Interventional radiology is a medical specialty that offers image-guided, minimally-invasive treatments. Interventional radiology procedures use X-rays, ultrasounds, CT scans or MRIs along with thin plastic tubes inserted into blood vessels or other parts of the body to treat or diagnose medical conditions. These minimally invasive procedures reduce recovery time and risk of surgical complications compared to traditional open surgeries. The global Interventional Radiology Market is estimated to be valued at US$ 29856.31 Th in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising demand for minimally invasive procedures has been a key trend driving growth of the Global Interventional Radiology Market Size. Minimally invasive procedures cause less trauma to the patient and enable faster recovery as compared to open surgeries. For instance, interventional radiology procedures such as angiography, stenting, and other vascular procedures are gaining prominence over traditional vascular bypass surgeries as they are less invasive and associated with lower risk of complications. Growing preference for minimally invasive techniques among patients and physicians is expected to boost demand for interventional radiology equipment and solutions over the forecast period.
SWOT Analysis
Strength: The interventional radiology market has gained importance owing to minimally invasive procedures. These procedures reduce patient risks, recovery time, and costs compared to open surgeries.
Weakness: High costs associated with interventional radiology devices and equipment can limit market growth. Issues related to reimbursement policies also pose challenges.
Opportunity: Growing geriatric population and rising prevalence of chronic diseases like cancer offer high growth opportunities. Advancing technologies for image-guided procedures further expand applications.
Threats: Strict regulatory frameworks and lengthy product approval times can hamper market development. Safety issues if standard protocols not followed are also threats.
Key Takeaways
The global interventional radiology market is expected to witness high growth. Rapidly aging populations, sedentary lifestyles leading to chronic diseases, and innovations in minimally invasive treatments are major growth drivers.
The North American region currently dominates due to advanced healthcare infrastructure and high patient acceptance of innovative technologies. Asia Pacific is expected to be the fastest growing market due to large patient bases, increasing medical tourism, and growing healthcare expenditures.
Key players operating in the interventional radiology market are Colt, Medtronic, Siemens Healthcare, ST. Jude Medical, Koninklijke Philips N.V., GE Healthcare, Carestream Health, Hologic Inc., Hitachi Medical Corporation, Toshiba Medical Systems Corporation, Esaote SpA, Samsung Medison, Shimadzu Corporation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
