Interventional Radiology Market Valuation will Reach US$22,908.3 mn by the end of 2024

Global Interventional Radiology Market: Snapshot

The global interventional radiology market is poised for modest growth in the near future. Worldwide, rising preference for minimally invasive procedures is likely to fuel the interventional radiology market. Interventional radiology involves minimally-invasive image-guided diagnostics and treatment of health conditions. Furthermore, rising prevalence of cancer which is a leading cause of mortality is poised to drive demand for interventional radiology.

However, providing headwinds to the growth of interventional radiology market are minimal reimbursement for interventional radiology procedures and low acceptance for digital technology based imaging especially in developing economies. Thus, owing to a few positive factors, the global interventional radiology market is expected to clock a modest 5.8% CAGR between 2017 and 2024.

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X-ray Product Segment to Continue to Remain Attractive

The global market for interventional radiology is segregated in terms of product, application, end user, and geography. Key segments into which this market is divided based on product type are x-ray, computed tomography, magnetic resonance imaging (MRI), and ultrasound. Among them, x-ray and ultrasound are most attractive product type segments. X-ray, however, is anticipated to hold the dominant 55.5% of the overall market by 2024 end owing to widespread acceptance and consistent technological upgrades. On the other hand, MRI holds a smaller market share due to limited availability and relatively high cost factor of this imaging.

Application-wise, angiography, balloon angioplasty, embolization, biopsy, veterbroplasty-kyphoplasty, radiofrequency ablation, and others are the segments into which the interventional radiology market is divided. Embolization, among them, is predicted to register string growth hold a significant share of the market through 2024; the growth of the segment is mainly because of rising prevalence of traumatic injuries. As per National Trauma Institute, trauma injury is related to 30% mortality in the U.S. each year. Biopsy is predicted to register a significant growth rate through 2024 due to rising prevalence of breast cancer.

By end user, the interventional radiology market is segmented into hospitals, catheterization labs, ambulatory surgical centers, and others. The hospitals segment is anticipated to hold the leading 54.9% market share by 2024. Increasing adoption of intervention radiology in hospitals due to rising demand for technologically advanced imaging systems is driving the hospital end-use segment.

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Catheterization labs is predicted to surpass in terms of growth rate as interventional radiology procedures are increasingly being adopted for benefits of faster recovery and shorter hospital stay.

Rising Acceptance of Digital Technology-based Imaging to Catapult Asia Pacific Market

On the basis of region, the global interventional radiology market is classified into North America, Europe, Asia Pacific, Latin America, and the Rest of the World. North America, among all, held supremacy in the interventional radiology market in the recent past. The growth of demand for technologically advanced imaging techniques such as optical coherence tomography (OCT) and fractional flow reserve (FFR) for stenting patients account for dominance of North America interventional radiology market.

However, Asia Pacific is predicted to emerge as the most attractive market for interventional radiology. Factors such as rising acceptance of image-guided therapeutic interventions will lead the Asia Pacific interventional radiology market to be valued at US$4,586.7 mn by 2024.

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Leading companies in the worldwide interventional radiology market include Philips Healthcare, GE Healthcare, Toshiba Medical Systems, Siemens Healthcare, Hitachi Medical Corporation, Teleflex Incorporated, Siemens Healthineers, Medtronic plc, Hologic Inc., Fujifilm Holdings Corporation, and Agfa-Gevert N.V.

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