Global interventional radiology Market Set For 12.6% Growth, Reaching $44.06 Billion By 2028

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Discover the forecasted growth rate and market size of the interventional radiology market in the year 2024.

The interventional radiology market size has experienced noteworthy growth in recent years and this trajectory is predicted to continue. It is projected to grow from $24.08 billion in 2023 to $27.42 billion in 2024, indicating a compound annual growth rate CAGR of 13.9%. The rise is primarily due to an aging population, increase in chronic disease prevalence, the adoption of telehealth services, enhanced radiation safety measures, and an uptick in minimally invasive procedures.

Looking towards the future, what is the interventional radiology market size anticipated to be by 2028?

The interventional radiology market is poised to see significant growth in the coming years. The market size is projected to reach $44.06 billion in 2028, reflecting a compound annual growth rate CAGR of 12.6%. This growth can be attributed to the improvement in healthcare infrastructure, adoption of genomic medicine, increased use of interventional radiology, regulatory changes that support the sector, and enhanced patient awareness. Major trends to watch for include the adoption of focused ultrasound technology, increasing focus on pediatric interventional radiology, the growth of point-of-care imaging, the utilization of patient navigation tools, and the adoption of catheter robotics.

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What will drive the interventional radiology market growth in the coming years?

The increasing prevalence of cancer is anticipated to be a major catalyst for the growth of the interventional radiology market. Cancer remains a leading cause of death globally, and particularly, the second leading cause of death in the United States. Interventional radiology employs a variety of techniques, including ablation, embolization, and irreversible electroporation IRE, to treat cancer and cardiovascular disorders. The UK-based House of Commons Library reported in February 2023 that cancer was the cause of 134,802 deaths in England in 2021, highlighting the mounting urgency to combat this global health challenge and hence, driving the growth of the interventional radiology market.

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Which companies are at the forefront of the interventional radiology market?

Key players furthering the interventional radiology market include companies such as Carestream Health Inc., Siemens Aktiengesellschaft, Koninklijke Philips N.V., General Electric Company, Hitachi Ltd., Canon Medical Systems Corporation, Toshiba Medical Systems, Medtronic plc, Shimadzu Corporation, FUJIFILM Holdings Corporation, Hologic Inc., Agfa-Gevaert N.V., Esaote S.p.A., Samsung Medison Co. Ltd., Cook Group Incorporated, Stryker Corporation, Abbott Laboratories, AngioDynamics Inc., B. Braun Melsungen AG, Cardinal Health Inc., C. R. Bard Inc., Terumo Corporation, Merit Medical Systems Inc., Penumbra Inc., BTG International Ltd., Guerbet Group, Medrad Inc., MicroPort Scientific Corporation, Neusoft Medical Systems Co. Ltd., and Nordion Inc.

What emerging trends are impacting the interventional radiology market?

Artificial Intelligence AI is a key trend gaining traction in the interventional radiology market. Businesses in the sector are continuously focusing on introducing new technologies to stay competitive. For instance, Shimadzu Medical Systems, a US-based medical equipment company, launched Trinias Angiography System with an AI in June 2022. The system streamlines many different interventional procedures, such as interventional cardiology, peripheral investigations, interventional neurology, interventional radiology, and cancer. The Trinias Angiography System diagnoses and treats a range of heart diseases, including congenital heart abnormalities, heart valve disease, and coronary artery disease.

Moving on to market segmentation, how is the interventional radiology market divided?

The interventional radiology market is segmented:

1 By Product: MRI, Ultrasound Imaging, CT Scanners, Angiography Systems, Fluoroscopy Systems, Biopsy Devices, and Other Products.
2 By Procedure: Angioplasty, Angiography, Biopsy And Drainage, Embolization, Thrombolysis, Vertebroplasty,Nephrostomy, and Other Procedures.
3 By Application: Oncology, Cardiology, Urology And Nephrology, Gastroenterology, and Other Applications.

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Gain insights into the performance of the interventional radiology market across different regions.

North America was the largest market for interventional radiology in 2023. However, the Asia-Pacific region is expected to be the fastest-growing market during the forecast period. Other regions profiled in the interventional radiology market report include Western Europe, Eastern Europe, South America, the Middle East, and Africa.

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