Market Snapshot

Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

North America

Key Players:

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Interventional Radiology Market

There is a rising trend of minimally-invasive procedures, owing to the cost-effective solution and lesser hospital stay. With the help of minimally-invasive techniques, patients are quickly treated and are often discharged from the hospital the very same day. Most of the minimally-invasive procedures require imaging technologies. Innovation in the imaging technologies, which provides real-time images to the surgeons to show a comprehensive view of internal organs, while diagnosing, is driving the interventional radiology market.

Chronic diseases are ongoing, generally incurable illnesses or conditions, such as heart disease, asthma, cancer, and diabetes. Cardiovascular diseases are the major causes of death, globally. Until recent years, treating heart disease meant opening the patient’s chest to directly access the heart, through surgery, which was expensive and often exposed the patient to a high risk of infection.

According to the WHO, an estimated 17.9 million people die from CVDs every year, representing 31% of all the global deaths. Of these deaths, an estimated 7.4 million are due to coronary heart disease and 6.7 million are due to stroke. These alarming numbers demand the development of safe and effective interventional procedures.

The increasing preference for minimally-invasive procedures and the prevalence of chronic diseases are driving the interventional radiology market. The market is expected to grow steadily, owing to effective interventional procedures performed in lieu of surgery.

Scope of the Report

Interventional radiology is the use of radiological image guidance (X-ray fluoroscopy, ultrasound, computed tomography [CT], or magnetic resonance imaging [MRI]) to precisely target the therapy. Most of the treatments that fall under IR are the minimally-invasive surgeries and the alternatives for open or laparoscopic (keyhole) surgery.

By Product
		MRI Systems
		Ultrasound Imaging Systems
		CT Scanners
		Angiography Systems
		Fluoroscopy Systems
		Biopsy Devices
		Other Products

By Procedure
		Angioplasty
		Angiography
		Biopsy and Drainage
		Embolization
		Thrombolysis
		Vertebroplasty
		Nephrostomy
		Other Procedures

By Application
		Cardiology
		Urology & Nephrology
		Oncology
		Gastroenterology
		Other Applications

Geography

North America
	United States
	Canada
	Mexico

Europe
	Germany
	United Kingdom
	France
	Italy
	Spain
	Rest of Europe

Asia-Pacific
	China
	Japan
	India
	Australia
	South Korea
	Rest of Asia-Pacific

Middle East & Africa
	Gulf Cooperation Council
	South Africa
	Rest of Middle East & Africa

South America
	Brazil
	Argentina
	Rest of South America

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Key Market Trends

Ultrasound Imaging Systems are Expected to Witness the Highest CAGR over the Forecast Period

Ultrasound imaging systems are a robust guidance tool for many interventional radiology procedures, such as biopsies, abscess drainage, and tumor ablation. The growth of the market studied is expanding the need for ultrasound support.

Ultrasound allows physicians to examine the internal organs without using radiation, and it is commonly used as the first method to check for vascular blockages and aneurysm. Developments in the cardiology and anesthesiology sectors have led to new therapies integrating interventional and surgical procedures. Hybrid operating suites are used for these procedures, combining the conventions of a surgical operating room with imaging technology.

The increased usage of hybrid operating suites, in a developed and mature market, is driving the demand and the use of ultrasound equipment in the market studied. Recent advancements in the image quality, improved workflow, and rising concerns over radiation dosage in other modalities are driving the ultrasound imaging systems.

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North America to Dominate the Market, during the Forecast Period

The growing burden of chronic diseases, owing to changing lifestyles and the rising need for cost-effective, minimally-invasive interventional procedures, are driving the market studied, in the United States.

Some of the common interventional procedures include angiography, balloon angioplasty, biliary drainage and stenting, fallopian tube catheterization, chemoembolization, and needle biopsy diagnostic test, among others. Cardiac catheterization is used extensively, for the diagnosis and treatment of various heart disorders. More than a million cardiac catheterizations and angiographic procedures are conducted every year, in the United States.

Several interventional radiology procedures can be used to treat cancer patients. For example, transarterial chemoembolization can cut off the blood supply to a tumor, while radiofrequency ablation (RFA) and microwave ablation may damage the cancerous tissue itself. According to the National Cancer Institute, in 2018, an estimated 1,735,350 new cases of cancer were expected to be diagnosed in the United States, and 609,640 people were likely to die from the disease.

