INTERVENTIONAL RADIOLOGY MARKET ANALYSIS

Interventional Radiology Market Size and Trends

The global interventional radiology market is estimated to be valued at USD 26.97 Bn in 2024 and is expected to reach USD 42.34 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031.

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The global interventional radiology market is witnessing positive growth trends over the past few years. There has been a steady rise in the demand for minimally invasive procedures for the treatment of various diseases. Advancements in image-guided technology and the development of novel embolic agents, catheters, and guidewires are helping interventional radiologists to treat conditions that were traditionally managed surgically. Furthermore, the rising geriatric population prone to chronic diseases and the increasing healthcare expenditure in developing nations are some of the key factors driving the demand for interventional radiology procedures worldwide.

Increasing Demand for Interventional Radiology Devices

Increasing demand for interventional radiology devices is expected to propel the growth of the global interventional radiology market over the forecast period. Interventional radiology (IR) is a way to diagnose and treat a variety of chronic disorders without major surgery, and thus, there is an increasing demand for IR devices. In December 2020, Samsung Electronics Co. Ltd., an electronics company, launched its premium diagnostic imaging solutions in ultrasound, digital radiography, and mobile computed tomography at the Radiological Society of North America (RSNA) 2020, to expand its product portfolio in the interventional radiology market.

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Increasing Burden of Chronic Diseases

Increasing burden of chronic diseases, such as cancer, is expected to boost the growth of the global interventional radiology market during the forecast period. For instance, interventional radiology uses imaging techniques, such as real-time X-rays, computed tomography, ultrasound, or magnetic resonance imaging, to guide treatments right to the cancer site. According to the National Cancer Institute, the number of new cancer cases per year is expected to rise to 29.5 million and the number of cancer-related deaths to 16.4 million by 2040. Thus, with the increasing prevalence of cancer, the use of IR devices is also expected to increase at a rapid pace.