereby leading to the increase demand of the interventional radiology devices in the North America in the forecast period of 2022 – 2027.

Thus, all the above-mentioned factors are anticipated to propel the market for interventional radiology devices in the North America.

Interventional Radiology Devices Market Key Players:

Some of the key market players operating in the Interventional Radiology Devices market include General Electric, Koninklijke Philips N.V., Carestream Health, ESAOTE SPA, Hitachi, Ltd., Hologic, Inc., Shimadzu Corporation, Siemens Healthcare GmbH, CANON MEDICAL SYSTEMS CORPORATION, Samsung Medison Co., Ltd., Medtronic Plc, Agfa-Gevaert Group, Teleflex Incorporated, Cook, Analogic Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Trivitron Healthcare, Stryker Corporation, Olympus Corporation, Toshiba Medical Systems, among others.

Recent Developmental Activities in the Interventional Radiology Devices Market:

In May 2022, XACT Robotics, developer of the world’s first and only comprehensive robotic system for interventional radiology, announced that the XACT ACE Robotic System received US Food and Drug Administration (FDA) clearance for a modification to its cleared XACT ACE Robotic System designed to support robotic insertion and steering of ablation probes during ablation clinical procedures.

In March 2022, Guerbet, a global leader in medical imaging, announced the launch of microcatheters and a new line of guidewires, resulting in a broad range of interventional imaging and embolization solutions.

In April 2021, Siemens Healthineers AG, a leading medical technology, announced that it has successfully completed the acquisition of Varian Medical Systems, Inc., an American radiation oncology treatments and software maker. The combined company is creating a unique, highly integrated portfolio of imaging, laboratory diagnostics, artificial intelligence and treatment for the global to fight against cancer.

In December 2020, Samsung Electronics Co. Ltd, a global leading medical device company, announced the launch of their premium diagnostic imaging solutions in ultrasound, digital radiography, and mobile computed tomography at the Radiological Society of North America (RSNA) 2020. This strategic initiative assisted the company in expanding their product portfolio in interventional radiology industry.

Key Takeaways from the Interventional Radiology Devices Market Report Study

Market size analysis for current interventional radiology devices market size (2021), and market forecast for 5 years (2022-2027)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the interventional radiology devices market.

Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years

Key companies dominating the global interventional radiology devices market.

Various opportunities available for the other competitor in the interventional radiology devices market space.

What are the top performing segments in 2021? How these segments will perform in 2027.

Which is the top-performing regions and countries in the current interventional radiology devices market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for interventional radiology devices market growth in the coming future?

Target Audience who can be benefited from this Interventional Radiology Devices Market Report Study

Interventional radiology devices products providers

Research organizations and consulting companies

Interventional radiology devices-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in interventional radiology devices

Various End-users who want to know more about the interventional radiology devices market and latest technological developments in the interventional radiology devices market.

Frequently Asked Questions for Interventional Radiology Devices Market:

1. What are interventional radiology devices?

An Interventional Radiology (IR) Device, refers to a range of medical devices and techniques which rely on the use radiological image guidance such as X-ray fluoroscopy, ultrasound, computed tomography [CT] or magnetic resonance imaging [MRI], and others to precisely target therapy. Most IR treatments are minimally invasive alternatives to open and laparoscopic surgery.

2. What is the market for global interventional radiology devices?

Global interventional radiology devices market is expected to grow at a CAGR of 5.23% during the forecast period of 2021-2027.

3. What are the drivers for the global interventional radiology devices market?

The interventional radiology devices market is witnessing a positive market growth owing to the increasing patient pool due to the increasing prevalence of chronic disorders & cancer and due to increasing number of geriatric patients globally. Additionally, the rising demand for reducing healthcare expenditure due to lesser hospital stay with the use of interventional radiology devices will propel the overall market growth of the device in the upcoming years. Furthermore, the surging awareness and demand of minimally invasive treatment and the technological advancements in the devices such as illumination rendering technology, real-time images, and others across the world are anticipated to bolster the market.

4. Who are the key players operating in the global interventional radiology devices market?

Some of the key market players operating in the interventional radiology devices market include General Electric, Koninklijke Philips N.V., Carestream Health, ESAOTE SPA, Hitachi, Ltd., Hologic, Inc., Shimadzu Corporation, Siemens Healthcare GmbH, CANON MEDICAL SYSTEMS CORPORATION, Samsung Medison Co., Ltd., Medtronic Plc, Agfa-Gevaert Group, Teleflex Incorporated, Cook, Analogic Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Trivitron Healthcare, Stryker Corporation, Olympus Corporation, Toshiba Medical Systems, and others.

5. Which region has the highest share in Interventional Radiology Devices market?

North America is expected to hold the highest share in the revenue in the interventional radiology devices market during the forecast period. Increasing patient pool due to increasing prevalence of chronic disorders & cancer and due to increasing number of geriatric patients globally and increasing demand and awareness of the minimally invasive techniques will propel the interventional radiology devices in the North America, leading to a rise in the overall interventional radiology devices market growth in this region.

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