According to the latest report by IMARC Group, titled “Global Interventional Radiology Market Share, Size, Industry Trends, Growth, Opportunity and Forecast 2022-2027“, the global interventional radiology market reached a value of US$ 23.22 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 34.53 Billion by 2027, exhibiting a CAGR of 6.60% during 2022-2027.
Interventional radiology (IR) refers to various techniques that rely on radiological image guidance, such as ultrasound, magnetic resonance imaging (MRI), X-ray fluoroscopy, and computed tomography (CT), to diagnose diseases. It assists in making small incisions in the abdomen using catheters and needles. Interventional radiology is mainly utilized to treat weak arteries, dissolve blood clots, repair blood vessels, block blood flow to cancer cells, reduce nerve pain, etc. This technique is less painful, expensive, and risky than traditional surgeries. As a result, interventional radiology finds widespread applications in cardiology, urology, oncology, nephrology, and gastroenterology.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Interventional Radiology Market Trends and Drivers:
The escalating prevalence of chronic diseases, on account of the sedentary lifestyles of individuals and the increasing consumption of fast foods, is among the primary factors driving the interventional radiology market. Besides this, the growing popularity of minimally invasive (MI) procedures, as they are cost-effective and require shorter hospital stays, is further augmenting the market growth.
Apart from this, the rising advancements in imaging technologies that provide real-time images to radiologists to show a comprehensive view of internal organs are also catalyzing the global market. Moreover, the development of augmented reality (AR) techniques, which offer the ability to move devices and scopes inside the body and interact with the surroundings, is acting as another significant growth-inducing factor.
Furthermore, the introduction of fractional flow reserve (FFR) and optical coherence tomography (OCT) for stenting patients with multi-vessel coronary artery disease (CAD) is expected to bolster the interventional radiology market in the coming years.
|Interventional Radiology Market Report Scope|
|Market size value in 2021||US$ 23.22 Billion|
|Market forecast in 2027||US$ 34.53 Billion|
|Growth Rate||CAGR of 6.60% from 2022 to 2027|
|Base year for estimation||2021|
Global Interventional Radiology Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Boston Scientific Corporation, Cook Group Incorporated, Esaote SpA, Fujifilm Holdings Corporation, General Electric Company, Hologic Inc, Koninklijke Philips N.V., Medtronic plc, Nipro Corporation, Shimadzu Corporation, Siemens Aktiengesellschaft and Teleflex Incorporated.
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The report has segmented the market on the basis of region, product, procedures, application and end use.
Breakup by Product:
- Magnetic Resonance Imaging (MRI)
- Ultrasound Imaging Systems
- Computed Tomography (CT) Scanners
- Angiography Systems
- Fluoroscopy Systems
- Biopsy Devices
Breakup by Procedures:
- Nephrostomy Placement
Market Breakup by Application:
- Urology and Nephrology
Breakup by End Use:
- Ambulatory Surgical Centers
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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