Rising Prevalence of Chronic Diseases Fueling Demand for Interventional Radiology Procedures

Published April 12, 2023

The global interventional radiology market report states that the increasing demand for minimally invasive procedures, rising incidence of chronic diseases, and the growing aging population are the major factors driving the growth of the market.

North America is the largest market for interventional radiology, followed by Europe, Asia-Pacific, and the rest of the world. The high prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders in North America is one of the major factors driving the growth of the market in this region. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand for minimally invasive procedures, rising healthcare expenditure, and growing awareness about interventional radiology procedures.

The key players in the interventional radiology market include companies such as Siemens Healthineers AG, General Electric Company, Koninklijke Philips N.V., Medtronic plc, Boston Scientific Corporation, Abbott Laboratories, Cook Medical LLC, Terumo Corporation, Stryker Corporation, and Johnson & Johnson. These companies are focusing on product launches, collaborations, and partnerships to expand their market presence and strengthen their product portfolio.

In conclusion, the interventional radiology market is expected to grow at a significant rate in the coming years, driven by the increasing demand for minimally invasive procedures and technological advancements in imaging modalities and devices. The market is highly competitive, with several key players vying for a larger share of the market through product launches, collaborations, and partnerships.

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There are several factors driving the growth of the interventional radiology market:

  • Increasing prevalence of chronic diseases: The rising incidence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders is driving the demand for interventional radiology procedures. These procedures are minimally invasive and offer quicker recovery times, making them an attractive option for patients.
  • Growing demand for minimally invasive procedures: Minimally invasive procedures are becoming increasingly popular among patients as they offer several advantages over traditional surgery, such as reduced pain, shorter hospital stays, and faster recovery times. Interventional radiology procedures, such as angioplasty, embolization, and biopsy, are minimally invasive and can be performed on an outpatient basis, making them more convenient for patients.
  • Technological advancements in imaging modalities and devices: Technological advancements in imaging modalities and devices have improved the accuracy and precision of interventional radiology procedures. These advancements have enabled interventional radiologists to perform procedures with greater ease and efficiency, leading to better outcomes for patients.
  • Growing aging population: The aging population is more prone to chronic diseases and requires more medical attention. This demographic is a key driver of the interventional radiology market, as they often require minimally invasive procedures for conditions such as peripheral artery disease, liver cancer, and uterine fibroids.
  • Increasing healthcare expenditure: The global healthcare expenditure is increasing, especially in emerging markets, which is driving the growth of the interventional radiology market. Governments and private healthcare providers are investing in healthcare infrastructure and technologies to improve healthcare outcomes and reduce healthcare costs.
  • Overall, these factors are expected to continue driving the growth of the interventional radiology market in the coming years.

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The interventional radiology market can be segmented by procedure type, application, product type, end-user, and geography.

By Procedure Type:

  • Diagnostic Procedures
  • Therapeutic Procedures
  • By Application:
  • Cardiology
  • Oncology
  • Urology & Nephrology
  • Gastroenterology
  • Others (Pulmonology, Orthopedics, and Neurology)

By Product Type:

  • Magnetic Resonance Imaging (MRI)
  • Computed Tomography (CT) Scanners
  • Ultrasound Systems
  • Angiography Systems
  • Fluoroscopy Systems
  • Biopsy Devices
  • Embolization Devices
  • Others (Catheters, Guidewires, and Balloons)

By End-User:

  • Hospitals
  • Ambulatory Surgical Centers (ASCs)
  • Diagnostic Centers

By Geography:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa

These segments are based on the different types of interventional radiology procedures, applications, products, end-users, and regions where the procedures are performed. The diagnostic and therapeutic procedures are the two broad categories of interventional radiology procedures, while the applications can include cardiology, oncology, urology & nephrology, gastroenterology, and other areas of medicine. The product types can include imaging systems such as MRI, CT, and ultrasound, as well as devices such as catheters, guidewires, and balloons. The end-users can include hospitals, ambulatory surgical centers, and diagnostic centers. Finally, geography is an important factor to consider, as the interventional radiology market can vary significantly depending on the region, with North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa being the main regions.

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