by The global Interventional Radiology Market is estimated to be valued at US$ 25916.93 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Interventional radiology is a minimally invasive medical discipline that uses imaging guidance, such as X-ray fluoroscopy, computed tomography, or ultrasound to position treatment devices or substances accurately. Some common examples of interventional radiology procedures include biopsy, angioplasty, embolization, ablation, and drainage or filtering procedures. These procedures help treat various conditions without major surgery by using narrow, flexible catheters inserted through small incisions. Interventional radiology offers reduced costs, less pain and quicker recovery times compared to conventional surgery.
Market key trends:
One of the key trends driving the growth of the interventional radiology market is the increasing demand for minimally invasive image-guided procedures. Minimally invasive surgical procedures involve less incisions and reduce pain, scarring, recovery time and complications associated with conventional surgery. They also help in lowering healthcare costs by reducing hospital stays and recovery periods. As a result, the demand for minimally invasive surgeries using tools and devices of interventional radiology continues to increase across various therapeutic areas such as oncology, cardiology and urology. Additionally, growing prevalence of target conditions such as cancer and vascular diseases along with rising demand for advanced diagnostic imaging systems is fueling the adoption of interventional radiology procedures worldwide.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate since the market requires large upfront investments to build the required infrastructure and obtain regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is moderate since the treatment procedures are important for patients. However, the buyers have some influence due to the availability of substitutes.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many components and equipment suppliers in the industry. However, the industry relies heavily on a few major suppliers as well.
Threat of new substitutes: The threat of new substitutes is low as alternative treatment methods do not provide the same outcomes as intervention radiology procedures.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of many global and regional players competing on the basis of product quality, innovation, and price.
Key Takeaways:
The Global Interventional Radiology Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of chronic diseases and rising geriatric population globally. The market size for 2023 is US$ 25916.93 Mn.
Regionally, North America dominated the global market in 2021 owing to advanced healthcare infrastructure and rising adoption of minimally invasive procedures in the region. However, Asia Pacific is anticipated to witness fastest growth over the forecast period supported by growing medical tourism, improving hospital infrastructure, and increasing healthcare expenditure in major countries.
Key players operating in the interventional radiology market are Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation), among others. The market players are adopting strategies such as new product launches, mergers, acquisitions and geographical expansion to increase their market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
