Interventional Radiology Market Size & Growth Analysis to 2030

The global interventional radiology market size is projected to grow at a significant CAGR of over 6% during the forecast period from 2024 to 2030. Technological strides, marked by innovations in high-resolution imaging and 3D capabilities, are enhancing diagnostic precision and therapeutic efficacy. The escalating prevalence of chronic diseases, particularly among the aging global population, underscores the indispensability of interventional radiology procedures. A pivotal driver lies in the shift towards minimally invasive techniques, aligning with the preferences for reduced patient trauma, shorter hospital stays, and quicker recovery. The dissemination of awareness, both among healthcare professionals and patients, regarding the advantages of interventional radiology further fuels its adoption. The expanding array of indications, government initiatives supporting healthcare infrastructure, and the rise of outpatient settings contribute to the market’s sustained growth. Collaborations and partnerships within the healthcare ecosystem and the globalization of healthcare services also play integral roles, collectively shaping the dynamic landscape of the market.

Market Snapshot:

To know more about the research study, request sample papers

Market Drivers:

• Technological Advancements: Ongoing innovations in imaging technologies, such as the development of high-resolution imaging and the integration of 3D capabilities, play a pivotal role in enhancing the precision and efficacy of interventional radiology procedures. These advancements not only improve diagnostic accuracy but also contribute to the refinement of therapeutic interventions.
• Increasing Prevalence of Chronic Diseases: The escalating incidence of chronic diseases, encompassing cardiovascular conditions, cancer, and neurological disorders, is a key driver for the interventional radiology market. As these health challenges become more prevalent globally, the demand for advanced diagnostic and treatment solutions provided by interventional radiology continues to rise. As per the report published by CDC in May 2023, approximately sixty percent of Americans grapple with at least one chronic ailment, such as heart disease, stroke, cancer, or diabetes. These persistent health conditions not only stand as primary contributors to mortality and disability rates in the United States but also serve as prominent catalysts for escalating healthcare expenditures.
• Aging Population: With a demographic shift toward an aging population worldwide, there is a heightened prevalence of age-related conditions. The elderly often face cardiovascular issues, cancer, and other ailments that necessitate the sophisticated interventions offered by interventional radiology procedures. This demographic trend contributes significantly to the sustained growth of the market. As per the report published by WHO in Oct 2022, by 2030, one-sixth of the global population will be 60 years or older, increasing from 1 billion in 2020 to 1.4 billion. The population of individuals aged 60 and older is projected to double to 2.1 billion by 2050.
• Minimally Invasive Procedures: The trend toward minimally invasive procedures is a transformative force in healthcare. Patients and healthcare providers increasingly favor interventions that reduce trauma, shorten hospital stays, and expedite recovery times. Interventional radiology, with its focus on minimally invasive techniques, aligns with this preference, fostering its adoption in various medical specialties.
• Increased Awareness and Education: Growing awareness among both healthcare professionals and patients regarding the benefits of interventional radiology, including enhanced accuracy, safety, and effectiveness, is a driving force. Education and information dissemination contribute to the acceptance and integration of interventional radiology techniques into mainstream medical practice.
• Expansion of Indications: The continual expansion of indications for interventional radiology procedures broadens its application spectrum. Beyond traditional areas like cardiovascular interventions, interventional radiology is increasingly utilized for treating liver diseases, kidney disorders, peripheral vascular diseases, and more. This diversification contributes to the sustained growth of the market.
• Government Initiatives and Funding: Government initiatives aimed at enhancing healthcare infrastructure and providing funding for the adoption of advanced medical technologies can significantly impact the interventional radiology market. Financial support and policy measures can expedite the integration of these technologies into healthcare systems, especially in emerging markets.
• Rise in Outpatient Procedures: The global shift toward outpatient settings and ambulatory surgical centers is noteworthy. Interventional radiology procedures, being well-suited for same-day surgeries due to their minimally invasive nature, align with this trend. This shift in healthcare delivery models positively influences the demand for interventional radiology services.

Market Insights:

The global interventional radiology market is bifurcated into product type, procedure, application, and geography. On the basis of product type, the market is further segmented into MRI system, ultrasound imaging system, CT scanner, angiography system, fluoroscopy system, biopsy system, and others. The Magnetic Resonance Imaging (MRI) segment in the interventional radiology market is exhibiting a notable surge, registering the fastest Compound Annual Growth Rate (CAGR). This robust growth can be attributed to several key factors propelling the adoption of MRI technology in the field. Advancements in MRI technology, such as enhanced imaging resolution and faster scan times, contribute to its increasing appeal.

The segment’s growth is further fueled by expanding clinical applications, including its role in guiding minimally invasive procedures, which aligns with the industry’s trend toward less invasive interventions. The absence of ionizing radiation in MRI procedures is a notable advantage, appealing to both healthcare providers and patients. Additionally, the growing demand for accurate diagnostic imaging, coupled with therapeutic applications like focused ultrasound surgeries, underscores the multifaceted utility of MRI in interventional radiology. As companies within the MRI segment actively innovate and compete, this dynamic landscape positions MRI as a pivotal and rapidly evolving component within the interventional radiology market.

