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Interventional Radiology Market

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

Report Code: SRHI640DR
Study Period 2020-2032 CAGR 5.8%
Historical Period 2020-2022 Forecast Period 2024-2032
Base Year 2023 Base Year Market Size USD XX Billion
Forecast Year 2032 Forecast Year Market Size USD XX Billion
Largest Market Asia Pacific Fastest Growing Market Europe
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Market Overview

The global interventional radiology market is expected to grow at a CAGR of 5.8% during the forecast period, 2020–2029.

Interventional radiology is a minimally invasive imaging guided technique where ultrasound, X-ray fluoroscopy, magnetic resonance imaging, and computed tomography are used to guide the medical therapies to the internal structures of the body through small incisions. It is gaining huge popularity among the 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 the detection and treatment of several diseases. Other factors driving the market include 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 the 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 of the 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.

Market Dynamics

Ultrasound Imaging Systems to Record the Highest CAGR  

Ultrasound imaging systems is a comprehensive tool for several interventional radiological procedures, which includes abscess drainage, biopsies, and tumor ablation. It enables the physician to examine the internal organs without the use of radiation and is recognized as one of the most recommended techniques for checking vascular blockages. Moreover, rapid development in cardiology and radiological industries is paving the way for new therapies that integrate surgical and interventional procedures. Similarly, several advancements in image quality and improvised workflow are driving the demand for ultrasound imaging systems.

Regional Analysis

North America is dominating the interventional radiology market and is likely to continue the same during the forecast period. This can be attributed to the growing demand for technologically advanced therapies, such as optical consistency tomography (OCT), growing prevalence of cardiovascular diseases, changing lifestyle, and increasing alcohol consumption.  As per the Center for Disease Control and Prevention (CDC), around 47% of Americans are suffering from high blood pressure, high cholesterol, and other heart-related diseases. Around 6,10,000 Americans die every year due to heart diseases, which is further boosting the market growth.  

Asia Pacific to Grab the Largest Share

The Asia Pacific is holding the largest share in the interventional radiology market due to the increasing adoption of image-based therapeutic interventions.  However, India and China are lagging behind in the field of interventional radiology. To attend to the situation, the respective countries are actively increasing their healthcare expenditure, which is further boosting the market growth. As per the World Bank, China's health spending rose by 5.3% in the last ten years. Some of the factors driving the market growth include the increasing prevalence of chronic diseases, growing geriatric population, well-equipped healthcare facilities, and growing expenditure power.

Asia Pacific market for interventional radiology is expected to grow at a CAGR of 7.9% during the forecast period.

Europe will Register Steady Growth

Europe is expected to witness steady growth during the forecast period on account of the rising demand for radiological imaging technology, an increasing number of interventional procedures, rising healthcare expenditure, and the presence of leading and emerging players. The government in the region is continuously working with the leading players to offer cost-effective interventional procedures with advanced technology, which is further boosting the market growth to some extent. However, the economic slowdown in the region is negatively impacting the interventional radiology market.   

The Middle East and Africa is Emerging in the Market

The Middle East and Africa is emerging in the market for interventional radiology on account of the growing healthcare expenditure, increasing awareness regarding the diagnostic and treatment of a number of diseases, favorable reimbursement policies for radiological procedures, technological advancements, expanding healthcare infrastructure, growing geriatric population, increasing prevalence of chronic diseases, and high adoption of blockchain technology in diagnostic imaging. In 2006, the Pan Arab Interventional Radiology Society (PAIRS) was founded in Beirut to raise awareness regarding interventional radiology among the patients and medical professionals in the region, which is further boosting the market growth.  

South America to Grow at a Healthy CAGR

South America is expected to grow at a healthy CAGR during the forecast period. This can be accredited to the growing demand for interventional radiology, continuous technological advancements, increasing R&D activities, surging healthcare expenditure, and rising government support. The governments in the region are proactively working with the insurance companies to provide better reimbursement policies to the patients. As per the National Supplementary Health Agency (ANS), around 4 million people had insurance in 2018.  Brazil is leading the regional market as the country is backed with the presence of robust clinics and skilled clinical physicians that are arduously working in the field of interventional radiology. As per the Brazillian College of Radiology and Diagnostic Imaging, in 2019, over 12,000 physicians were working in radiologists and diagnostic imaging, which is further boosting the market growth.  

Report Scope

Report Metric Details
Segmentations
By Product
  1. X-Ray
  2. Ultrasound
  3. Magnetic Resonance Imaging (MRI)
  4. Computed Tomography
By Application
  1. Biopsy
  2. Angioplasty
  3. Angiography
  4. Embolization
  5. Radiofrequency Ablation
  6. Vertebroplasty-kyphoplasty
  7. Others
By End-User
  1. Ambulatory Surgical Centers
  2. Hospitals
  3. Catheterization labs
  4. Others
Company Profiles Medtronic plc Philips Healthcare Siemens Healthcare Agfa-Gevert N.V Toshiba Medical Systems Hitachi Medical Corporation Teleflex Incorporated Fujifilm Holdings Canon Medical Systems Corporation.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

Key Categories of Interventional Radiology

Global interventional radiology market is further segmented into product, application, end-user, and regional.   

By product, the interventional radiology market is segmented into x-ray, ultrasound, magnetic resonance imaging (MRI), and computed tomography. The x-ray segment is leading the market on account of increasing demand in healthcare facilities, hospitals, and clinics. It is extensively used for determining the number of diseases, including cancer and tumors.  The segment holds about 55% of the interventional radiology market share, and it is expected to increase at a considerable pace during the forecast period.

Based on the application, the market is segmented into biopsy, angioplasty, angiography, embolization, radiofrequency ablation, and vertebroplasty-kyphoplasty. The embolization segment is grabbing one of the highest shares in the market share. It is extensively used for the treatment of traumatic injuries, which is further boosting segment growth.

By end-users, the interventional radiology market is segmented into outpatient surgical centers, hospitals, and catheterization labs. The hospital segment is expected to grow at a significant pace during the forecast period. This can be attributed to the easy availability of advanced imaging technologies. Moreover, the catheterization labs segment is likely to gain momentum due to rising demand for faster recovery and shorter hospital stays.

Market Size By Product

Market Size By Product
  • X-Ray
  • Ultrasound
  • Magnetic Resonance Imaging (MRI)
  • Computed Tomography
  • Top Key Players

    Interventional Radiology Market Share of Key Players

    Interventional Radiology Market Share of Key Players
    Medtronic plc Philips Healthcare Siemens Healthcare Agfa-Gevert N.V Toshiba Medical Systems Hitachi Medical Corporation Teleflex Incorporated Fujifilm Holdings Canon Medical Systems Corporation. Others

    Frequently Asked Questions (FAQs)

    What is the growth rate for the Interventional Radiology Market?
    Interventional Radiology Market size will grow at approx. CAGR of 5.8% during the forecast period.
    Some of the top industry players in Interventional Radiology Market are, Medtronic plc, Philips Healthcare, Siemens Healthcare, Agfa-Gevert N.V, Toshiba Medical Systems, Hitachi Medical Corporation, Teleflex Incorporated, Fujifilm Holdings, Canon Medical Systems Corporation., etc.
    Asia Pacific has held a dominant position in the Interventional Radiology Industry, with the largest market share.
    The Europe region has experienced the highest growth rate in the Interventional Radiology Market.
    The global Interventional Radiology Industry report is segmented as follows: By Product, By Application, By End-User


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