The Interventional Radiology Market is experiencing a surge, driven by the increasing preference for minimally invasive procedures and continuous advancements in medical technology. According to a recent analysis by Future Market Insights (FMI), a leading market research firm, the market is poised for significant growth. Valued at US$24.9 billion in 2021, it’s expected to climb steadily at a Compound Annual Growth Rate (CAGR) of 5%. This positive trajectory is projected to propel the market to reach an impressive US$42.7 billion by 2032.
The escalating demand for advanced treatment methods, utilizing cutting-edge scanners and X-ray vision technology, is a response to the rising prevalence of numerous chronic diseases worldwide. The interventional radiology glasses and equipment market has experienced substantial growth in recent years, driven by their capability to not only facilitate efficient disease treatment but also enhance opportunities for early diagnosis
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The necessary impetus for the rapid growth of interventional radiology, which is visible in emerging nations as well, has been provided by the introduction of interventional radiology in all levels of healthcare facilities. As the non-emergency medical services were abruptly halted during the outbreak of Covid-19 in Mandeville in 2020 it had some negative impacts on the growing demand for interventional radiology device installations.
However, with the later discovery of the seriousness associated with co-morbid diseases the Global Interventional Radiology Industry surged with the rising introduction of interventional radiology in new healthcare and medical facilities. In the post-pandemic years, the application of radiology equipment has grown favouring the interventional radiology service providers. Several devices equipped with modern technologies such as X-ray systems, MRI Scanners, CT Scanners and other types of medical imaging equipment have dominated the healthcare sector in recent days.
Interventional Radiology Market Key Takeaways
- By 20221, the Cardiology Segment was valued at US$ 7.7 Bn in terms of revenue contributed to the global interventional radiology market.
- The Gastroenterology segment is poised to record a higher growth projection during the forecast years reaching a value of more than US $ 2 Bn by 2028.
- Among several procedures, the angioplasty segment will be expected to grow at a CAGR of 5.8% during the forecast period.
- The US market dominates the interventional radiology for medical students having a net worth of more than US$ 8 Bn.
- In Europe, Germany is the prominent region for the interventional radiology market players valued at US$ 1.5 Bn in terms of revenue generated.
Interventional Radiology Market Competitive Landscape
Carestream Health Inc., Hologic Inc., GE Healthcare, Fujifilm Corporation, Samsung Healthcare (Samsung Electronics Co., Ltd.), Shimadzu Corporation, Siemens Healthineers, Canon Medical Systems Corporation, and Olympus Corporation are some of the prominent players in the global interventional radiology market covered by the market analysis report.
A large number of local players have occupied the market by supplying equipment related to interventional radiology for medical student’s requirements.
- In the field of ultrasound, digital radiography and computed tomography Samsung Healthcare, a subsidiary of Samsung Electronics Co., Ltd, launched a premium product for diagnostic imaging solutions in December 2020. This initiative for ultrasound-guided interventional procedures carried out at the Radiology Society of North America (RSNA) 2020 assisted the company in expanding its product portfolio in North America and beyond.
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- Canon Medical launched an upgraded product under the Aquilion ONE/PRISM Edition by the name of One-Beat Spectral Cardiac CT in November 2020. THE Aquillion Edition assisted with deep learning spectral capabilities is a major development in the field of cardiac exams and after interventional radiology glasses.
- GE Healthcare division of General Electrical Company launched an advanced ultrasound system by the name of LOGIQ E10 in March 2018. This system has been equipped with comprehensive tools that can provide treatment for a wide range of diseases and remote control applications to improve efficiency.
Interventional Radiology Market Key Segments
By Product:
- MRI Systems
- CT Scanners
- Ultrasound Imaging Systems
- Angiography Systems
- Others
By Procedure:
- Angioplasty
- Biopsy
- Embolization
- Peripheral Embolization
- Prostatic Artery Embolization
- Genicular Artery Embolization
- Fibroid
- Others
- Thrombolysis
- Vertebroplasty
- Nephrostomy
- Interventional Oncology
- MSK Intervention
- Others
By End User:
- Hospitals
- Clinics
- Ambulatory Surgical Centres
- Others
By Application:
- Cardiology
- Oncology
- Urology
- Gastroenterology
- Obstetrics
- Gynaecology
- Others
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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