May 18, 2024
Interventional Radiology Market

The Growing Interventional Radiology Market Is Driven By Increasing Geriatric Population

Interventional radiology is a branch of radiology that uses minimally invasive procedures with the guidance of imaging equipment such as X-rays, CT scans, ultrasound, and MRI to diagnose and treat conditions in various parts of the body. These procedures utilize certain tools such as guidewires, catheters, and balloons through small incisions or body orifices to treat diseases without conventional surgery. With growing geriatric population around the globe being more prone to chronic diseases, the demand for advanced yet minimally invasive procedures is rising significantly. The increasing preference for interventional radiology over conventional surgeries due to its advantages of less recovery time, minimal scarring and blood loss, and lower risks of complications is propelling this market forward. 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 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends witnessed in the Global Interventional Radiology Market Size is the increased adoption of robot-assisted systems for conducting procedures. Robot-assisted systems provide a more intuitive platform for procedures with benefits like enhanced dexterity and precision compared to manual procedures. Major players are focused on developing innovative robotic systems integrated with advanced technologies like AI, haptics, and motion sensors to enable precise navigation and treatment delivery. For instance, in 2021, Corindus, an Siemens Healthineers Company, received FDA clearance for CorPath GRX, the first robotic-assisted vascular intervention system designed to navigate complex vascular anatomies and treat peripheral artery disease.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established industry players make it difficult for new players to enter the market. Bargaining power of buyers: Many suppliers and substitutes provide buyers with negotiating power over prices. Bargaining power of suppliers: Suppliers have moderate power due to differentiated products and services. Threat of new substitutes: Limited threat as there are few product substitutes that can provide similar clinical outcomes. Competitive rivalry: Intense competition exists among existing players to increase their market share.

Key Takeaways

The global Interventional Radiology market is expected to witness high growth.

Regional analysis: The Asia Pacific region is expected to witness the fastest growth in the Interventional Radiology market owing to increasing healthcare expenditure and rising geriatric population.

Key players operating in the Interventional Radiology market are Colt, Carestream Health, Fujifilm Medical Systems, Philips Healthcare, Siemens Healthcare, GE Healthcare, Hitachi Medical, Samsung Medison, Toshiba Medical Systems.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it