Global Interventional Radiology Market to Reach US$ 46.4 Billion by 2032, Supported by Increasing Number of Patients Suffering from Chronic Illnesses

December 12, 2022 | Healthcare

IMARC Group’s latest report, titled “Interventional Radiology Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” finds that the global interventional radiology market size reached US$ 26.5 Billion in 2023. Interventional radiology, or IR, refers to a specialized medical field that employs radiological image guidance systems to diagnose and treat diseases. Some commonly used techniques include X-ray fluoroscopy, magnetic resonance imaging (MRI), ultrasound, and computed tomography (CT). It aids in treating weak arteries, repairing blood vessels, dissolving blood clots, reducing nerve pain, and blocking blood flow to cancer cells. It also assists in making small incisions in the abdomen via needles and catheters. Compared to traditionally used surgeries, IR is more cost-effective and involves lower risks and pain. As a result, it is widely utilized in oncology, cardiology, urology and nephrology, and gastroenterology.

Global Interventional Radiology Market Trends:

The increasing number of patients suffering from chronic illnesses, such as asthma, cancer, diabetes, and cardiovascular diseases (CVDs), represents the primary factor driving the market growth. Moreover, governments of various countries are taking favorable initiatives to spread awareness among the masses about the effectiveness of IR techniques in the accurate and timely diagnosis of cancer. Along with this, the rising adoption of modern imaging techniques and innovative medical products is another major growth-inducing factor. Additionally, the shifting consumer inclination toward minimally invasive (MI) procedures, as they are more cost-effective and require shorter hospital stays, has augmented the product demand. Furthermore, the leading players are utilizing advanced imaging technologies that offer real-time images to surgeons to provide a comprehensive view of internal organs during diagnosis. In line with this, the increasing use of artificial intelligence (AI) that relies on complex algorithms to detect abnormalities and anomalies in CT scans and X-rays has catalyzed market growth. Besides this, the introduction of novel techniques, such as fractional flow reserve (FFR) and optical coherence tomography (OCT) for stenting patients, has propelled the market growth. Other factors, including the growing awareness regarding preventive diagnosis, rising incidences of uterine fibroids among women, increasing healthcare expenditure, and technological advancements, are creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 46.4 Billion by 2032, expanding at a CAGR of 6.2% during 2024-2032.

Market Summary:

  • Based on the product, the market has been classified into magnetic resonance imaging (MRI), ultrasound imaging systems, computed tomography (CT) scanners, angiography systems, fluoroscopy systems, biopsy devices, and others. 
  • On the basis of the procedures, the market has been divided into angiography, angioplasty, embolization, vertebroplasty, thrombolysis, nephrostomy placement, and others.
  • The market has been segmented based on the application into cardiology, urology and nephrology, oncology, gastroenterology, and others. 
  • Based on the end use, the market has been categorized into hospitals, clinics, and ambulatory surgical centers.
  • Region-wise, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. 
  • The competitive landscape of the market has also been examined, with some of the key players being Boston Scientific Corporation, Cook Group Incorporated, Esaote SpA, Fujifilm Holdings Corporation, General Electric Company, Hologic Inc, Koninklijke Philips N.V., Medtronic plc, Nipro Corporation, Shimadzu Corporation, Siemens Aktiengesellschaft, and Teleflex Incorporated.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product, Procedures, Application, End Use, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Boston Scientific Corporation, Cook Group Incorporated, Esaote SpA, Fujifilm Holdings Corporation, General Electric Company, Hologic Inc, Koninklijke Philips N.V., Medtronic plc, Nipro Corporation, Shimadzu Corporation, Siemens Aktiengesellschaft and Teleflex Incorporated.
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Global Interventional Radiology Market to Reach US$ 46.4 Billion by 2032, Supported by Increasing Number of Patients Suffering from Chronic Illnesses
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