Interventional radiology market is estimated to be valued at USD 26.97 Bn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period (2024-2031). Advancements in imaging technologies such as computed tomography, magnetic resonance imaging, and ultrasound are facilitating the adoption of minimally invasive procedures. Developments in angiography equipment, catheters, guide wires, balloons, and stents have increased the scope of interventional radiology procedures.
Market Dynamics:
The market is witnessing strong growth due to the rising prevalence of chronic diseases globally. According to the World Health Organization (WHO), chronic diseases accounted for approximately 60% of the reported deaths in the world in 2001. Conditions such as cardiovascular diseases, cancer, chronic respiratory diseases, and diabetes are increasing worldwide. The increasing elderly population is also contributing to this rise in chronic diseases. Moreover, interventional radiology procedures are less invasive compared to surgery and require shorter recovery times. This has increased the demand for minimally invasive treatments and boosted the adoption of interventional radiology procedures.
Growing Prevalence of Chronic Diseases is Driving the Demand for Minimally Invasive Procedures
Rising cases of chronic diseases such as cancer, cardiovascular diseases, and other lifestyle related diseases have been a major factor boosting the interventional radiology market. Interventional radiology procedures are largely used as minimally invasive alternatives to open surgeries for diagnosis and treatment of various chronic conditions. They allow for smaller incisions, lesser pain, and faster recovery times for patients. With chronic diseases affecting a huge patient pool worldwide, the demand for techniques like angiography, angioplasty, vertebroplasty, etc. is on the rise. Similarly, cardiovascular illnesses remain the leading cause of deaths globally. This growing chronic disease burden is a key driver propelling growth of the interventional radiology market.
Advancing Technology and New Product Launches are Driving Procedure Volumes
Constant innovations in interventional radiology devices, robotics, imaging modalities, and software solutions have enabled clinicians to perform complex procedures with higher success rates. Advanced capabilities like improved navigation, minimally invasive access, robot assisted surgery, etc. have expanded the applications of interventional radiology. This has attracted more patients and encouraged practitioners as well. Regular new product launches catering to unmet needs by industry giants are also fueling the market expansion. In recent years, innovation in areas such as interventional oncology drugs, neuro interventional devices, cardiovascular intervention disposables, and renal denervation systems. Advancements allow the treatment of previously inoperable cases, thereby driving greater procedure volumes and market growth.
Costly Equipment and Disposables Pose Significant Restraint
One of the major challenges faced by the interventional radiology market is the continuously rising costs associated with high-end equipment, imaging systems, sterile disposables, catheters, and accessories. Interventional radiology suites require sizable capital investments in C-arms, angiography systems, multidetector CT, and MRI machines - often weighing several millions of dollars. Additionally, single-use surgical items contribute significantly to the total procedural cost. Limited medical reimbursements, especially in price sensitive developing markets, make it difficult for clinics to recover the investments. This acts as a hurdle for small centers and price sensitive patients in accessing advanced interventional procedures. Device manufacturers passing on rising costs of innovations also restraints market potential to a certain extent.
Shortage of Trained Professionals Impedes the Market Growth
Lack of adequate training programs and qualified interventional radiologists is another challenge dampening optimal utilization of the technology. Interventional radiology being a highly complex specialty requires extensive, specialized post-fellowship training and experience. However, the global supply of interventional radiology workforce has not kept up with growing demand. Long training hours, risky work environment, and costly malpractice insurances also discourage medical students from entering the field. This ultimately limits hospitals from setting up new interventional radiology suites and performing complex procedures independently. The talent crunch constrains the number of procedures being performed and restrains faster revenue growth for vendors. Concerted efforts are needed to bridge this talent gap.
Rising Geriatric Population Offers Immense Opportunities
The dramatically expanding global geriatric demographic presents one of the most opportune driving forces for growth in the interventional radiology market. Elderly patients aged 65 years and above have considerably higher risks of developing various chronic conditions that can be effectively treated using minimally invasive techniques of interventional radiology. Moreover, older individuals are generally less tolerant to open surgeries due to existing comorbidities and slower recovery potential. This growing geriatric pool will fuel the demand for safe, cost-effective and less complicated interventional radiology procedures for diseases like cancer, cardiovascular, orthopedic, urologic and neurologic ailments. The market players need to leverage this opportunity by developing elderly-friendly product and service offerings.
Growing Adoption in Developing Markets Presents Lucrative Opportunities
While developed economies in North America and Europe currently account for the bulk of global interventional radiology revenues, future opportunities lie in fast growing medical markets of Asia Pacific and Latin America. Governments in emerging nations are allocating higher budgets for healthcare infrastructure development and modern equipment. With rapid economic development and rising disposable incomes, more patients can afford advanced interventions. In addition, developing regions continue to face a growing chronic disease burden mirrored by the developed West decades ago. This growing unmet clinical need and access to modern interventions can drive significant upside for the global interventional radiology market over the coming years. Companies need to devise innovative business models and affordable technologies to capitalize on this largely untapped potential.
Link: https://www.coherentmarketinsights.com/market-insight/interventional-radiology-market-5139
Key Development
- On February 27, 2024, Koninklijke Philips N.V, a health technology company, announced the launch of the Azurion neuro biplane system, designed to streamline neurovascular procedures and help care teams make the right decisions faster, treat more patients, and achieve better outcomes. The new interventional system features enhanced 2D and 3D imaging and X-ray detector positioning flexibility.
- In November 2023, Koninklijke Philips N.V., a medical technology company, announced that it had showcased the world’s first mobile MRI system with helium-free operations at RSNA23. BlueSeal MR Mobile, the industry’s first and only 1.5T fully sealed magnet, delivers patient-centric MRI services where and whenever needed.
- In August 2023, FUJIFILM Holdings Corporation, a medical device company, announced the launch of 1.5 Tesla magnetic resonance imaging (MRI) system, the ECHELON Synergy that uses deep learning technology to accelerate image acquisition and enhance brain image quality
Key Players: Shimadzu Corporation, Koninklijke Philips N.V, Siemens Healthcare GmbH, FUJIFILM Holdings Corporation, F. Hoffmann-La Roche Ltd, Advanced Brain Monitoring, Inc., Nihon Kohden Corporation, Mitsar Co. LTD., EMS Biomedical, Natus Medical Incorporated, Mennen Medical, Medicaid Systems, Atlantic Health System, Carestream Health, and Samsung Medison
