by The Interventional Radiology Market is estimated to be valued at US$ 22,849.9 Mn in 2021 and is expected to exhibit a CAGR of 6.5% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Interventional radiology is a field of medicine that uses minimally invasive image-guided procedures to diagnose and treat various diseases. It involves the use of imaging technologies such as X-rays, CT scans, MRIs, and ultrasound to guide the procedures. Interventional radiology techniques are used in the treatment of various conditions, including cardiovascular diseases, cancer, gastrointestinal disorders, and musculoskeletal diseases. The market is witnessing significant growth due to technological advancements in imaging technology, increasing incidences of chronic diseases, and the growing demand for minimally invasive procedures.
Market Dynamics: The market dynamics of the interventional radiology market can be attributed to two key drivers. Firstly, the rising prevalence of chronic diseases, such as cardiovascular diseases and cancer, is driving the demand for interventional radiology procedures. These procedures offer advantages such as reduced hospital stays, faster recovery, and minimal scarring, leading to increased patient preference. Secondly, technological advancements in imaging technology, such as 3D imaging and robotic-assisted procedures, are enhancing the accuracy and efficacy of interventional radiology procedures, further driving market growth. These advancements enable precise targeting of tumors and lesions, improving patient outcomes. The growing adoption of minimally invasive procedures and the increasing focus on early diagnosis and treatment are expected to fuel market growth in the coming years.
Segment Analysis:
Interventional radiology refers to the use of various imaging techniques to guide minimally invasive procedures. The interventional radiology market can be segmented based on the type of procedure, imaging technique, and application.
One of the dominating sub-segments in the interventional radiology market is the angiography segment. Angiography is a widely used imaging technique that involves the visualization of blood vessels using contrast agents. This segment dominates the market due to the increasing prevalence of cardiovascular diseases and the rising demand for diagnostic procedures. Angiography is used for the diagnosis and treatment of various conditions such as coronary artery disease, peripheral arterial disease, and cerebrovascular disease.
PEST Analysis:
Political: The political factors influencing the interventional radiology market include government regulations related to healthcare policies, reimbursement policies, and approvals for medical devices.
Economic: The economic factors impacting the market include healthcare expenditure, healthcare infrastructure, and disposable income of the population. The increasing healthcare spending and rising GDP in developing countries are expected to drive market growth.
Social: The social factors include the awareness and acceptance of minimally invasive procedures among patients, changing demographics, and preferences for non-surgical treatments. The demand for interventional radiology procedures is increasing due to their benefits such as shorter hospital stays, reduced pain, and quick recovery.
Technological: The technological factors influencing the market include advancements in imaging technologies, development of new devices, and integration of artificial intelligence in radiology. Technological advancements have improved the accuracy and efficiency of interventional radiology procedures.
Key Takeaways:
The global Interventional Radiology Market Growth is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period (2022-2028). The market is being driven by increasing prevalence of chronic diseases, advancements in imaging technologies, and growing demand for minimally invasive procedures.
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 adoption of advanced medical technologies, and increasing healthcare expenditure 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 technological advancements, strategic collaborations, and product launches to gain a competitive edge in the market.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
