Interventional Radiology Products Market Analysis and Forecast to 2031: By Type (Catheters, Stents, IVC Filters, Hemodynamic Flow Alteration Devices, Angioplasty Balloons, Thrombectomy Systems, Embolization Devices, Biopsy Needles, Accessories, Others), P

Interventional Radiology Products Market Analysis and Forecast to 2031: By Type (Catheters, Stents, IVC Filters, Hemodynamic Flow Alteration Devices, Angioplasty Balloons, Thrombectomy Systems, Embolization Devices, Biopsy Needles, Accessories, Others), Procedure (Angioplasty, Angiography, Embolization, Thrombolysis, Biopsy & Drainage, Vertebroplasty, Nephrostomy, Others), Application (Cardiology, Urology & Nephrology, Oncology, Gastroenterology, Neurology, Orthopedics, Others), and Region

The global interventional radiology products market was valued at USD 10.2 billion in 2021 and it is anticipated to grow further till USD 19.5 billion by 2031, at a CAGR of 6.7% during the forecast period.

In order to diagnose and treat patients, interventional radiology focuses on using minimally invasive image-guided procedures. This field of medicine makes use of radiological guidance systems and apparatus, including x-ray, MRI, CT, fluoroscopy, and other modalities. The main interventional radiological procedures performed with these techniques are for the diagnosis of any underlying disorders the patient may have, which can be identified by visualization through photographs. Vascular and interventional radiology are other names for interventional radiology (VIR).

Market Trends and Drivers

The benefits of minimally invasive procedures over traditional open surgery techniques have led to an increase in their demand. The advantages of minimally invasive operations over traditional open surgery methods, according to the American Institute of Minimally Invasive Surgery (AIMS), include enhanced safety, lower scarring, quicker recovery, and shorter hospital stays. Due to the expanding usage of technologically sophisticated goods and methods, particularly for the treatment of peripheral artery disease, cancer, and cardiovascular disease, the application fields for minimally invasive procedures are expanding as well (PAD). This is anticipated to have a beneficial impact on the market for interventional radiology products.

Market Restraints and Challenges

Many emerging and underdeveloped nations, like Afghanistan, Bhutan, South Africa, India, and Nepal, lack centralized insurance systems and have greater out-of-pocket expenses. This affects the use of expensive therapeutic methods. For instance, a drug-eluting stent might cost anywhere from USD 600 to USD 2,791 in India, according to the Journal of the American Heart Association. The adoption of cutting-edge medical techniques is predicted to be hampered by the high cost of goods and the absence of a clear health insurance system in emerging nations.

Global Interventional Radiology Products Market Segmental Overview

The report analyses the global interventional radiology products market based on the type, procedure, application, and region.

Global Interventional Radiology Products Market by Type

Based on the type, it is segmented into catheters, stents, inferior vena cava (IVC) filters, hemodynamic flow alteration devices, angioplasty balloons, thrombectomy systems, embolization devices, biopsy needles, accessories, and others. The stents segment dominated the interventional radiology products market during the forecast period. The substantial proportion of this market can be attributable to the rising incidence of cancer and heart disorders as well as the rising frequency of angioplasty surgeries worldwide.

Global Interventional Radiology Products Market by Procedure

Based on the procedure, it is segmented into angioplasty, angiography, embolization, thrombolysis, biopsy drainage, vertebroplasty, nephrostomy, and others. The angiography segment is anticipated to dominate the market during the forecast period. The key factors such as rising prevalence of chronic diseases coupled with growing geriatric population and increasing demand for minimally invasive procedures is propelling the growth of the market.

Global Interventional Radiology Products Market by Application

Based on the application, it is segmented into cardiology, urology nephrology, oncology, gastroenterology, neurology, orthopedics, and others. The cardiology segment to witness the highest share during the forecast period. The growing elderly population and the rising incidence of CVD around the world might be blamed for the high share of this market.

Geographical Analysis of the Global Interventional Radiology Products Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America is the largest regional market for interventional radiology products market. The high prevalence of chronic diseases, expanding geriatric population, rising use of minimally invasive procedures, and the presence of major players in the region can all be linked to the big proportion of the North American market.

Major Players in the Global Interventional Radiology Products MarketCOVID-19 Impact

Due to fewer hospital visits as a result of the COVID-19 outbreak, the market for interventional radiology products suffered. Despite the availability of emergency and outpatient treatments throughout the lockdown, the population's adoption of therapy significantly decreased. The temporary deferral of a number of elective surgeries is anticipated to have an impact on the market for interventional radiology goods as governments and authorities work to guarantee that resources are available for COVID-19 patients.

The market for interventional radiology products has been impacted by a decrease in research activity as a result of laboratory closures and decreased clinical testing, a decrease in capital spending by customers, and a decline in the use of routine testing due to a decline in the volume of elective and non-essential procedures. Although the economies of many nations have started to recover, it will take time for interventional radiology products to be used at pre-pandemic levels. Additionally, any increase in COVID-19 infections could lead to additional lockdowns, quarantine measures, or other limitations to stop the virus's transmission, which could have a detrimental effect on the market's expansion.

Recent Developments

• February 2021, Medtronic acquired the radial artery access portfolio from RIST Neurovascular, Inc. This acquisition expanded the company’s portfolio in the interventional radiology products markets and enhanced its ability to serve patients that require interventional neurovascular therapy.
• November 2020, Stryker announced the acquisition of Wright Medical Group N.V., a global medical device company focused on extremities and biologics.
• September 2020, Boston Scientific Corporation signed an investment agreement to acquire Farapulse, Inc. which will expand the company’s product portfolio in the interventional radiology products market.

Frequently Asked QuestionsQ1. How big is the Interventional Radiology Products market?Ans. The global Interventional Radiology Products market size was USD 10.2 Billion in 2021 and is anticipated to reach USD 19.5 Billion in 2031, growing at a rate of 6.7% from 2022 to 2031.Q2. What is the Interventional Radiology Products market growth rate?Ans. The growth rate of the Interventional Radiology Products market is 6.7%.Q3. Which region holds a major market share for the Interventional Radiology Products market?Ans. North America holds a major market share of the Interventional Radiology Products market in 2021.Q4. Which segment accounted for the largest Interventional Radiology Products market share?Ans. By application, cardiology segment accounted for the largest Interventional Radiology Products market share.Q5. Who are the key players in the Interventional Radiology Products market?Q6. What are the factors driving the Interventional Radiology Products market growth?Ans. The major factors driving the growth of the market are the growing healthcare market in emerging countries.Q7. What are the key growth strategies of Interventional Radiology Products market players?Ans. The key growth strategies of Interventional Radiology Products market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Interventional Radiology Products market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Interventional Radiology Products market during the forecast period.

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