Home > Healthcare & Medical Devices > Interventional Radiology Market

Interventional Radiology Market Size By Product (MRI Systems, CT Scanners, Ultrasound Imaging Systems, Angiography Systems), 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

  • Report ID: GMI3576
  • Base Year: 2021
  • Report Format: PDF

Industry Overview

Interventional Radiology Market size exceeded USD 24.9 billion in 2021 and is projected to register over 5.6% CAGR between 2022 and 2028. The interventional radiology treatment process has enhanced significantly over the past few years. Several government and non-government organizations are coming forth to promote awareness related to chronic diseases and their treatment via interventional radiology. For instance, the World Health Organization (WHO) is actively operating to improve and sustain care for individuals with cancer and cardiovascular diseases worldwide. Such government bodies are working to ensure that patients have access to world-class care and timely diagnosis of their condition.
 

Interventional Radiology Market

Get more details on this report - Request Free Sample PDF
 

The growing prevalence of chronic diseases is creating a demand for quality scanning, X-ray vision and treatment devices in hospitals and other healthcare facilities. Hence, numerous nations are emphasizing to establish novel strategies to enhance access to quality care for people. In India, innovative methods have been introduced to improve the monitoring of such ailments and other related conditions. Additionally, in recent years, awareness related to the importance of early-stage diagnosis and treatment and its potential effect in quick recovery of patient is surging positively across developing countries. The above-mentioned factors will contribute to boosting the demand for an advanced interventional radiology product.
 

Interventional radiology (IR) is a medical technology that uses minimally invasive procedures in medical imaging systems, such as x-ray fluoroscopy, MRI, ultrasound, etc. This method can be utilized in both diagnostic and therapeutic procedures. These procedures follow small incisions or orifice in the human body. This helps to decrease risks, pain, and improve recovery as compared to open surgery procedures. Using intervention radiology makes the surgical procedure or diagnosis more accurate and gives precise & real-time visualization to the abnormality in the patient’s body.
 

High cost of various radiology devices such as X-ray systems, MRI scanners, and CT scanners act as a major restraint for the market especially in emerging countries. These factors have resulted in lower adoption of premium devices in the industry, thereby leading to ordinary growth of the medical imaging equipment industry. The market growth can be affected in developing countries with comparatively lower income levels attributed to high costs related to minimal invasive treatment therapy. However, the government in various developing countries is undertaking several initiatives to reduce the cost of the treatment. In addition to this, lack of awareness in developing and under-developed regions may restrict the industry growth.
 

The COVID-19 outbreak had a slightly negative influence on the interventional radiology market since regulatory limitations impacted the hospital and healthcare services around the world. The pandemic had a significant impact on the functioning of general hospital treatments for non-COVID-19 patients in hospitals around the world due to disruption of the healthcare sector. The radiology domain shared a substantial burden of the overall disruption created by pandemic in the healthcare sector. For instance, in August 2020 a report published by the SAGE Public Health Emergency Collection examined the impact of the COVID-19 pandemic on interventional radiology treatment in Canada that showed there was a 49.3% decline in demand for acute interventional radiology services across Canada. A similar survey outcome highlighted that around 88% of those polled in the survey reported a decline in elective interventional radiology services during the pandemic.
 

However, the market returned to its pre-pandemic levels in 2021 as the procedures were allowed from third quarter of 2020. Similarly, an article published by the SAGE on vascular and interventional radiology in 2021 reported that there was a notable rise in the use of interventional radiology for elective procedures including nephrostomy, percutaneous abdominal diseases, peritoneal dialysis, and catheter insertion, among others. Further, according to the data published by the GLOBECON in 2020, around 19.3 million patients were diagnosed by cancer using interventional radiology technology across the globe. Therefore, the increasing prevalence of cancer patients and chronic diseases due to low immunity during COVID-19 pandemic helped to stimulate the market demand in the later part of outbreak.
 

Increasing demand for minimally invasive procedures across the globe is predicted to drive the market statistics

The increasing prevalence of chronic diseases such as cancer and cardiovascular disorders among adults and geriatric patients are contributing to the rising demand for minimally invasive treatment options and is one of the prime factors driving the intervention radiology market growth. Patients suffering from chronic diseases can be treated using various intervention radiology technologies such as CT scan, MRI, ultrasound, and others. Additionally, due to various psychological factors for surgical operation in patients have shown a positive sign for the market expansion.
 

Minimally invasive surgeries have gained popularity as they are cost-effective and require a shorter stay at hospitals. These treatments have increased the life expectancy among patients and set a considerable prevalence to dramatically impact the market. The low-cost technologies and cost-effective treatment have increased the number of patient dependency on interventional radiology treatment. Moreover, patients that receive proper care are expected to develop fewer co-morbid conditions and experience a lower risk. Thus, the continuously increasing patient number has significantly boosted the demand for intervention radiology treatment that in turn will uplift the minimally invasive procedures adoption rate.
 

Surging adoption of MRI is anticipated to stimulate the market growth positively

Global Interventional Radiology Market, By Product

Get more details on this report - Request Free Sample PDF
 

Based on product, the market is segmented as CT scanners, angiography systems, MRI systems, ultrasound imaging systems, and others. MRI systems segment surpassed USD 2,868 million in 2021. The substantial share of the segment is owing to the increased use of interventional radiology for the treatment of chronic disorders in patients. MRI is an effective method used for the treatment of various diseases such as anomalies of the brain & spinal cord, tumours, cysts, cancers, cardiovascular disorders, etc.
 

