Global Interventional Radiology Market Report and Forecast 2023-2028

Global Interventional Radiology Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global interventional radiology market reached a value of USD 22.68 billion in 2022. Aided by the technological advancements, the growing prevalence of chronic diseases, and the increasing demand for minimally invasive procedures, the market is projected to further grow at a CAGR of 6.70% between 2023 and 2028 to reach a value of USD 31.37 billion by 2028.

Interventional radiology, also known as vascular and interventional radiology, is a rapidly evolving medical subspecialty focusing on minimally invasive image-guided procedures to diagnose and treat diseases in nearly every organ system. It offers a lower-risk alternative to surgical treatments and has significantly improved patient recovery times and outcomes.

As per the interventional radiology market analysis, the core of interventional radiology lies in the treatment and management of various conditions through less invasive, image-guided techniques. These procedures can be used for both diagnostic and therapeutic purposes. They include angioplasty, stent placement, embolization to control bleeding, tumour ablation, and biopsies.

For instance, interventional radiology plays a critical role in treating peripheral artery disease (PAD), a condition that affects millions globally and can lead to severe limb pain, non-healing wounds, and amputations. Through angioplasty and stenting, interventional radiologists can reopen blocked arteries and restore blood flow, often preventing the need for amputation.

A significant driver of the interventional radiology market growth is the rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and liver disorders. As these conditions often require complex treatments and monitoring, the role of interventional radiology in managing these patients is vital.

Moreover, the ageing global population is another critical factor contributing to interventional radiology market share. As the population ages, there is an increased need for healthcare services, particularly for conditions where conventional surgical methods may be too risky.

The push towards minimally invasive procedures, which are generally associated with less pain, shorter hospital stays, and quicker recoveries compared to open surgeries, is a powerful driver for the adoption of interventional radiology. Patients and healthcare systems alike are recognising the benefits of these approaches, which is reflected in the market’s robust growth projections.

The field of interventional radiology has seen significant technological advancements, which have broadened its application and improved its precision and safety. These advancements include superior imaging technologies such as 3D imaging, enhanced guide wires and catheters, and improved stent designs.

Innovations such as AI and machine learning are also making waves in interventional radiology, aiding in image interpretation, and procedure planning, which, in turn, is expected to fuel the interventional radiology market demand over the forecast period.

Market Segmentation

The market can be divided based on procedure, product, application, and region.

Market Breakup by Procedure

• Angioplasty
• Angiography
• Biopsy and Drainage
• Embolization
• Thrombolysis
• Vertebroplasty
• Nephrostomy
• Others

Market Breakup by Product

• MRI Systems
• Ultrasound Imaging Systems
• CT Scanners
• Angiography Systems
• Fluoroscopy Systems
• Biopsy Devices
• Others

Market Breakup by Application

• Cardiology
• Urology and Nephrology
• Oncology
• Gastroenterology
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global interventional radiology market. Some of the major players explored in the report by Expert Market Research are as follows:

• GE Healthcare
• Carestream Health, Inc.
• Esaote S.P.A.
• Hitachi Medical Corporation
• Hologic Inc.
• Koninklijke Philips N.V.
• Shimadzu Corporation
• Siemens AG
• Toshiba Medical Systems Corporation
• Samsung Medison
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.