The global interventional radiology market size reached US$ 26.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 46.4 Billion by 2032, exhibiting a growth rate (CAGR) of 6.2% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 26.5 Billion
Market Forecast in 2032
US$ 46.4 Billion
Market Growth Rate 2024-2032
6.2%
Interventional radiology (IR) refers to several techniques that rely on radiological images guidance, such as X-ray fluoroscopy, ultrasound, computed tomography (CT), and magnetic resonance imaging (MRI), to diagnose and cure diseases. It helps make small incisions in the abdomen using needles and catheters. It is widely utilized for repairing blood vessels, treating weak arteries, dissolving blood clots, blocking blood flow to cancer cells, and reducing nerve pain. In addition, as it is less expensive, risky, and painful as compared with traditional surgeries, IR finds extensive application in oncology, cardiology, urology and nephrology, and gastroenterology across the globe.
Interventional Radiology Market Trends:
The growing prevalence of chronic diseases on account of the increasing consumption of fast food and the sedentary lifestyle of individuals represents one of the key factors driving the market. Moreover, rising minimally invasive (MI) procedures as they are cost-effective and require lesser hospital stays, along with the augmenting healthcare expenditure, is propelling the growth of the market. In addition, technological advancements in imaging technologies, which provide real-time images to radiologists for showing a comprehensive view of internal organs, are stimulating the market growth. Besides this, there is an increase in the utilization of augmented reality (AR) technology that offers the ability to move scopes and devices inside the body and interact with the surroundings. This, coupled with various developments in artificial intelligence (AI) to detect abnormalities and anomalies in medical images, is positively influencing the market. Additionally, the expanding application of optical coherence tomography (OCT) and fractional flow reserve (FFR) for stenting patients with multi-vessel coronary artery disease (CAD) is contributing to the growth of the market. Furthermore, governments of several countries are generating awareness about the effectiveness of IR techniques for the diagnosis of cancer, which is bolstering the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global interventional radiologymarket report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on product, procedures, application and end use.
The competitive landscape of the industry has also been examined along with the profiles of the key players being Boston Scientific Corporation, Cook Group Incorporated, Esaote SpA, Fujifilm Holdings Corporation, General Electric Company, Hologic Inc, Koninklijke Philips N.V., Medtronic plc, Nipro Corporation, Shimadzu Corporation, Siemens Aktiengesellschaft and Teleflex Incorporated.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
Segment Coverage
Product, Procedures, Application, End Use, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
Boston Scientific Corporation, Cook Group Incorporated, Esaote SpA, Fujifilm Holdings Corporation, General Electric Company, Hologic Inc, Koninklijke Philips N.V., Medtronic plc, Nipro Corporation, Shimadzu Corporation, Siemens Aktiengesellschaft and Teleflex Incorporated.
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global interventional radiology market was valued at US$ 26.5 Billion in 2023.
We expect the global interventional radiology market to exhibit a CAGR of 6.2% during 2024-2032.
The rising prevalence of several chronic diseases, along with the increasing utilization of interventional radiology for conducting Minimally Invasive (MI) procedures to improve patient care quality, is primarily driving the global interventional radiology market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing demand for interventional radiology in chest CT scan procedures as they have high sensitivity for diagnosis of the COVID-19 infection.
Based on the product, the global interventional radiology market can be segmented into Magnetic Resonance Imaging (MRI), ultrasound imaging systems, Computed Tomography (CT) scanners, angiography systems, fluoroscopy systems, biopsy devices, and others. Currently, Magnetic Resonance Imaging (MRI) holds the majority of the total market share.
Based on the procedures, the global interventional radiology market has been divided into angiography, angioplasty, embolization, vertebroplasty, thrombolysis, nephrostomy placement, and others. Among these, angiography currently exhibits a clear dominance in the market.
Based on the end use, the global interventional radiology market can be categorized into hospitals, clinics, and ambulatory surgical centers. Currently, hospitals account for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global interventional radiology market include Boston Scientific Corporation, Cook Group Incorporated, Esaote SpA, Fujifilm Holdings Corporation, General Electric Company, Hologic Inc, Koninklijke Philips N.V., Medtronic plc, Nipro Corporation, Shimadzu Corporation, Siemens Aktiengesellschaft, and Teleflex Incorporated.
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