The demand for minimally invasive procedures is driving a surge in the Nonvascular Interventional Radiology Device Market. A recent analysis projects the market to reach a substantial USD 44.6 billion by 2034, expanding at a steady Compound Annual Growth Rate (CAGR) of 4.9% from its 2024 valuation of USD 27.6 billion. This growth underscores the increasing reliance on advanced medical technologies for minimally invasive treatments.
The rising geriatric population is the fundamental factor that drives the sector. As the segment requires constant medical support and assistance, the demand for several diagnostics techniques is likely to increase in the future. This might be a key driver for the ecosystem, augmenting the size of the market.
The integration of technology like AI can augment the design and specifications of nonvascular interventional radiology devices. Accuracy and precision of test results can improve, which can leverage better diagnostics services. The reliance of healthcare professionals on the use of such modern technology is likely to elevate through the forecast period. The technological integration can lead to innovation, augmenting the size of the global nonvascular interventional radiology device market.
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The growing trend of telehealth practices is expected to drive the ecosystem. Owing to the growing importance of remote patient assistance, the demand for telemedicine practices has increased. This can shape the size of the ecosystem. Novel devices are gaining momentum in the ecosystem, which is expected to create several prospects for key players in the sector. Such opportunities can also diversify the functioning of leading brands.
Key Takeaways from the Nonvascular Interventional Radiology Device Market Study:
- The projected rate of the development of the nonvascular interventional radiology device market size in the United States is set to occur at a CAGR of % through 2034.
- Compared to historical values, the progress of the ecosystem is likely to create better prospects for key players during the forecast period. Owing to CAGR of 3.6% and 4.9% for the respective eras, the competitive space is set to advance.
- The estimated advancement of the industry in India is likely to adhere to the highest CAGR of 5.5% through the forecast period, creating several key opportunities for leading manufacturers in the country.
- The Tier 1 category of the ecosystem possesses the highest industry share in 2024, followed by the Tier 2 category. Space occupied by two categories is 64.7% and 25.7% respectively in 2024.
“Owing to the high costs of nonvascular interventional radiology devices, the demand for such devices might reduce due to confined reach in the ecosystem. This is a key barrier to the growth of the sector,” Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Nonvascular Interventional Radiology Device Market Competition Outlook
Owing to the growing technological infrastructure, key organizations in the Tier 1 category have been able to create a strong presence in the global landscape. Expansion of such organizations can be simplified due to such acquisitions as key players can mitigate changing consumer and industry trends more easily.
Apart from technological acquisitions, leading manufacturers in the landscape expand using different strategies, including partnerships, mergers, acquisitions, and strategic collaborations.
New entrants, on the other hand, might face barriers while entering the sector. To mitigate the threat of key players in the sector, new entrants are required to adhere to strategies like strategic alliances, innovation, and differentiation. Tier 1 and Tier 2 categories govern the progress of the worldwide nonvascular interventional radiology device market size: –
- In January 2024, Carestream Health Inc. introduced a new DRX Excel Plus X-ray system. The system aims to elevate the productivity and deliver a better consumer experience.
- In February 2024, Hologic Inc. announced the launch of the digital cytology system called Genius Digital Diagnostics System. This product launch helped the organization bolster its market position.
More Valuable Insights Available
Future Market Insights offers an unbiased global nonvascular interventional radiology device market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The market is segmented by Type (Puncture and Drainage Methods and Needle Biopsy), Application (Benign Tumors, Uterine Fibroids, and Live and pancreatic Conditions), and Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and The Middle East and Africa).
Leading Nonvascular Interventional Radiology Device Brands
- Carestream Health Inc.
- Hologic Inc.
- GE Healthcare
- Fujifilm Corporation
- Samsung Healthcare (Samsung Electronics Co. Ltd.)
- Shimadzu Corporation
- Siemens Healthineers
- Canon Medical Systems Corporation
- Olympus Corporation
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Nonvascular Interventional Radiology Device Market – Key Segments
By Type:
The ecosystem can be classified based on the device type into Puncture and Drainage Methods and Needle Biopsy.
By Application:
Based on the application, the sector can be segmented into Benign Tumours, Uterine Fibroids, and Live and pancreatic Conditions.
By Region:
North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and The Middle East and Africa are the key contributing regions to the industry.
Author by
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.
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