Interventional Radiology Market to Reach USD 42.7 Billion by 2033, Growing at a 5% CAGR

The global interventional radiology market is set for steady growth, with demand forecasted to reach USD 42.7 billion by 2033, expanding at a compound annual growth rate (CAGR) of 5%. This growth is being driven by the increasing preference for minimally-invasive procedures, which offer cost-effectiveness, reduced hospital stays, and quicker recovery times compared to traditional surgical methods.

Technological advancements in imaging technology, particularly in modalities such as MRI, are playing a pivotal role in driving the market forward. These innovations are improving the precision and effectiveness of interventional radiology procedures, making them more accessible and attractive to both patients and healthcare providers. As developing countries continue to embrace these technologies, interventional radiology is expected to see strong economic growth, especially in regions with rising healthcare infrastructure and a growing focus on minimally-invasive treatments.

Furthermore, the soaring adoption of MRI technology is anticipated to significantly impact market growth in the coming years, enhancing diagnostic capabilities and treatment outcomes. However, while opportunities abound, complex regulatory frameworks in emerging markets may present challenges, potentially limiting market expansion in these regions.

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Key Takeaways:

• The global interventional radiology market is projected to grow to USD 42.7 billion by 2033, at a CAGR of 5%.
• Cost-effectiveness and shorter hospital stays associated with minimally-invasive procedures are driving market demand.
• Technological advancements in imaging technologies, particularly MRI, are expected to accelerate market growth, especially in developing countries.
• Regulatory complexities in emerging markets could pose challenges to market expansion.

Global interventional radiology demand is forecast to reach USD 42.7 Billion and grow at 5% CAGR.

• The cost-effectiveness of minimally-invasive procedures and shorter hospital stays are driving a growing trend of minimally-invasive procedures
• Technological advancement in imaging technology promotes economic growth primarily in developing countries.
• Market growth is anticipated to be positively affected by the soaring adoption of MRI in the near future
• Regulations in emerging markets will be complex, putting a restraint on the market.

How Intense is the Competition in the Interventional Radiology Market?

Among the industry’s leading participants are Koninklijke Philips, GE Healthcare, Siemens Healthineers, Fujifilm Healthcare, Canon Medical Systems Corporation, and Toshiba Medical Systems. These industry leaders are deploying sophisticated technology to address a sizable portion of the consumer market’s unmet demands.

Recent Developments in the Interventional Radiology Market:

• Samsung Electronics Co. Ltd will debut premium diagnostic imaging solutions in ultrasound, digital radiography, and mobile computed tomography at the Radiological Society of North America’s (RSNA) 2020 meeting in December 2020. This strategic move aided the corporation in diversifying its product offering.
• GE Healthcare, a part of General Electric Company, announced the commercial debut of the LOGIQ E10 ultrasound system in March 2018. The system has complete capabilities for enhancing precise pictures used to treat a variety of disorders. The system has a remote control application, which aids in increasing efficiency and patient satisfaction. This product introduction enabled the business to reach a broader consumer base.

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
• Gynecology
• Others

By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa (MEA)