Interventional Radiology Market Surges with Demand for Minimally Invasive Medical Procedures and Imaging Technologies

The interventional radiology market size has grown rapidly in recent years. It will grow from $24.08 billion in 2023 to $27.42 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to increased aging population, rise in chronic disease prevalence, adoption of telehealth service, enhanced radiation safety measures, increased minimally invasive procedures.

The interventional radiology market size is expected to see rapid growth in the next few years. It will grow to $44.06 billion in 2028 at a compound annual growth rate (CAGR) of 12.6%. The growth in the forecast period can be attributed to improving healthcare infrastructure, adoption of genomic medicine, increasing use of interventional radiology, supportive regulatory changes, improving patient awareness. Major trends in the forecast period include adoption of focused ultrasound, growing focus on pediatric interventional radiology, adoption of point-of-care imaging, adoption of patient navigation tools, adoption of catheter robotics.

Market Overview -
Interventional radiology is a field of radiology that uses medical imaging to guide minimally invasive surgical procedures for diagnosis and treatment.

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Rising Cancer Prevalence Spurs Growth In The Interventional Radiology Market
The increase in prevalence of cancer is expected to drive the growth of the interventional radiology market in the coming years. Cancer is a global health problem and is the second leading cause of death in the United States. Interventional radiology uses a variety of techniques such as ablation, embolization, and irreversible electroporation (IRE) to treat cancer and cardiovascular disorders. For instance, in February 2023, according to the House of Commons Library, a UK-based government body, cancer claimed the lives of 134,802 persons in England in 2021. Hence, the increasing prevalence of cancer drives the growth of the interventional radiology market.

Competitive Landscape -
Major companies operating in the interventional radiology market include 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., Nordion Inc.

Artificial Intelligence Integration Revolutionizes Interventional Radiology Market
Artificial Intelligence is a key trend gaining popularity in the interventional radiology market. Companies operating in the interventional radiology sector continuously focus on introducing new technologies to survive in the interventional radiology market. For instance, in June 2022, shimadzu medical systems, a US-based medical equipment company launched Trinias angiography system with an artificial intelligence. It is made to assist many different interventional procedures, such as interventional cardiology, peripheral investigations, interventional neurology, interventional radiology, and cancer. Heart diseases include congenital heart abnormalities, heart valve disease, and coronary artery disease are all diagnosed and treated with the Trinias angiography system.

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Key Segments -

The interventional radiology market covered in this report is segmented -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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