Interventional Radiology Market Size By Product (MRI Systems, CT Scanners, Ultrasound Imaging Systems, Angiography Systems), By Procedure (Angioplasty, Biopsy, Embolization {Peripheral Embolization, Prostatic Artery Embolization, Genicular Artery Emboliza

Interventional Radiology Market Size By Product (MRI Systems, CT Scanners, Ultrasound Imaging Systems, Angiography Systems), By Procedure (Angioplasty, Biopsy, Embolization {Peripheral Embolization, Prostatic Artery Embolization, Genicular Artery Embolization, Fibroid}, Thrombolysis, Vertebroplasty, Nephrostomy, Interventional Oncology, MSK Intervention), By Application (Cardiology, Oncology, Urology, Gastroenterology, Obstetrics, Gynaecology), By End-use (Hospitals, Clinics, Ambulatory Surgical Centres), Industry Analysis Report, Regional Outlook, Application Potential, COVID-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2022 - 2028

The interventional radiology market is set to witness tremendous growth through 2028 owing to a significant rise in chronic ailments worldwide. From simple interventional procedures to more complex percutaneous or endovascular procedures, interventional radiology tools demonstrate a broad scope in medical applications.

Interventional radiology (IR) refers to a unique subset of the medical imaging domain. The American Board of Radiology has stipulated that interventional radiology brings together peri-procedural patient care, image-guided minimally invasive procedures, and expertise in imaging for the treatment of various malignant and benign conditions. As a result, with IR, the need for surgery is considerably reduced, which in turn, enhances patient experience.

The interventional radiology market has been bifurcated in terms of product, application, end-use, and region. Based on product, the market has been categorized further into MRI systems, CT scanners, ultrasound imaging systems, angiography systems, and others.

Of these, the CT scanners segment registered remuneration worth nearly USD 3,187 million in 2021 and is poised to register a CAGR of almost 3.5% through the estimated timeline. This growth is attributed mainly to rapid advancements in imaging diagnosis technology. For instance, in November 2021, Siemens Healthineers, a major medical devices firm, introduced the first photon-counting CT scanner in the world, dubbed the Naeotom Alpha, with improved resolution and a 45% lower radiation dose for ultra-high-resolution scans than conventional scanners.

From the application perspective, the interventional radiology market has been segregated into cardiology, urology, oncology, gastroenterology, gynecology, obstetrics, and others. In 2021, the gynecology segment exceeded USD 2,994 million valuation and is expected to depict around 5.4% CAGR through the analysis period. A major driving force behind this growth is the rising prevalence of gynecological ailments, including breast malignancies, among women.

As of 2021, breast cancer was the most common cancer in the world, representing nearly 12% of all new cancer cases each year globally, according to the WHO (World Health Organization). This is set to add impetus to segmental growth on account of escalating use of techniques like MRI and ultrasound for image-guided breast biopsies.

On the basis of end-use, the market has been categorized into clinics, hospitals, ambulatory surgical centers, and others. Ambulatory surgical centers exceeded USD 3,925 million in revenue in 2021 and are speculated to deliver a favorable growth trajectory over the forecast period. This is ascribed mainly to the higher success rates, convenience, faster & more efficient work culture, and presence of experienced and board-certified medical personnel in these facilities.

Regionally, the North America interventional radiology market was worth almost USD 9,243 million in 2021 and is likely to exhibit above 4.9% CAGR through the projected timeframe. Growing awareness and acceptance of advanced IR technologies in the region is primed to be a key driving factor for regional market growth. For instance, in September 2021, South Texas Health System’s McAllen Advanced Imaging Center introduced a new interventional radiology laboratory to give patients easier access to minimally invasive and relatively risk-free medical procedures for better health outcomes.