As of March, 2023, MRI has witnessed a groundbreaking evolution with the introduction of Metabolic Activity Diffusion Imaging (MADI). This innovative technique, unveiled by Oregon Health & Science University, provides unprecedented insights into cellular energy production in organs, particularly the brain. With immense potential for early disease detection and monitoring, especially in cancer and neurodegenerative disorders, MADI represents a recent and significant advancement in medical imaging capabilities.

MRI System: Magnetic Resonance Imaging (MRI) Systems utilize powerful magnets and radio waves to create detailed images of internal structures in the body. These systems are particularly valuable in interventional radiology for their ability to provide high-resolution images without the use of ionizing radiation, making them suitable for various diagnostic and therapeutic applications.

Ultrasound Imaging System: Ultrasound Imaging Systems employ sound waves to generate real-time images of internal organs and tissues. Widely used in interventional radiology, these systems offer advantages such as portability, non-invasiveness, and real-time imaging capabilities. They are commonly employed for guidance during procedures like biopsies and fluid drainage.

CT Scanner: Computed Tomography (CT) Scanners use X-rays to produce cross-sectional images of the body. In interventional radiology, CT scans provide detailed anatomical information, aiding in precise diagnosis and procedural planning. CT-guided interventions are common for procedures like biopsies and ablations.

Angiography System: Angiography Systems are designed specifically for imaging blood vessels and the circulatory system. These systems are crucial for interventional radiology procedures involving the vascular system, such as angioplasty, stent placement, and embolization.

Fluoroscopy System: Fluoroscopy Systems provide real-time X-ray images, enabling continuous visualization of moving structures within the body. In interventional radiology, fluoroscopy is valuable for guiding catheter-based procedures, such as cardiac interventions and joint injections.

Biopsy System: Biopsy Systems are essential tools for extracting tissue samples for diagnostic purposes. In interventional radiology, these systems are employed to obtain samples from abnormal masses or lesions, aiding in the accurate diagnosis of conditions like cancer.

Others: The “Others” category encompasses various innovative technologies and tools used in interventional radiology that may not fall under specific product types mentioned above. This can include emerging technologies, robotic-assisted systems, and advancements that contribute to the evolving landscape of interventional radiology.

The interventional radiology market research report presents the analysis of each segment from 2020 to 2030 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2030.

Historical & Forecast Period

• 2020-21 – Historical Year
• 2022 – Base Year
• 2023-2030 – Forecast Period

Market Segmentation:

By Product Type:

• MRI System
• Ultrasound Imaging System
• CT Scanner
• Angiography System
• Fluoroscopy System
• Biopsy System
• Others

By Procedure:

• Angiography
• Angioplasty
• Embolization
• Biopsy
• Vertebroplasty
• Thrombolysis
• Nephrostomy Placement
• Others

By Application:

• Oncology
• Cardiology
• Urology & Nephrology
• Gastroenterology
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

Geographically, North America currently stands as a dominant force in the interventional radiology market due to a combination of advanced healthcare infrastructure, continuous technological innovation, and a high prevalence of chronic diseases. The region boasts state-of-the-art medical facilities, research institutions, and a comprehensive network of healthcare providers, enabling the swift adoption of cutting-edge interventional radiology technologies.

Moreover, North America’s economic prosperity facilitates significant healthcare spending, further driving the uptake of advanced medical procedures, particularly in the field of interventional radiology. The region’s regulatory environment, characterized by clear guidelines for medical technologies, creates a conducive atmosphere for the development and widespread utilization of interventional radiology procedures.

The prevalence of chronic diseases, such as cardiovascular conditions and cancer, adds to the demand for interventional radiology in North America, positioning the region at the forefront of diagnostic and therapeutic advancements. Skilled healthcare professionals and a robust healthcare ecosystem contribute to the region’s leadership in the interventional radiology domain.

Competitive Assessment:

Some of the prominent market players operating in the global interventional radiology market are GE Healthcare, Siemens Healthcare GmBH, Koninklijke Philips N.V., Toshiba Medical Systems Corporation, and Hitachi Medical Corporation. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• GE Healthcare
• Siemens Healthcare GmBH
• Koninklijke Philips N.V.
• Toshiba Medical Systems Corporation
• Hitachi Medical Corporation
• Carestream Health, Inc.
• Esaote S.p.A
• Hologic, Inc.
• Fujifilm Corporation
• Samsung Medison

Key Questions Answered by Interventional Radiology Market Report

• Global interventional radiology market forecasts from 2023-2030
• Regional market forecasts from 2023-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2023-2030 covering 15 major countries from the regions as mentioned above
• Interventional radiology submarket forecasts from 2023-2030 covering the market by product type, procedure, application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level interventional radiology markets from 2023-2030
• Competitive Landscape and market positioning of top 10 players operating in the market