Throughout the forecast period, an increase in the prevalence of chronic disorders like cancer is anticipated to fuel market growth for interventional radiology worldwide. For instance, interventional radiology directs treatments directly to the cancer site using imaging tools like real-time X-rays, CT, ultrasound, or MRI. By 2040, the National Cancer Institute predicts that there will be 16.4 million cancer-related deaths and 29.5 million new instances of cancer annually. As a result, it is anticipated that use of IR devices will grow quickly along with the rising incidence of cancer.
The global Interventional Radiology Market was valued at US$ 22,849.9 Mn in 2021 and is forecast to reach a value of US$ 35,547.3 Mn by 2028 at a CAGR of 6.5% between 2022 and 2028.
Key Competitors in the Interventional Radiology Industry:
1. Carestream Health
Since 2007, Carestream is a worldwide provider of medical imaging systems; X-ray imaging systems for non-destructive testing; and precision contract coating services for a wide range of industrial, medical, electronic and other applications. The company has headquarters situated in New York, US. In February, 2023 Carestream Health is partnering with Robarts Research Institute to increase and demonstrate the clinical value of digital X-ray, digital tomosynthesis, and dual energy technologies to help improve the outcomes of patients with cardiothoracic and pulmonary diseases.
2. Fujifilm Holdings Corporation
FUJIFILM Holdings Corporation develops, manufactures, sells, and services imaging, healthcare, materials, and business innovation solutions worldwide. The company was incorporated in 1934 and is headquartered in Tokyo, Japan. In January, 2023 FUJIFILM Corporation announced the launch of the INSTAX mini-format film “HEART SKETCH”.
3. Koninklijke Philips NV
Koninklijke Philips N.V. operates as a health technology company in North America and internationally. Koninklijke Philips N.V. was founded in 1891 and is headquartered in Amsterdam, the Netherlands.
4. Siemens Healthineers
Siemens Healthineers AG, through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers worldwide. The company is headquartered in Erlangen, Germany. In February, 2023 Siemens Healthineers, a leading medical technology company, and Unilabs, a leading diagnostic services provider, announced today a multi-year agreement valued at over €200 million. Unilabs has invested in Siemens Healthineers top-notch technology and will acquire more than 400 laboratory analyzers to further improve its laboratory infrastructure to offer an unparalleled service to its customers.
5. Canon Medical Systems
Founded in 1930, Canon Medical offers a full range of diagnostic medical imaging solutions including CT, MR, X-Ray, Ultrasound and Healthcare Informatics across the globe. It has headquarters situated in Tochigi, Japan. In November, 2022 Canon Medical Systems Corporation announced the release of two new Canon branded X-Ray products1 into the US market – the Mobirex i9 mobile system, and the brand-new CXDI-Elite series of detectors to be shown at RSNA 2022.
6. Medtronic Plc.
The company was founded in 1949 and is headquartered in Dublin, Ireland. Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. On June 2022, India Medtronic Private limited, a wholly-owned subsidiary of Medtronic plc, announced the launch of CE marked fourth-generation flow diverter, Pipeline Vantage with Shield Technology for the endovascular treatment of brain aneurysms.
7. Hologic,Inc.
Hologic, Inc. develops, manufactures, and supplies diagnostics products, medical imaging systems, and surgical products for women's health through early detection and treatment. Hologic, Inc. was incorporated in 1985 and is headquartered in Marlborough, Massachusetts and is operational in more than 100 countries.
8. GE (GE Healthcare)
GE HealthCare Technologies Inc. engages in the development, manufacture, and marketing of products, services, and complementary digital solutions used in the diagnosis, treatment, and monitoring of patients. The company was incorporated in 2022 and is headquartered in Chicago, Illinois.
*Definition- In order to detect and treat disorders in almost every organ system, interventional radiology (IR), a medical sub-specialty of radiology, uses minimally invasive image-guided treatments.
