Interventional Radiology Market Size By Product (MRI Systems, CT Scanners, Ultrasound Imaging Systems, Angiography Systems), By Application (Cardiology, Oncology, Urology, Gastroenterology, Obstetrics, Gynecology), By End-use (Hospitals, Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030
The global interventional radiology market is projected to record appreciable proceeds over the forecast period, owing to the rising geriatric population in developed nations.
According to data from the World Health Organization (WHO) in 2020, more than 1 billion people are over 60 years of age, and this number is expected to reach more than 2 billion by 2050.
This surge in the elderly population has caused a significant rise in the number of patients diagnosed with age-related changes. Geriatrics are prone to various changes in the body such as bone deformation, muscle loss, and calcium deposition among others. Therefore, this population base is increasingly opting to undergo vascular interventional radiology procedures, stimulating market growth.
Multiple benefits provided by interventional radiology in comparison to conventional open surgery methods will also fuel industry growth. Interventional radiology can generate high-resolution images in real-time, allowing physicians to diagnose and monitor patients who need emergency treatment.
Furthermore, the growing occurrence of acute diseases, in addition to the rising demand for minimally invasive operations and early diagnostic techniques, is likely to influence industry dynamics.
The interventional radiology market is bifurcated based on product, application, end-use, and region.
In terms of product, the CT scanner segment is estimated to register reasonable growth over the forecast timeframe. The growing usage of this scanning technology in R&D and diagnostic fields is proliferating product usage.
CT scanners implement advanced x-ray technologies to recognize various abnormalities and diseases in the body. They also help evaluate lung disorders as well as pneumonia, cancer, and blockage, among other conditions, making them a preferred interventional radiology tool in diagnostic applications.
Based on application, market share from the cardiology segment recorded appreciable growth in 2021. Interventional cardiology is commonly used to cannulate the heart under X-ray view during fluoroscopy, and for chronic myocardial infarction and cardiac catheterization. This method alleviates inflammation & pain, avoids long post-operative recovery, and minimizes scars. These advantages are expected to promote the use of interventional radiology as an integral solution in the treatment of cardiological conditions.
The hospitals end-use segment held a significant share of the interventional radiology industry in 2021. Hospitals can provide enhanced diagnosis and treatments with the help of the interventional radiology technique which makes it a sought-after solution in these facilities. The rise in the number of hospital admissions for cancer screenings, CT scans, and X-rays, among other facilities, in addition to the availability of trained staff, is likely to further stimulate industry expansion.
From a regional purview, the North America interventional radiology industry is anticipated to generate reasonable value over the forecasted timeframe. This growth can be credited to the presence of major market players, in addition to the growing preference for non-invasive procedures. Furthermore, the rising occurrence of chronic diseases such as cancer is projected to influence regional market dynamics over the forthcoming years.
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