MRI uses non-invasive scanning techniques that produces 3-D imaging and detailed anatomical images that are used for disease detection, diagnosis, and treatment monitoring of patients. For instance, interventional radiology helps in cancer treatment with the help of iMRI in various effective ways. This can help to prevent bleeding during surgery, ease in pain and minimize the side effects after treatment. Hence, the above-mentioned factors are projected to fuel the adoption of MRI systems.
 

Increasing prevalence of cardiological disorders among the adult patients is projected to enhance the market forecasts

Global Interventional Radiology Market Share, By Application

Get more details on this report - Request Free Sample PDF
 

Based on application, the market is segmented as cardiology, oncology, urology, gastroenterology, obstetrics, gynecology, and others. The cardiology segment was valued at more than USD 7,759 million in 2021. The prevalence of cardiology disorders is increasing considerably among the adult and geriatric population. As per the recent study data published by the WHO in 2019, around 17.9 million people were suffering from cardiology diseases across the globe. As the age of patients increases, the requirement for quality care to treat this disorder also increases. Thus, several nations are focusing to improve access to intervention radiology treatment.
 

Additionally, improvement of the global comprehensive care offered by specialized centers is further stimulating the adoption of interventional radiology, thereby driving the market revenue. Recent advancements in treatment options have significantly improved the life expectancy of adult patients. Hence, various benefits coupled with treatment advancements will spur the adoption of the product among adult patients, thereby amplifying the interventional radiology market expansion.
 

Rising hospitalization rate will result in an upward growth trajectory

Based on end-use, the market is segmented as hospitals, clinics, ambulatory surgical centres, and others. The hospitals segment accounted for USD 12,560 million in 2021. The majority market share is attributed to the accessibility to board-certified technological advanced machines for interventional radiology. The importance of delivering quality care plans, along with affordable and improved efficiency are the major factors that dominate this market segment. These healthcare facilities provide cost-effective treatment procedures that help both insurers and patients equally. Easy availability of advanced scanning machines for treatment surges the preference for treatment in hospitals. The continuous monitoring and comprehensive care plans offered in hospitals are anticipated to increase the patient preference for these healthcare facilities. Thus, the growing hospital admissions with demand for advanced treatments are projected to fuel the adoption of the interventional radiology in these facilities.
 

High acceptance of novel products in the North America region will offer unprecedented growth opportunities

Global Interventional Radiology Market, By Region

Get more details on this report - Request Free Sample PDF
 

U.S. interventional radiology market is anticipated to reach more than USD 12,187 million by 2028. This high growth in the country is owing to several factors including increased government spending on healthcare and R&D activities along with the presence of established manufacturers. Surging awareness related to technologically advanced products and rising target patient pool is also contributing to the business revenue. According to the recent research article, over 6,59,000 people were suffering from cardiovascular diseases in North America. Similarly, around 1.9 million cancer patients were detected in North America in the year 2019. For the treatment of these cancer and cardiovascular diseases the U.S. government announced hiring of various radiologist and enhanced the budget for the manufacturing of advanced technological scanning machines of interventional radiology to maximize the number of treatments. Such ongoing R&D activities are expected to fuel the regional market outlook over the forecast period.
 

Notable industry players are focusing on a new product launch that will boost the market growth

Some of the major players operating in the interventional radiology market are Koninklijke Philips, GE Healthcare, Siemens Healthineers, Fujifilm Healthcare, Canon Medical Systems Corporation, and Toshiba Medical Systems among others. These leading market players are implementing advanced technologies to cater to the large unmet needs of the consumers.
 

Recent industry developments:

  • In December 2020, Samsung Electronics Co. Ltd launched their premium diagnostic imaging solutions in ultrasound, digital radiography, and mobile computed tomography at the Radiological Society of North America (RSNA) 2020. This strategic initiative assisted the company in expanding their product portfolio in interventional radiology industry.
     
  • In March 2018, GE Healthcare, a division of General Electric Company announced the commercial launch of LOGIQ E10 ultrasound system, that provides comprehensive tools to enhance precision images to treat a wide range of diseases. The system has remote control application, that helps in improving efficiency and patient experience. This product launch helped the company cater to a wider customer base.
     

By Product

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

By Application

  • Cardiology
  • Oncology
  • Urology
  • Gastroenterology
  • Obstetrics
  • Gynaecology
  • Others

By End-use

  • Hospitals
  • Clinics
  • Ambulatory Surgical centres
  • Others  

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

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

Frequently Asked Questions (FAQ) :

Global market for interventional radiology surpassed USD 24.9 billion in 2021 and is estimated to grow at a CAGR of 5.6% from 2022 to 2028 driven by the rising prevalence of chronic diseases and a subsequent demand for X-ray vision, quality scanning, and treatment devices.

The market share from MRI systems was USD 2,868 million in 2021 and is expected to depict lucrative growth considering the rising product usage in the treatment of cysts, tumors, anomalies of the brain & spinal cord, cardiovascular disorders, and others.

U.S. interventional radiology market value is poised to exceed USD 12,187 million by 2028, impelled by the increased government spending on R&D activities and healthcare.

Prominent companies in the interventional radiology industry comprise GE Healthcare, Koninklijke Philips, Fujifilm Healthcare, Toshiba Medical Systems, Canon Medical Systems Corporation, and others.

Buy Now

Access to only 1 person; cannot be shared; cannot be printed
Access for 2 to 5 users only within same department of one company
Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Premium Report Details

  • Published Date: Feb 2022
  • Companies covered: 10
  • Tables & Figures: 206
  • Countries covered: 18
  • Pages: 160

Get a report that explains COVID-19 impact on this market

 Request Free Sample

Budget constraints? Get in touch with us for special pricing

Request Discount