The global Interventional Radiology Market is estimated to be valued at US$ 25916.93 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Diagnostic and therapeutic procedures are performed with image guidance such as X-ray fluoroscopy, computed tomography, or ultrasound. Interventional radiology offers advantages such as minimal blood loss, reduced risk of infection, short hospital stays and quick recovery time compared to open surgeries.
Market key trends:
One of the key trends in the interventional radiology market is the growing adoption of minimally invasive surgeries. Minimally invasive procedures are associated with less pain, fewer complications, shorter hospital stay, and quicker recovery time as compared to traditional open surgeries. These advantages have propelled the adoption of minimally invasive techniques across various clinical applications such as interventional oncology, cardiology, and urology. Various new technologies such as robot-assisted surgery platforms are further enhancing the capabilities of minimally invasive procedures. This is driving the growth of interventional radiology procedures for diagnosis and treatment purposes.
Segment Analysis
The Global Interventional Radiology Market Size is segmented by procedure type into angiography, angioplasty, biopsy and drainage, embolization, thrombolysis, vertebroplasty and kyphoplasty, and others. Among these, the angiography segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Angiography procedures utilize imaging technology to diagnose and treat medical conditions and help physicians identify problems or gaps in blood vessels. The growing prevalence of cardiovascular and peripheral vascular diseases are driving the demand for angiography procedures.
Key Takeaways
Market size
The global interventional radiology market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of chronic diseases and lifestyle disorders.
Regional analysis
North America currently dominates the interventional radiology market and is expected to maintain its position over the forecast period. This is attributed to the rising geriatric population, growing prevalence of chronic diseases, and development of advanced healthcare infrastructure in the region.
Key players
Key players operating in the interventional radiology market are Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation), among others.
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