Interventional Radiology Products Market is anticipated to grow further till USD 19.5 billion, at a CAGR of 6.7% during 2022-2031

The global interventional radiology products market was valued at USD 10.2 billion in 2021 and it is anticipated to grow further till USD 19.5 billion by 2031, at a CAGR of 6.7% during the forecast period.

In order to diagnose and treat patients, interventional radiology focuses on using minimally invasive image-guided procedures. This field of medicine makes use of radiological guidance systems and apparatus, including x-ray, MRI, CT, fluoroscopy, and other modalities. The main interventional radiological procedures performed with these techniques are for the diagnosis of any underlying disorders the patient may have, which can be identified by visualization through photographs. Vascular and interventional radiology are other names for interventional radiology (VIR).

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Market Trends and Drivers:

The benefits of minimally invasive procedures over traditional open surgery techniques have led to an increase in their demand. The advantages of minimally invasive operations over traditional open surgery methods, according to the American Institute of Minimally Invasive Surgery (AIMS), include enhanced safety, lower scarring, quicker recovery, and shorter hospital stays. Due to the expanding usage of technologically sophisticated goods and methods, particularly for the treatment of peripheral artery disease, cancer, and cardiovascular disease, the application fields for minimally invasive procedures are expanding as well (PAD). This is anticipated to have a beneficial impact on the market for interventional radiology products.

COVID-19 Impact:

Due to fewer hospital visits as a result of the COVID-19 outbreak, the market for interventional radiology products suffered. Despite the availability of emergency and outpatient treatments throughout the lockdown, the population's adoption of therapy significantly decreased. The temporary deferral of a number of elective surgeries is anticipated to have an impact on the market for interventional radiology goods as governments and authorities work to guarantee that resources are available for COVID-19 patients.

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The market for interventional radiology products has been impacted by a decrease in research activity as a result of laboratory closures and decreased clinical testing, a decrease in capital spending by customers, and a decline in the use of routine testing due to a decline in the volume of elective and non-essential procedures. Although the economies of many nations have started to recover, it will take time for interventional radiology products to be used at pre-pandemic levels. Additionally, any increase in COVID-19 infections could lead to additional lockdowns, quarantine measures, or other limitations to stop the virus's transmission, which could have a detrimental effect on the market's expansion.

Major Players in the Global Interventional Radiology Products Market:

The key players studied in the report are Medtronic (Ireland), Boston Scientific Corporation (US), Becton, Dickinson and Company (US), Abbott (US), Cardinal Health (US), B. Braun Melsungen AG (Germany), Stryker (US), Terumo Medical Corporation (Japan), Cook Medical (US), Biosensors International Group, Ltd. (Singapore), Teleflex Incorporated (US), iVascular S.L.U. (Spain), Penumbra, Inc. (US), BIOTRONIK SE & Co. KG (Germany), and ENDOCOR GmbH (Germany) among others.

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