Market Overview:
The global interventional radiology market is estimated to be valued at US$ 22,849.9 million in 2021 and is projected to reach US$ 36,273.5 million by 2022, with a CAGR of 6.5% during the forecast period 2022-2028, according to a new report published by Coherent Market Insights. Interventional radiology refers to the minimally invasive procedures performed using radiological imaging guidance. These procedures provide a range of diagnostic and therapeutic interventions, such as biopsies, angioplasties, embolization, and stenting, among others. The advantages of interventional radiology include reduced patient discomfort, shorter hospital stays, and faster recovery time. The growing need for minimally invasive procedures, advancements in imaging technologies, and the increasing prevalence of chronic diseases are driving the demand for interventional radiology products in the market.
Market key trends:
Minimally invasive interventions are a key trend in the interventional radiology market. With advancements in technology, there has been a shift towards minimally invasive procedures for various medical conditions. These procedures offer numerous benefits such as reduced trauma, shorter hospital stays, and faster recovery time for patients. Additionally, these interventions provide an alternative to traditional surgical methods, resulting in lower healthcare costs. The demand for minimally invasive interventions is expected to increase further due to the growing preference for non-surgical treatment options and advancements in imaging technologies. Moreover, the adoption of interventional radiology procedures is expected to rise in both developed and emerging economies, driven by the increasing prevalence of chronic diseases and the need for improved patient outcomes.
Segment Analysis:
The interventional radiology market can be segmented based on product type, application, and end user. The product type segment can be further divided into angiography systems, fluoroscopy systems, CT scanners, MRI scanners, ultrasound systems, and others. Among these, the angiography systems segment dominates the market due to its wide range of applications in diagnosing and treating various medical conditions. Angiography systems are used to visualize blood vessels and perform procedures such as angioplasty and embolization. The increasing prevalence of cardiovascular diseases and the growing demand for minimally invasive procedures are major factors driving the growth of the angiography systems segment.
The application segment of the interventional radiology market includes cardiology, oncology, urology and nephrology, gastroenterology, neurology, and others. The cardiology segment holds the largest market share due to the high incidence of cardiovascular diseases worldwide. Interventional radiology procedures such as angioplasty, stenting, and cardiac ablation are widely used in the diagnosis and treatment of various heart conditions.
In terms of end user, the interventional radiology market is categorized into hospitals and ambulatory surgical centers, diagnostic centers, and others. Hospitals and ambulatory surgical centers account for the largest share of the market, mainly due to the availability of advanced infrastructure and skilled healthcare professionals in these settings.
Key Takeaways:
The global Interventional Radiology Market Growth is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period. The increasing prevalence of chronic diseases such as cardiovascular disorders, cancer, and kidney diseases is driving the demand for interventional radiology procedures. Moreover, advancements in technology and the development of minimally invasive techniques are also contributing to the market growth.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the interventional radiology market. This can be attributed to the presence of well-established healthcare infrastructure, high healthcare expenditure, and increasing adoption of advanced medical technologies in the region.
Key players operating in the interventional radiology market include 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. These key players are focusing on strategic collaborations, product launches, and acquisitions to strengthen their market position and expand their product portfolio.
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