Interventional Radiology Market Analysis | 2022-2028

Market Insights

"The interventional radiology market was estimated at USD 24.5 billion in 2021 and is likely to grow at a CAGR of 5.3% during 2022-2028 to reach USD 35.16 billion in 2028".

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Market Dynamics

Introduction

Interventional radiology (IR) is an image-guided, minimally invasive medical treatment. The use of medical imaging technique to guide doctors in the treatment of certain problems with blood vessels and lymph vessels throughout the body is known as Interventional Radiology (IR).

Market Drivers

The demand for interventional radiology technologies such as CT scans, MRIs, ultrasounds, and others is driven by the shifting consumer preference for minimally invasive procedures. Minimally invasive surgeries have grown in popularity as they are cost-effective and require a shorter hospital stay.

These factors, combined with the rising occurrence of various chronic diseases, particularly among the elderly, are expected to boost technology adoption significantly, thereby contributing to the growth of the market over the forecast period.

Segment Analysis

By Product Type

"CT scanners are expected to account for the lion's share of the market during the forecast period".

• The interventional radiology market is segmented into MRI systems, CT scanners, ultrasound imaging systems, angiography systems, fluoroscopy systems, biopsy devices, and others.
• CT scanners are expected to account for the lion's share of the market during the forecast period due to the increasing demand for surgical, medical, or radiation treatment planning, as CT scans combine a number of X-ray images captured from various angles around the body and process them to build cross-sectional images or slices of blood vessels, tissues, and bones. Furthermore, technological advancements in the healthcare sector are expected to drive the market growth over the forecast period.

By Procedure Type

"Angiography is expected to be the dominant procedure type in the market during the forecast period.".

• The market is segmented as angiography, angioplasty, biopsy, embolization, thrombolysis, vertebroplasty, nephrostomy, and others.
• The growth of the segment is driven by the increasing demand for minimally invasive procedures and the growing prevalence of cardiovascular diseases.  Angiography also provides real-time imaging for better treatment. This is further expected to drive the market growth during the forecast period.

By Application Type

"The cardiology application segment is estimated to account for the major share of the market during the forecast period".

• The market is segmented into cardiology, oncology, gastroenterology, urology & nephrology, obstetrics, gynecology, and others.
• The cardiology application segment is estimated to account for the major share of the market during the forecast period owing to the increasing cardiovascular diseases coupled with an aging population. Radiologists use ultrasound, CT scans, MRIs, and other technologies to diagnose heart disease and assess its causes and symptoms.

Regional Analysis

"North America is estimated to be the leading region in the market during the forecast period".

• The growing number of chronic diseases, changing lifestyles, aging population, and the increasing demand for less expensive interventions. In addition, new product developments and technology advancements are further expected to fuel the market growth over the forecast period.

"Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period".

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Key Players

The following are the key players in the Interventional Radiology Market (arranged alphabetically).

• Carestream Health
• Esaote S.P.A.
• GE Healthcare
• Hitachi Medical Corporation
• Hologic Inc.
• Koninklijke Philips N.V.
• Samsung Medison Co., Ltd.
• Shimadzu Corporation
• Siemens AG
• Toshiba Medical Systems Corporation

Note: The above list does not necessarily include all the top players in the market.

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Report Features

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What Deliverables Will You Get in this Report?

Research Methodology

• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation by any one of the product types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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