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Interventional Radiology Market size to exceed $36.7bn by 2028

  • Published Date: February 28, 2022

Interventional Radiology Market size is set to exceed USD 36.7 billion by 2028, according to a new research report by Global Market Insights Inc.

Increasing demand for minimally invasive surgeries with substantial developments in therapeutics and diagnostics is anticipated to promote the interventional radiology industry growth. The technical advancements in the field of interventional radiology over the time made have it more accurate and reliable with improved efficiency. The growing prevalence of chronic diseases across all domains is projected to facilitate the industry expansion positively.

For instance, according to the World Health Organization (WHO), in 2020, nearly 2.26 million breast cancer cases were observed throughout the world. Thus, the substantial upsurge in various disease incidence rate has compelled market players to technologically advance the interventional radiology systems to provide better outcomes in diagnosis and therapeutics. Hence, all the aforementioned pointers will propel the market statistics during the forecast timeline.

Increasing prevalence of chronic diseases are expected to stimulate the market outlook

The growing incidence of chronic diseases across the globe is anticipated to drive the market expansion considerably throughout the forecast timeframe. Rise in number of chronic diseases such as cancer, cardiovascular diseases, gastrointestinal diseases, nephrological disorders, respiratory disorders, etc. has increased the demand for better diagnostic and treatment approaches in healthcare facilities. According to a 2022 report by the Centers for Disease Control and Prevention (CDC), around 659,000 people die each year due to heart disease and around 805,000 suffer from heart attack each year in the U.S. The conventional option to treat such cardiovascular diseases is to perform open surgeries.

However, with advancements in interventional radiology, the procedure can be done by minimum invasion approach that reduces the risk of infection as well as decreases the time of hospital stay making it safe and convenient for the patient. Similarly, according to a study published on Springer Link in 2021, observed improved outcomes of increasingly adopted minimally invasive surgeries on gastric cancers and in challenging cases of large tumors. Thus, the demand of diagnostics and therapeutics for these diseases has surged the need for accurate imaging solutions. Hence, the increasing prevalence of chronic diseases has stimulated demand for interventional radiology services, thereby fueling overall industry growth.

Higher effectivity, accuracy, and adoption of CT scans is anticipated to accelerate the industry outlook

Based on product, the interventional radiology market is segmented as MRI systems, CT scanners, ultrasound imaging systems, angiography systems and others. The CT scanners segment exceeded USD 3,187 million in 2021. The surge in adoption of CT scanners is owing to the ability of computerized tomography (CT) scan to aid in detection of muscle or bone disorders, tumours, infections, blood clots, detecting cancers, lung nodules, injuries and internal bleeding, and guiding in certain surgical procedures. An increase in the number of diagnostic laboratories equipped with technologically advanced tools in the developed countries is one of the factors boosting the market revenue.

Browse key industry insights spread across 230 pages with 312 market data tables & 16 figures & charts from the report, Interventional Radiology Market Statistics By Product (MRI Systems, CT Scanners, Ultrasound Imaging Systems Angiography Systems), By Procedure (Angioplasty, Biopsy, Embolization {Peripheral Embolization, Prostatic Artery Embolization, Genicular Artery Embolization, Fibroid}, Thrombolysis, Vertebroplasty, Nephrostomy, Interventional Oncology, MSK Intervention), Application (Cardiology, Oncology, Urology, Gastroenterology, Obstetrics, Gynecology), End-use (Hospitals, Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022– 2028 in detail along with the table of contents:

Increasing prevalence of cancer across the globe has increased the demand for biopsy thereby boosting the market expansion

Based on procedure, the interventional radiology market is segmented as angioplasty, biopsy, embolization, thrombolysis, vertebroplasty, nephrostomy, interventional oncology, MSK intervention and others. The biopsy segment accounted for over USD 4,132 million in 2021 and is anticipated to witness healthy CAGR throughout the projected period. This is owing to the increasing prevalence of cancer and rising instances of preventative diagnosis of the disease. According to a report by the International Agency for Research on Cancer, the cancer burden in 2020 surged up to 19.3 million new cases with 10 million deaths in 2020. The availability and access to improved diagnostic procedures is principally responsible for the greater frequency of cancer detection and therapy cases in nations with higher standards of living. Interventional radiology equipment, such as CT scanners and MRI systems, are widely employed for these treatments, therefore demand is projected to rise during the forecast period. Thus, all the above-mentioned factors are anticipated to propel overall market expansion.

