Interventional Radiology Market - By Product (MRI Systems, CT Scanners, Ultrasound Imaging Systems, Angiography Systems), By Application (Cardiology, Oncology, Urology, Gastroenterology, Obstetrics, Gynecology), By End-use & Forecast, 2022-2030

Interventional Radiology Market Size

Interventional Radiology Market size was valued at USD 24.5 billion in 2021 and is expected to depict over 5% CAGR from 2022-2030.
 

Rising occurrence of acute diseases worldwide has increased the demand for novel diagnostic and treatment methods. Imaging techniques such as CT scanners, MRI, angiography systems, and ultrasound imaging systems are widely used for clinical procedures for acute liver, bowel, lung, and kidney cancer disorders. With increasingly unhealthy lifestyles and a growing geriatric population, the prevalence of cancer is growing steadily across several nations, thus increasing the acceptance of diagnostic methods like interventional radiology.
 

It is anticipated that the high initial cost of interventional radiology products in addition to the availability of used and refurbished machines may hamper the interventional radiology market progress. The cost of MRI systems, CT scanners, and ultrasound imaging systems vary depending on the type of instrument, brand, and the number of years used. Brand new advanced machines, for instance, can cost over USD 1 million. The average cost of a CT scanning system ranges from USD 285,000 to USD 2 million depending on the manufacturer and the technology. These high costs may prevent customers from adopting interventional radiology over the years, which may, in turn, impede market development.
 

Interventional Radiology Market Analysis

Interventional radiology market from the ultrasound imaging systems product segment is anticipated to exhibit 4.5% CAGR from 2022 to 2030. Ultrasound systems are used for sonography procedures and the diagnosis of other imaging modalities. These include technologies such as bone sonometry, abdominal ultrasound, and breast ultrasound. Since ultrasound imaging systems do not emit any radiation, they also demonstrate benefits such as high efficacy and safety, bolstering the product adoption.
 

Interventional Radiology Market from the oncology application segment is projected to reach over USD 10 billion by 2030. Growing occurrence of cancer in addition to supportive government initiatives to spread awareness for early detection of the disease are among the major factors promoting the use of advanced diagnostic tests. Interventional oncology uses targeted minimally invasive procedures to facilitate the treatment of cancer and related disorders by using imaging devices. Clinical advantages such as these will thus make interventional radiology a preferred diagnostic method for various oncological conditions.
 

The interventional radiology market from the ambulatory surgical centers end-use segment is expected to be worth over USD 6 billion by 2030. Rising occurrence of acute diseases and the growing need for urgent attention from healthcare professionals has increased the development of ambulatory surgical centers (ASCs). The ease of receiving therapy in these facilities supports the adoption of advanced diagnostic and treatment methods.
 

As interventional radiology procedures are minimally invasive, ASC can utilize them in operations such as port deployments to provide chemotherapy for cancer patients. They can also offer the diagnosis and treatment of peripheral artery diseases to enhance blood flow to the legs, further contributing to product consumption.
 

Europe interventional radiology market is projected to depict over 5% CAGR from 2022-2030. This is credited to the rising number of cardiovascular disease patients in the region. In Germany, the mortality rate from cardiovascular and chronic diseases is around 40% among adult and geriatric patients.
 

Based on a study published in a journal issued by the Environmental Research and Public Health, over 64.3% of male and 32.7% of female patients diagnosed by MRI and CT scans were cured using minimally invasive methods, including interventional radiology. The growing occurrence of CVD, in addition to increasing preference for minimally invasive operations, will augment the regional market size.
 

Interventional Radiology Market Share

Some of the major companies operating in the interventional radiology industry include:

• Samsung Electronics C Ltd
• GE Healthcare
• Canon Medical System Corporation
• Koninkilijke Philips N.V
• Siemens Healthineers
• Olympus Corporation
• Shimadzu Corporation
• Fujifilm Corporation
• Hologic Inc
• Esaote SPA
• Carestream Health Inc 

Companies are focusing on launching novel products to expand their offerings and business operations.
 

COVID-19 Impact

The COVID-19 outbreak had a significant impact on radiology procedures worldwide. Since interventional radiology procedures need both surgical interventions and diagnostic imaging, the pandemic caused a decline in diagnostic imaging requirements in its initial stages. Therefore, the COVID-19 pandemic had a short-term negative impact on the market. However, the market has recorded a substantial recovery since 2021, given the gradual resumption of non-COVID-related treatments.
 

The interventional radiology market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2030 for the following segments:

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By Product

• MRI Systems
• CT Scanners
• Ultrasound Imaging Systems
• Angiography Systems
• Others

By Application

• Cardiology
• Oncology
• Urology
• Gastroenterology
• Obstetrics
• Gynecology
• Others

By End-use

• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE