Interventional Radiology Market Size, Share & Trends Analysis Report By Product (X-Ray, Ultrasound, Magnetic Resonance Imaging (MRI), Computed Tomography), By Application (Biopsy, Angioplasty, Angiography, Embolization, Radiofrequency Ablation, Vertebroplasty-kyphoplasty, Others), By End-User (Ambulatory Surgical Centers, Hospitals, Catheterization labs, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Interventional Radiology Market Size & Trends

The global interventional radiology market size was valued at USD 24.20 billion in 2023 and is projected to reach from USD 25.82 billion to USD 43.37 billion by 2032, registering a CAGR of 6.70% during the forecast period (2024-2032).

The increase in interventional radiology market share during the forecast period is related to the rise in the global incidence of chronic illness and technological advancements in imaging technology.

Interventional radiology is a minimally invasive imaging-guided technique where ultrasound, X-ray fluoroscopy, magnetic resonance imaging, and computed tomography are used to guide medical therapies to the body's internal structures through small incisions. It is gaining massive popularity among patients due to short hospital stays, rapid recovery time with minimum complications, and cost-effectiveness. The field of interventional radiology is expected to gain momentum in the years to come on account of rapid advancements in technology for detecting and treating several diseases. 

Furthermore, other factors driving the market include the increasing prevalence of cancer, technological advancements, growing demand for minimally invasive procedures, and rising expenditure power. As per the National Trauma Institute, in the U.S., about 30% of people die due to trauma.  Similarly, as per the WHO, cancer is the second leading cause of death across the globe. However, the low adoption of digital technology, expensive equipment, and increased exposure to radiation are some factors impeding market growth. Apart from this, the growing prevalence of chronic diseases and the development of novel techniques, such as the Fractional Flow Reserve (FFR) and Optical Coherence Tomography (OCT), are driving the interventional radiology market growth.

Highlights

• X-Ray dominates the global market by product.
• Embolization leads the market by application.
• Hospitals hold a significant share of the market by end-users.

Interventional Radiology Market Growth Factors

Global Incidence of Chronic Illness

The increasing incidence of chronic illnesses globally is a substantial factor propelling the world market for interventional radiology. The rise in the prevalence of chronic ailments, including cancer, heart disease, and asthma, has generated an expanding need for minimally invasive procedures, which interventional radiology techniques successfully address. Constantly ailing patients necessitate continuous medical attention; interventional radiology procedures present minimally invasive substitutes for conventional operations, thereby reducing surgical complications, distress, and recovery duration.

Furthermore. the increasing prevalence of cancer survivorship and the imperative for accurate cancer detection and therapy underscore the criticality of interventional radiology in the management of chronic illnesses. The development above highlights the pivotal significance of interventional radiology in attending to the medical requirements of patients afflicted with chronic ailments, thus propelling the expansion of the market. 

For instance, Chronic illnesses such as Cardiovascular diseases account for most non-communicable diseases (NCDs), which are approximately 17.9 million people annually, and second place is held by cancers, which is 9.3 million.

Technology Advancements in Imaging Technology

Imaging technology advancements significantly contribute to expanding the global interventional radiology market. The development of portable and ubiquitous scanners, Augmented and Virtual Reality in conjunction with 3D imaging, and novel approaches to nuclear imaging are examples of these developments. By integrating these technologies, image quality, diagnostic precision, and efficiency are improved, providing more individualized and exact patient care. 

In addition, integrating AI and VR into imaging technology reduces the probability of unforeseen complications by facilitating more precise diagnosis and surgical planning. Additionally, the expansion of the Interventional Radiology industry is aided by the development of real-time image-guided procedures and multimodal imaging, which enable more precise and effective treatment options. The advancement of accessible and economical imaging solutions is additionally propelled by the incorporation of parsimonious innovation in imaging technology, which facilitates the expansion of diagnostic capabilities to regions that are currently underserved and contributes to the expansion of the Interventional Radiology market.

Interventional Radiology Market Restraining Factors

High Costs and Inaccessibility of Advanced Therapeutics 

Prolonged expenses and limited availability of sophisticated therapeutics are substantial impediments to expanding the worldwide interventional radiology market. The market expansion may be impeded by the exorbitant expenses associated with digital emergency radiology devices, such as CT scanners, x-ray technology, and MRI scanners, as emphasized in multiple sources. Furthermore, the market growth may be somewhat constrained by the high expenses linked to advanced therapeutics and the accessibility of efficacious conventional first-line treatments. Adopting costly treatment procedures is hindered in certain countries due to the absence of centralized insurance systems and the increased out-of-pocket expenses. This presents a significant obstacle to the availability of advanced therapeutics in the Interventional Radiology market. The limitations above emphasize the necessity for strategic resolutions that tackle financial challenges and enhance the availability of cutting-edge therapies in interventional radiology.

Exactitude Consultancy has identified the exorbitant expense of interventional radiology products, such as drug-eluting stents, as a substantial impediment in developing and underdeveloped countries, including Nepal, Afghanistan, India, and South Africa. In these regions, the need for a well-defined health insurance system and the exorbitant price of these products may impede the adoption of advanced therapeutics. This difficulty is compounded by the escalating prevalence of chronic illnesses, which amplifies the need for innovative diagnostic and therapeutic approaches. Due to their high initial cost, interventional radiology products, such as imaging devices like CT scanners, MRI, angiography, and ultrasound imaging systems, may also hinder market development.

For instance, ATMPs are often single-shot, costly therapies. In this gene therapy, Zynteglo has a price of USD 1.71 million.

Interventional Radiology Market Opportunities

Integration of Artificial Intelligence (AI) in Interventional Radiology Products 

Incorporating artificial intelligence (AI) into interventional radiology products provides the global interventional radiology market with a substantial opportunity. By augmenting diagnostic capabilities, optimizing procedural planning and performance, minimizing adverse events, reducing radiation exposure, and decreasing hospital costs, AI can fundamentally transform healthcare systems and clinical practice. Implementing AI in interventional radiology may result in more individualized treatments, enhanced patient outcomes, and increased healthcare delivery efficiency. By analyzing and extracting features from large datasets, AI technologies such as machine learning and deep learning enable the extraction of meaningful patterns from imaging data that may be invisible to humans.

In addition, AI can provide navigation and clinical and imaging decision support tools that aid interventional radiologists in surmounting obstacles associated with patient selection and treatment results, as well as treatment planning and patient selection, predictive modeling, and navigation. By leveraging augmented reality and virtual reality technologies, integrating AI into interventional radiology products can optimize patient scheduling, support streamlined workflow solutions, enhance clinical decision-making, and improve the accuracy of minimally invasive treatments. 

Increasing Demand for Minimally Invasive Procedures in Emerging Economies

Emerging economies' rising demand for minimally invasive procedures provides the global interventional radiology market with a substantial opportunity. The search results emphasize this trend, suggesting that interventional radiology market participants can capitalize on significant growth opportunities in emerging economies such as China, India, and Brazil. Several factors drive the demand for minimally invasive procedures, including the increasing prevalence of chronic diseases, the aging population, and technological advances in medical and healthcare technologies.

Furthermore, the increased accessibility of affordable technology and economical treatment options in these developing nations has resulted in a greater dependence of patients on interventional radiology, thereby driving up the need for minimally invasive procedures. Predictions indicate that patients who receive appropriate therapy will have a reduced incidence of complications and co-morbidities, increasing the demand for minimally invasive techniques in interventional radiology.

The growing need for minimally invasive procedures in emerging economies demonstrates a trend toward safer and more effective treatment alternatives. It represents a substantial opportunity for growth for interventional radiology market participants. This phenomenon is consistent with the market's emphasis on geographical expansion and addressing the changing healthcare requirements of various demographic groups.

Interventional Radiology Market Regional Analysis

The global interventional radiology market share is bifurcated into North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America.

North America Dominates the Global Market

North America holds the largest market share in terms of volume in the global interventional radiology market. The region's dominance is driven by a combination of factors, including the increasing demand for minimally invasive procedures, the rising prevalence of chronic diseases, and the availability of advanced healthcare infrastructure and technology. According to the American Cancer Society, an estimated 1.9 million new cancer cases are expected to be diagnosed in the U.S. in 2024, fueling the demand for interventional radiology procedures such as biopsies and embolizations. The region is home to several key players in the interventional radiology market, including Hologic, Inc., Siemens Healthineers AG, and Shimadzu Corporation, which continue to innovate and expand their product offerings. Hologic, Inc. announced the launch of its new minimally invasive biopsy device, the Brevera® Breast Biopsy System, which integrates real-time imaging and tissue acquisition, improving accuracy and patient outcomes.

 Europe is the most rapidly growing market

Europe is a significant global interventional radiology market region, characterized by a substantial annual patient volume undergoing interventional procedures. The region's growth is supported by the increasing demand for minimally invasive procedures, the rising prevalence of chronic diseases such as cancer and cardiovascular diseases, and a well-established healthcare infrastructure. The European market also benefits from governmental initiatives to reduce healthcare costs by promoting minimally invasive procedures. The World Health Organization reported that cardiovascular diseases remain the leading cause of death in Europe, accounting for over 45% of all deaths, further driving the demand for interventional radiology.

For example, Carestream Health launched its OnSight 3D Extremity System in Europe, providing high-quality 3D images at the point of care and benefiting interventional radiologists in diagnosing and treating musculoskeletal conditions.

The Asia-Pacific region is the fastest-growing market for interventional radiology, driven by the rising demand for minimally invasive procedures, the increasing prevalence of chronic diseases, and the expanding use of image-based therapeutic interventions. Emerging economies like China, India, and South Korea contribute to this growth, offering substantial development opportunities for market participants. The region's healthcare infrastructure is rapidly advancing, with significant investments in modern medical technologies. According to a report by the Asian Development Bank, healthcare spending in Asia is projected to grow by 7% annually, reaching USD 2.3 trillion by 2025, which will likely boost the adoption of interventional radiology procedures. In accordance with this, Siemens Healthineers AG announced the launch of its new MAGNETOM Free. Star MRI system in India aims to make MRI more accessible and affordable while providing high-quality imaging for interventional procedures.