Increasing instances of gastrointestinal diseases will augment interventional radiology industry landscape

Based on application, the interventional radiology market is segmented into cardiology, oncology, urology, gastroenterology, obstetrics, gynecology, and others. The gastroenterology segment is projected to reach over USD 2,011 million by 2028. The rising prevalence of gastrointestinal disorders has paved the way for gastroenterology segment to witness a healthy growth in the forthcoming years. For instance, as per the survey published in the National Library of Medicine (NLM) in 2021, mentioned that around 40% of the people worldwide suffer from functional gastrointestinal diseases. Minimally invasive procedures such as gastrostomy which are opted in more severe cases of gastrointestinal disorders are carried out with the help of interventional radiology. Thus, the rising prevalence of the gastrointestinal disorders has in turn increased the demand for precise imaging tools that will augment the market trends.

The convenience and advancements of an ambulatory surgery center will spur market analysis

Based on end use, the interventional radiology market is segmented into hospitals, ambulatory surgical centers, clinics, and others. The ambulatory surgical centers segment is anticipated to reach over USD 5,581 million by 2028. Ambulatory surgical centers (ASC), also known as outpatient surgical centers, feature modern-day conveniences, including fully capable and well-equipped operating room with experienced healthcare professionals that provides same-day care. Most of the procedures performed in ambulatory surgical centers do not require an overnight stay. Because of the greater autonomy, it is more cost effective than hospitals. Since interventional radiology operations are typically minimally invasive, an ambulatory surgical center can aid with procedures like putting ports for cancer patients to receive chemotherapy or diagnosing and treating peripheral artery disease to help improve blood flow to the legs.

Growing adoption of interventional radiology in Germany is estimated to fuel the business scenario

Germany interventional radiology market was valued at over USD 1,456 million in 2021. The high growth is primarily attributed to the rise in number of patients suffering from various health ailments. As per a journal published by the Environmental Research and Public Health, a study in 2021 stated that out of the total patients diagnosed by CT and MRI scans, 32.7% females and 64.3% males were cured via minimally invasive techniques. The prevalence of chronic and cardiovascular diseases accounts for around 40% of mortality among adults and geriatric patients in Germany. Coronary heart disease, stroke, peripheral arterial disease, type 2 diabetes and arthritis being the most common among these diseases. Unhealthy lifestyle including improper diet and lack of nutritional intake alongside less physical activities have been observed among the people of Germany in the recent years contributing to these disorders. As a result, owing to increased incidence rates the demand for interventional radiology to aid in therapy and diagnostics has surged in the country.

Players are implementing strategic initiatives such as product launch and business expansion to drive the revenue generation

Some of the major players operating in the interventional radiology industry are Koninklijke Philips N.V, Carestream Health Inc., ESAOTE SPA, GE Healthcare, Fujifilm Corporation, Samsung Healthcare (Samsung Electronics Co., Ltd.), Shimadzu Corporation, Siemens Healthineers, Canon Medical Systems Corporation and Olympus Corporation among others. These players are engaged in strategic collaborations, partnerships and agreements to gain a competitive advantage over their competitors. For instance, in November 2021, Philips launched a range of AI enhanced MR systems such as MR 5300 system, Philips SmartSpeed and MR7700 system. The new launches helped company to expand its product portfolio and generate new avenues of revenue in the market.

Authors: Sumant Ugalmugale, Rupali Swain