Interventional Radiology Market Growth 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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What is interventional radiology?

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).

Key Players

Some of the key players in the market are-

• 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

Market Dynamics

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.

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Segment Analysis

By Product Type

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

The market is segmented as angiography, angioplasty, biopsy, embolization, thrombolysis, vertebroplasty, nephrostomy, and others. Angiography is expected to be the dominant procedure type in the market during the forecast period. 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 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 Insights

North America is estimated to be the leading region in the market due to 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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Critical Questions Answered in the Report

• What are the key trends in the global market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the market?
• What is the market share of the top vendors?

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The interventional radiology market is segmented in the following categories-

By Product Type

• MRI Systems
• CT Scanners
• Ultrasound Imaging Systems
• Angiography Systems
• Fluoroscopy Systems
• Biopsy Devices
• Others

By Procedure Type

• Angiography
• Angioplasty
• Biopsy
• Embolization
• Thrombolysis
• Vertebroplasty
• Nephrostomy
• Others

By Application Type

• Cardiology
• Oncology 
• Gastroenterology
• Urology & Nephrology
• Obstetrics
• Gynecology
• Others

By End-Use Type

• Hospitals
• Clinics
• Ambulatory Surgical Centers

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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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.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

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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