The Interventional Radiology Market is estimated to be valued at US$ 25916.93 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Interventional radiology is a medical sub-specialty that provides minimally-invasive diagnosis and targeted treatment for various diseases. It utilizes guidance from medical imaging such as ultrasound, computed tomography, and fluoroscopy to position needles, catheters, and other devices in the body. Benefits of interventional radiology over traditional surgery include less pain, quicker recovery, reduced scarring and risk of infection.
Market key trends:
Growing use of interventional radiology in various diagnostic and therapeutic applications in hospitals and diagnostic centers is a major factor fueling the market growth. As per studies, around 27 million IR procedures were performed in 2016 and around 4 out of 5 hospital beds have some facility to provide IR services. Moreover, increasing geriatric population suffering from cancer, cardiovascular diseases etc. also requires minimally invasive procedures which further supports market expansion. Additionally, technological advancements including artificial intelligence enabled devices, robot assisted surgeries and hybrid operating rooms integration are resulting in wider scope and acceptance of interventional radiology over the forecast period.
Porter’s Analysis
Threat of new entrants: The Global Interventional Radiology Market Size has high capital requirements for technology investments and R&D creating significant barriers for new companies. Bargaining power of buyers: Individual patients have low bargaining power while healthcare providers and large hospital systems can negotiate with suppliers on price and contracts. Bargaining power of suppliers: Major suppliers like GE and Philips have significant bargaining power due to their technological expertise and dominance in the market. Threat of new substitutes: No significant substitutes currently available for image guided minimally invasive procedures. Competitive rivalry: Intense competition among key players to gain higher market share through product innovations, mergers & acquisitions, and expansion strategies.
SWOT Analysis
Strengths: Non-invasive imaging techniques and minimally invasive procedures help avoid risks of surgery. Technological advancements improve diagnosis and treatment effectiveness.
Weaknesses: High costs associated with equipment, training, and certification. Risk of radiation exposure during procedures.
Opportunities: Rising demand for minimally invasive treatments drives the adoption of interventional radiology technologies. Emerging applications in cancer care, vascular diseases, and neurology.
Threats: Stringent regulatory norms for new product approvals. Shortage of skilled interventional radiologists limits market growth.
Key Takeaways
The global interventional radiology market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing prevalence of chronic diseases like cancer, cardiac diseases and rising demand for minimally invasive procedures.
North America dominates the global interventional radiology market and is expected to continue its dominance over the forecast period owing to the technologically advanced healthcare infrastructure and rising healthcare expenditure. Asia Pacific is expected to grow at the fastest pace due to improving reimbursement policies, growing awareness among patients, rising medical tourism, and increasing healthcare expenditure.
Key players operating in the interventional radiology market are Siemens Healthineers AG, Shimadzu Corporation, Koninklijke Philips, Hologic, Inc., Fujifilm holdings corporation, Esaote SPA, Carestream Health, Samsung Medison (Samsung Electronics Co. Ltd), and Canon Inc. (Canon Medical Systems Corporation), among others. Major players are focusing on new product launches, collaborations and expansion strategies to gain higher market share.
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