Advancing Innovation And Patient Care: Interventional Radiology Market Is Driven By Technological Advancements
With the rising prevalence of chronic diseases, the interventional radiology market has become an essential part of the healthcare industry. Interventional radiology involves minimally invasive medical procedures guided by imaging technologies like fluoroscopy, ultrasound, computed tomography (CT), or magnetic resonance imaging (MRI). The procedures are performed by specialized radiologists called interventional radiologists to diagnose or treat diseases. Interventional radiology devices help perform functions such as image-guided biopsies, drainage of abscesses, vertebroplasty (treatment for vertebral compression fractures), tumor ablation, vascular embolization or angioplasty. The global interventional radiology market provides high quality equipment and tools to precisely guide treatments while reducing recovery time.
The Global Interventional Radiology Market is estimated to be valued at US$ 29856.31 Th in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Interventional Radiology market are Coltene Holding, Mocom, Dentsply Sirona, Euronda, W&H Dentalwerk, Midmark Corporation, Getinge AB, Tuttnauer, Shinva Medical Instrument Co. Ltd., and MELAG Medizintechnik GmbH & Co. KG, among others. These key players are focusing on inorganic growth strategies such as acquisitions and partnerships to strengthen their market positions.
The rising prevalence of chronic diseases such as cancer, cardiovascular diseases, and rising geriatric population that is prone to diseases are driving the demand for interventional radiology procedures. These minimally invasive procedures help reduce complications, recovery time and healthcare costs.
With growing awareness and acceptance of interventional radiology, the market is witnessing rapid global expansion. Key market players are focusing on emerging economies in Asia Pacific and Latin America due to growing healthcare infrastructure and increasing healthcare spending in these regions.
Market Drivers
Technological advancements in imaging modalities like flat panel detectors, mini C-arms, and new generations of angiography equipment are helping modernize interventional radiology practices and drive the market growth. Advanced imaging devices provide high resolution images to guide procedures, aiding in quicker diagnosis and treatment. This is expected to increase the adoption of interventional radiology.
Impact of geopolitical situation on the Interventional Radiology Market growth:
The global interventional radiology market is facing multiple geopolitical challenges that are hampering its growth prospects. The ongoing Russia-Ukraine war has massively disrupted supplies of key medical devices and raw materials. Both countries are major exporters of pigments, metals, and electronics used in manufacturing CT, MRI, X-ray, and ultrasound machines. Prolonged conflict has squeezed supplies and pushed up prices globally. At the same time, renewed Covid outbreaks in China due to its zero-Covid policy have again disrupted manufacturing and exports. This has adversely impacted the production of vital interventional radiology equipment. Further, rising inflationary pressures around the world are shrinking healthcare budgets and delaying capital equipment purchases. Looking ahead, market players must explore new sourcing strategies, rejig supply chains, and focus on budget-friendly innovative product designs and value-based offerings to mitigate such geopolitical challenges and sustain steady growth in the coming years.
Interventional Radiology Market geographical concentration:
In terms of value, North America dominates the global interventional radiology market with over 35% share as of 2024 owing to high penetration of advanced diagnostic imaging modalities. Presence of leading medical device manufacturers, superior healthcare infrastructure, rising prevalence of cancer and CVDs have propelled regional market growth. Europe holds the second largest value share led by countries like Germany, France and United Kingdom with universal healthcare coverage and growing preference for minimally invasive procedures.
Fastest growing region for the Interventional Radiology Market:
Asia Pacific represents the fastest growing regional market for interventional radiology projected to expand at a CAGR of around 4.5% during the forecast period. This can be attributed to rising healthcare expenditure, fast expanding private healthcare industry, and surging geriatric population rates predisposing to chronic diseases. In particular, China and India offer highly lucrative growth opportunities owing to growing patient affordability, developing urban healthcare infrastructure and increasing focus of medical technologies firms on these emerging Asian economies.
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