Interventional Radiology Market Segmental Analysis

The global interventional radiology market is segmented based on product, application, and end-user.

By Product

The market is further segmented by product into X-ray, Ultrasound, Magnetic Resonance Imaging (MRI), and Computed Tomography.

The X-ray segment dominates the market, holding approximately 55% of the market share. X-rays are extensively used in healthcare facilities, hospitals, and clinics for diagnosing a wide range of conditions, including cancer, tumors, fractures, and lung diseases. The segment is witnessing steady growth due to the increasing prevalence of chronic diseases, rising demand for early and accurate diagnosis, and the adoption of digital X-ray systems. For instance, digital radiography and fluoroscopy within X-ray are gaining traction due to their ability to provide real-time imaging, which is crucial in interventional procedures like angioplasty and catheter placements.

The ultrasound segment is experiencing rapid growth, driven by its non-invasive nature and real-time imaging capabilities. This segment significantly guides minimally invasive procedures like biopsies and catheter placements. The advancements in portable ultrasound devices and the growing use of 3D/4D ultrasound imaging are expected to boost this segment further. For example, Doppler ultrasound is increasingly used to evaluate blood flow, making it essential in vascular interventions.

By Application

The market is further segmented by application into biopsy, angioplasty, angiography, embolization, radiofrequency ablation, vertebroplasty-kyphoplasty, and others.

Biopsy is a crucial segment in interventional radiology, with significant demand due to the rising incidence of cancer globally. Interventional radiology-guided biopsies, mainly using ultrasound or CT imaging, allow for precise tissue sampling with minimal invasiveness. The subsegments of needle biopsy and vacuum-assisted biopsy are particularly noteworthy, with the latter gaining popularity for its accuracy in detecting breast cancer at an early stage.

The embolization segment holds one of the highest shares in the market due to its effectiveness in treating conditions such as aneurysms, uterine fibroids, and traumatic injuries. The procedure involves blocking abnormal blood flow to treat or prevent disease progression. Subsegments like transarterial chemoembolization (TACE) and uterine artery embolization (UAE) are witnessing increased adoption due to their minimally invasive nature and effectiveness in treating cancerous tumors and uterine fibroids, respectively.

By End-Users

The market is further segmented by end-users into ambulatory surgical centers, hospitals, catheterization labs, and others.

The hospital segment is expected to grow significantly during the forecast period, driven by the easy availability of advanced imaging technologies and the presence of skilled healthcare professionals. Hospitals often serve as primary centers for complex interventional radiology procedures. Academic medical centers within hospitals are significant, as these institutions usually lead to the adoption of cutting-edge interventional radiology techniques and technologies.

Catheterization labs, or cath labs, are specialized hospital facilities that focus on minimally invasive procedures, particularly related to the cardiovascular system. This segment is gaining momentum due to the rising demand for faster recovery times, shorter hospital stays, and the increasing prevalence of cardiovascular diseases. Hybrid cath labs, which combine traditional catheterization procedures with surgical interventions, are seeing increased adoption, allowing for more comprehensive treatment options in a single setting.

Impact of covid-19

Manufacturing activities were impeded by the COVID-19 outbreak, which hampered the growth of the global market. The COVID-19 outbreak prompted tight lockdown restrictions, leading manufacturing and sales operations to be disrupted. The global coronavirus outbreak has significantly influenced manufacturing industries, particularly machine vision market growth. Concerns about the environment and regulations compel firms to think creatively to increase sales and revenue.

This industry has already shown signs of decline in the fourth quarter of 2019 and the first quarter of 2020. Furthermore, the companies anticipate a significantly more significant impact from the pandemic in the third and fourth quarters of 2020 and the first quarter of 2021. According to the producer and distributor, customers do not expect the products due to stock and distribution network concerns. Nevertheless, most businesses expect income to remain below before levels by the end of 2021 and even one year after the crisis's peak.

Market Recovery Timeline and its Challenges

The post-pandemic period will be crucial for the global market. The market's growth is likely to be hampered due to a lack of skilled professionals working with advanced technologies. On the other hand, factors like the growing demand for quality and automation inspection will likely continue to drive the market growth over the forecast period.

Recent Developments

• June 2024- Fujifilm Holdings Corporation expanded its presence in Europe by establishing a new R&D center in Germany focused on developing advanced imaging technologies for interventional radiology, aiming to enhance the precision and safety of these procedures.
• April 2024 - Shimadzu Corporation introduced its Trinias angiography system in South Korea, designed to enhance the precision of interventional radiology procedures, particularly in vascular and neurointerventions. The system offers improved image quality and reduced radiation exposure, addressing key concerns in the region.