Interventional Radiology Market Size, Industry Analysis Report, By Product (MRI, CT, Ultrasound, Angiography), By Procedure (Angioplasty, Biopsy, Embolization, Thrombolysis, Vertebroplasty, Nephrostomy), By Application (Cardiology, Oncology, Urology, Gastroenterology, Obstetrics, Gynecology), By End-use (Hospitals, Ambulatory Surgical Centers), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3576
Interventional Radiology Market size is estimated to reach a substantial valuation by 2027. Shifting consumer preference towards minimally invasive procedures is driving the demand for interventional radiology technologies such as CT scan, MRI, ultrasound, and others. Minimally invasive surgeries have gained popularity as they are cost-effective and require a shorter stay at hospitals. These factors along with the rising occurrence of various chronic diseases, particularly among older people, will boost the technology adoption significantly.
Advancements in imaging technology will augment the industry expansion. This is because the majority of minimally invasive procedures rely on accurate and efficient imaging. Advanced imaging technologies provide a comprehensive view of internal organs, allowing surgeons to perform surgical operations precisely and diagnose conditions more accurately.
In terms of the product landscape, the interventional radiology market is segmented into CT, MRI, ultrasound, and angiography. Among these, the CT segment is expected to witness notable growth from 2021 to 2027. A computerized tomography or CT scan combines a number of X-ray images captured from different angles around the body and processes them to build cross-sectional images or slices of blood vessels, tissues, and bones. It is used to diagnose diseases, assess the extent of an injury, and to plan surgical, medical, or radiation treatment. Healthcare centers are investing in the latest, technologically advanced CT scan systems to improve patient outcomes. For instance, in September 2020, the Orlando Health Orlando Regional Medical Center (ORMC) in Florida became the first U.S. hospital to install Siemens’ new SOMATAM X.cite single-source CT scanner.
Interventional radiology market finds application in oncology, cardiology, gastroenterology, gynecology, and obstetrics, among others. The cardiology segment is projected to capture a substantial share of the industry in the coming years, led by the increased occurrence of cardiovascular diseases, particularly among the older generation. To diagnose heart disease and assess its causes and symptoms, radiologists use ultrasound, CT scan, MRI, and other technologies. Manufacturers are continuously innovating to introduce new, advanced solutions to the market. For example, in October 2020, GE Healthcare had received the U.S. FDA 510k approval for its Vivid Ultra Edition line of cardiovascular ultrasound systems based on AI.
Europe interventional radiology market share is anticipated to grow at a steady CAGR between 2021 and 2027. The regional growth is attributed to the large geriatric population base and the increasing occurrence of chronic diseases such as cancer, cardiovascular disorders, and others. The European Commission had estimated the number of new cancer cases in the region to nearly hit 2.7 million in 2020. As a result, the demand for reliable, accurate, and efficient imaging technology for cardiology, oncology, and other applications is increasing.
GE Healthcare, Siemens Healthineers, Koninklijke Philips, Toshiba Medical Systems, Samsung Medison, Shimadzu Corporation, Hologic Inc., Esaote, Carestream Health, and Hitachi Medical Corporation are among the established players in the industry. Due to the rise in various chronic diseases, these companies are poised to constantly showcase new opportunities. In September 2021, for instance, Shimadzu Medical Systems USA received a contract from Vizient, Inc. to supply its Trinias unity edition product line, which includes vascular and cardiac interventional digital angiography systems.
How has COVID-19 impacted interventional radiology market trends?
Owing to strict containment measures enforced to curb the spread of the coronavirus, hospital and healthcare services were greatly reduced, impacting the availability of general hospital care for non-COVID 19 patients. This, in turn, has resulted in reduced number of radiology procedures. However, during the pandemic, the demand for imaging technologies such as portable and intelligent POCUS (point-of-care ultrasound) has increased considerably. To meet this demand, various companies introduced new solutions to the market. Citing an instance, in March 2021, GE Healthcare had unveiled a new POCUS system Venue Fit and an AI-powered cardiac imaging technology Venue Go.
The interventional radiology market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
Market, by Product
Market, by Procedure
Market, by Application
Market, by End-use
- Ambulatory surgical centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
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