The interventional radiology market is estimated to be valued at US$ 25916.93 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Interventional radiology refers to minimally invasive medical procedures guided by imaging technologies such as X-ray, MRI, CT scan or ultrasound. Procedures like aneurysm repair, tumor ablation, spine augmentation and vertebroplasty are used to treat conditions affecting blood vessels, organs, tissues, bones or any other site in the body without requiring open surgeries that could increase recovery time and lead to infection. These advanced procedures have gained popularity due to benefits such as less pain, scarring and decreased hospital stay.
Market Dynamics:
The rising prevalence of cardiovascular diseases is driving the growth of the Global Interventional Radiology Market Size. According to World Health Organization, cardiovascular diseases account for over 17.9 million deaths globally in 2019. Interventional radiology provides minimally invasive treatment options for conditions such as congestive heart failure, stroke and peripheral artery disease. Additionally, growing geriatric population which is more prone to degenerative diseases is also fueling the demand for interventional radiology procedures. Furthermore, increasing investments and funding for development of advanced imaging devices along with growing awareness about benefits of minimally invasive procedures are some other factors expected to propel the market growth over the forecast period.
SWOT Analysis
Strength: Interventional radiology procedures are minimally invasive with minimal risk of complications and shorter recovery time. Shorter hospital stay leads to reduced healthcare costs. Advancements in imaging technologies have improved precision and safety of procedures.
Weakness: Dearth of skilled interventional radiologists globally limits market growth. High costs associated with purchase and maintenance of expensive imaging equipment hampers widespread adoption.
Opportunity: Rising geriatric population and growing prevalence of chronic diseases drive the need for minimally invasive procedures. Increasing healthcare expenditure in emerging nations creates new growth opportunities.
Threats: Stringent regulatory framework for approval of new devices limits entry of new players. Risk of radiation exposure to patients and clinicians during procedures raises safety concerns.
Key Takeaways
The global Interventional Radiology market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of chronic diseases and rising demand for minimally invasive procedures.
Regional analysis: North America dominate the global market owing to rapid adoption of advanced technologies and increasing healthcare expenditure. Asia Pacific exhibits fastest growth driven by rising healthcare awareness, expenditure and presence of untapped opportunities in developing countries.
Key players: Key players operating in the Interventional Radiology market are Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation), among others.
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