Interventional radiology refers to minimally-invasive medical procedures guided by imaging technologies such as X-ray fluoroscopy, computed tomography (CT), or ultrasound. Interventional radiology devices are used to diagnose and treat diseases without requiring large incisions. These procedures are done by interventional radiologists, who use specialized imaging devices to insert tubes, stents, and catheters into the arteries and veins. This enables treatment of issues related to cancer, kidney stone, liver tumors, and uterine fibroids among others. The global interventional radiology market is estimated to be valued at US$ 29856.31 Th in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2031.
Key Takeaways
Key players - Key players operating in the interventional radiology market include Coltene Holding, Mocom, Dentsply Sirona, Euronda, W&H Dentalwerk, Midmark Corporation, Getinge AB, Tuttnauer, Shinva Medical Instrument Co. Ltd., and MELAG Medizintechnik GmbH & Co. KG, among others.
Growing demand - The growing prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders is increasing the demand for effective diagnostic and treatment procedures. This rising disease burden is expected to drive the demand for interventional radiology over the forecast period.
Technological advancement - Ongoing research and development has led to advancements in technologies related to interventional radiology. Introduction of robot-assisted surgery and increased adoption of artificial intelligence are expected to transform interventional radiology practices.
Market Trends
Minimally invasive procedures - Interventional radiology enables diagnosis and treatment using minimally invasive procedures like angiography which require only small incisions. This reduces risks, recovery times, and complications associated with open surgeries.
Ambulatory care centers - The increasing prevalence of chronic diseases is augmenting the need for effective outpatient treatment options. This is boosting the establishment of ambulatory care centers equipped with interventional radiology departments for catering to such outpatient needs.
Market Opportunities
Emerging markets - Emerging countries are witnessing high disease prevalence coupled with growing healthcare investment and expanding medical tourism. This provides significant opportunities for players in these regions to tap the large patient population through cost-effective interventional radiology offerings.
Hybrid operating rooms - Integration of imaging technologies with operating rooms allows real-time image guidance during complex surgeries. Investments in hybrid operating rooms present lucrative opportunities to provide advanced interventional radiology treatments.
Impact of COVID-19 on Interventional Radiology Market
The COVID-19 pandemic has significantly impacted the growth of Interventional Radiology market. During the initial phases of the pandemic in 2020, most healthcare resources and facilities were diverted towards treating COVID-19 patients which led to cancellation or postponing of several non-emergency medical procedures. This adversely affected the demand for interventional radiology procedures and products. However, with time as the healthcare systems adapted to the pandemic, focus shifted towards resuming elective surgeries and procedures with proper safety protocols. This provided some recovery for the interventional radiology market in late 2020 and 2021. But several supply chain disruptions and lockdowns continued to pose challenges.
The post-COVID scenario for interventional radiology market offers opportunities for growth. With backlog of postponed cases and preference for minimally invasive treatments, the demand for interventional radiology is expected to rise steadily. At the same time, healthcare infrastructure strengthening in view of pandemic preparedness will drive investments in advanced medical imaging technologies. Research is also ongoing for developing new image-guided targeted therapies against various diseases. This would expand the scope and applications of interventional radiology in the coming years. However, affordability issues due to economic impacts of pandemic may restrain the market to some extent in the short term.
North America region accounts for the largest value share in interventional radiology market owing to advanced healthcare infrastructure and high adoption of new technologies. The availability of skilled radiologists, favorable reimbursement policies and growing prevalence of target diseases also support market growth. Europe follows North America in terms of market value on account of increasing government focus on quality healthcare systems. On the other hand, Asia Pacific region is anticipated to exhibit the fastest growth during forecast period due to rising medical tourism, improving access to healthcare and expanding private healthcare sectors across countries like India and China.
The above content discussed the impact of COVID-19 on interventional radiology market growth and future opportunities as well as the key geographical regions in terms of current market size and future growth prospects without providing any figures or conclusion.
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