The rising prevalence of chronic conditions, such as cancer, diabetes, and others, and the prospects of minimally-invasive, targeted treatments, using imaging guidance, are driving the market in the United States.

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Competitive Landscape

The interventional radiology market is highly competitive and consists of global as well as local players, across the world. Some of the companies that currently dominate the market include GE Healthcare, Hitachi Medical Systems, Koninklijke Philips NV, Siemens AG, and Shimadzu Corporation, among others. However, with technological advancements, it is expected that few small and mid-sized companies will also penetrate the market, in the future.

Major Players

* Complete list of players covered available in the table of contents below

1. INTRODUCTION
1. 1.1 Study Deliverables
2. 1.2 Study Assumptions
3. 1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
1. 4.1 Market Overview
2. 4.2 Market Drivers
  1. 4.2.1 Increasing Incidence and Prevalence of Chronic Diseases
  2. 4.2.2 Technological Advancements in Interventional Radiology Devices
3. 4.3 Market Restraints
  1. 4.3.1 Risk of High Radiation Exposure
  2. 4.3.2 High Cost of Equipment
4. 4.4 Porter's Five Forces Analysis
  1. 4.4.1 Threat of New Entrants
  2. 4.4.2 Bargaining Power of Buyers/Consumers
  3. 4.4.3 Bargaining Power of Suppliers
  4. 4.4.4 Threat of Substitute Products
  5. 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
1. 5.1 By Product
  1. 5.1.1 MRI Systems
  2. 5.1.2 Ultrasound Imaging Systems
  3. 5.1.3 CT Scanners
  4. 5.1.4 Angiography Systems
  5. 5.1.5 Fluoroscopy Systems
  6. 5.1.6 Biopsy Devices
  7. 5.1.7 Other Products
2. 5.2 By Procedure
  1. 5.2.1 Angioplasty
  2. 5.2.2 Angiography
  3. 5.2.3 Biopsy and Drainage
  4. 5.2.4 Embolization
  5. 5.2.5 Thrombolysis
  6. 5.2.6 Vertebroplasty
  7. 5.2.7 Nephrostomy
  8. 5.2.8 Other Procedures
3. 5.3 By Application
  1. 5.3.1 Cardiology
  2. 5.3.2 Urology & Nephrology
  3. 5.3.3 Oncology
  4. 5.3.4 Gastroenterology
  5. 5.3.5 Other Applications
4. 5.4 Geography
  1. 5.4.1 North America
    1. 5.4.1.1 United States
    2. 5.4.1.2 Canada
    3. 5.4.1.3 Mexico
  2. 5.4.2 Europe
    1. 5.4.2.1 Germany
    2. 5.4.2.2 United Kingdom
    3. 5.4.2.3 France
    4. 5.4.2.4 Italy
    5. 5.4.2.5 Spain
    6. 5.4.2.6 Rest of Europe
  3. 5.4.3 Asia-Pacific
    1. 5.4.3.1 China
    2. 5.4.3.2 Japan
    3. 5.4.3.3 India
    4. 5.4.3.4 Australia
    5. 5.4.3.5 South Korea
    6. 5.4.3.6 Rest of Asia-Pacific
  4. 5.4.4 Middle East & Africa
    1. 5.4.4.1 Gulf Cooperation Council
    2. 5.4.4.2 South Africa
    3. 5.4.4.3 Rest of Middle East & Africa
  5. 5.4.5 South America
    1. 5.4.5.1 Brazil
    2. 5.4.5.2 Argentina
    3. 5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
1. 6.1 Company Profiles
  1. 6.1.1 Carestream Health
  2. 6.1.2 Esaote SPA
  3. 6.1.3 GE Healthcare
  4. 6.1.4 Hitachi Medical Corporation
  5. 6.1.5 Hologic Inc.
  6. 6.1.6 Koninklijke Philips NV
  7. 6.1.7 Shimadzu Corporation
  8. 6.1.8 Siemens AG
  9. 6.1.9 Toshiba Medical Systems Corporation
  10. 6.1.10 Samsung Medison
7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments