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The interventional radiology products market is a critical component of the healthcare industry, and its focus is on devices and equipment used for minimally invasive procedures guided by medical imaging. This market has seen remarkable advancement attributed to increasing use of interventional radiology techniques that offer patients less invasive choices compared to typical surgeries. Interventional radiology employs up-to-date imaging modalities such as fluoroscopy, computed tomography (CT) and magnetic resonance imaging (MRI) when positioning catheters, stents and some other medical devices. The angiography systems, embolization devices, catheters, guidewires and interventional radiology consumables are among the many products in this market.
Shift towards minimally invasive procedures has been one of the major driving forces behind intervention Radiology Products Market growth. For example, patients and physicians increasingly prefer to use ir interventions over traditional surgical methods because they are characterized by reduced pain experience post procedure, faster recovery time and fewer complications which arise during the treatment process. As a result of this demand for better products to enhance accuracy as well as efficiency in interventional radiology procedures there continues to be continuous innovation within this market.
Increased prevalence of cardiovascular diseases has driven the segment of Angiography systems within Interventional Radiology Products Market significantly. These systems perform real-time imaging of blood vessels useful in diagnosing or treating conditions like coronary artery disease or peripheral vascular diseases. On the same note is embolization coils or particles applied in treatment processes for aneurysms and vascular malformations thereby occluding desired locations of blood flow.
Interventional radiologists employ catheters as well as guidewires while using these channels to navigate their device through blood vessels or may be any other body spaces where they operate from. Manufacturers have continued producing such goods with improved flexibility materials plus designs for easier handling purposes among patients seeking their services. Additionally, partaking in contrast agents enhances visualization of diverse medical conditions whereas balloons used in their treatment are also part of the Interventional Radiology Products Market.
Among other things, 3D imaging and real-time navigation are some of the technological advancements in imaging modalities that have significantly influenced interventional radiology products market. Consequently, these developments increase accuracy in procedures due to enabling healthcare practitioners view anatomical structures more clearly and accurately. Moreover, digital subtraction angiography (DSA) is gaining popularity in this market as it reduces radiation exposure for both patients and healthcare givers during interventional procedures.
In terms of well-developed healthcare infrastructure, high adoption rate of advanced medical technologies coupled with increasing aging population North America and Europe dominates in the Interventional Radiology Products Market. Nevertheless, this market is expanding across various global regions with Asia-Pacific and Latin America taking center stage. These latter regions have seen greater demand for these products particularly from countries that were at their later stages of development as a result of improved health infrastructure, awareness of minimally invasive techniques etc.
Regulatory complexities are some of the challenges faced by players in this market together with high costs on advanced interventional Radiology equipment plus availability trained human resource required perform such interventions. Approval process for new products require time hence slowing down how quickly innovative technologies can penetrate into markets. Moreover, maintaining updated interventional radiology equipment might not be easy especially within settings characterized by low-resource status thereby hindering effective functioning of healthcare facilities.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 5.80% (2023-2032) |
Interventional Radiology Products Market Highlights:
Global Interventional Radiology Products Market Overview
The Interventional Radiology Products Market Size was valued at USD 25.3 Billion in 2022 and is projected to grow from USD 26.8 Billion in 2023 to USD 42.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2023 - 2032). The prevalence of chronic diseases like cancer and cardiovascular conditions is increasing worldwide, and consumers are adjusting their preferences to less intrusive methods are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Interventional Radiology Products Market Trends
- Rise in prevalence of chronic diseases is driving the market growth
The global population's increasing prevalence of chronic diseases including cancer and cardiovascular problems would be a key factor in boosting the expansion of the market for interventional radiology goods. The need for interventional radiology technologies including CT scans, MRIs, and ultrasounds will rise as customer preferences for minimally invasive procedures alter, which will accelerate market growth. The growing emphasis on the creation of smart/digital inhalers is another important element contributing to the market's growth. Additionally, rising healthcare costs and a growing need for painless drug administration are the main factors boosting market expansion. The increase in applications will also have a favorable effect on the market's growth rate. The market for interventional radiology products will increase at a slower rate due to rapid urbanization, changing lifestyles, and rising disposable income levels in both developing and developed nations. Increased elderly population and a good reimbursement environment would boost the market for interventional radiology products.
Additionally, the market expansion of the interventional radiology products will benefit from the increase in research and development efforts related to this field and the improvement of imaging technologies. The market for interventional radiology products will continue to increase in the future due to rising demand from emerging regions and the introduction of innovative products. Thus, driving the Interventional Radiology Products market revenue.
Interventional Radiology Products Market Segment Insights
Interventional Radiology Products Type Insights
The Market segments of Interventional Radiology Products, based on Type includes stents, catheters, inferior vena cava (IVC) filters, embolization devices, thrombectomy systems, angioplasty balloons, biopsy needles, hemodynamic flow alteration devices, accessories, and other. In 2022, stents held the biggest market share for interventional radiology goods. The substantial proportion of this market can be attributable to the rising incidence of cancer and heart disorders as well as the rising frequency of angioplasty surgeries worldwide.
Interventional Radiology Products Application Insights
The Market segmentation of Interventional Radiology Products, based on Application, includes cardiology, oncology, gastroenterology, neurology, orthopedics, urology & nephrology, and others. The cardiology category dominated the market in 2022. Cardiology issues are growing more prevalent among adults and the elderly. The necessity for excellent treatment to treat this illness increases as patient’s age increases. Because of this, many nations are attempting to increase access to interventional radiology care.
Figure 1: Interventional Radiology Products Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Interventional Radiology Products End User Insights
The Interventional Radiology Products Market segmentation, based on end user, includes Hospitals, Clinics and Home Care Settings. The hospitals category dominated the market in 2022 due to increase prevalence of chronic diseases and presence of skilled professionals.
Interventional Radiology Products Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America held a 45.8% market share and a USD 11.6 billion revenue lead in the market of interventional radiology products, and it will maintain this lead during the projection period. This is because the area has established healthcare infrastructure and a number of important key stakeholders. Further, the U.S. market of Interventional Radiology Products held the largest market share, and the Canada market of Interventional Radiology Products was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: INTERVENTIONAL RADIOLOGY PRODUCTS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Europe Interventional Radiology Products market is anticipated to increase steadily. This is attributed to the region's growing cardiovascular disease patient population. Around 40% of adult and geriatric patients in Germany die from cardiovascular and chronic diseases. Further, the German market of Interventional Radiology Products held the largest market share, and the UK market of Interventional Radiology Products was the fastest growing market in the European region.
On the other hand, Asia-Pacific Interventional Radiology Products market is anticipated to experience the fastest growth rate over the projection period because of the region's growing senior population and increased prevalence of chronic diseases. The market is expanding primarily due to the rising geriatric population, expanding healthcare infrastructure, rising healthcare costs, and increasing acceptance of image-based therapeutic interventions. Moreover, China’s market of Interventional Radiology Products held the largest market share, and the Indian market of Interventional Radiology Products was the fastest growing market in the Asia-Pacific region.
Interventional Radiology Products Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the market of Interventional Radiology Products, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Interventional Radiology Products industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Interventional Radiology Products industry to benefit clients and increase the market sector. In recent years, the Interventional Radiology Products industry has offered some of the most significant advantages to medicine. Major players in the Interventional Radiology Products market, including Boston Scientific Corporation, Abbott, Cardinal Health, Cook, Stryker, B. Braun Melsungen AG, Terumo Corporation, General Electric, Koninklijke Philips N.V., Carestream Health, ESAOTE SPA, Hitachi, Ltd., Hologic, Inc., Shimadzu Corporation, Siemens Healthcare GmbH, CANON MEDICAL SYSTEMS CORPORATION, Samsung Medison Co., Ltd., Medtronic, Agfa-Gevaert Group, Teleflex Incorporated, Analogic Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Trivitron Healthcare, Toshiba International Corporation, and FUJIFILM Holdings Corporation, are attempting to increase market demand by investing in research and development operations.
Develops, produces, and sells printing systems and solutions under the name Konica Minolta Inc. Multifunctional peripherals (MFPs), equipment for graphic arts and production print systems, equipment for healthcare systems, and measurement tools for industrial and medical applications are all part of the company's product line. Additionally, it creates optical products, functional films, lighting source panels, and electronic materials for both industrial and commercial use. The business offers networking, services, and solutions for medical digitization. Additionally, Konica Minolta provides equipment for imaging, IoT, and visual applications. The business works through subsidiaries and affiliates in the Americas, Asia-Pacific, Europe and the Middle East, and Africa that are both consolidated and unconsolidated. The headquarters of Konica Minolta are in Tokyo, Japan's Chiyoda-ku. Konica Minolta Healthcare Americas introduced the Sonimage MX1 Platinum point-of-care ultrasound system in November 2022.
Fujifilm Holdings Corp. (Fujifilm) develops, produces, and sells imaging systems, material solutions, healthcare solutions, and document solutions. The business provides document solutions, including office supplies, printers for the workplace, allied production services, and international services. The company's main goods are color films, color paper and chemicals, photofinishing tools, electronic imaging and optical equipment, TV cameras, security lenses, healthcare items, graphic systems, flat panel display components, recording media, and industrial goods. Additionally, Fujifilm provides tools and materials for medicines, cosmetics, dietary supplements, cell culture medium and reagents, and medical systems. Both individual consumers and commercial entities are served by the corporation. The corporation operates in the Asia-Pacific, Europe, and the Americas. The headquarters of Fujifilm are in Minato-Ku, Tokyo, Japan. The Scenaria View Focus Edition Computed Tomography (CT) system, a high-end scanner with an advanced Cardiac Motion Correction function called Cardio StillShot, will go on sale in the United States in November 2022, according to a press release from Fujifilm Healthcare Americas Corporation.
Key Companies in the Interventional Radiology Products market include
- Boston Scientific Corporation
- Abbott
- Cardinal Health
- Cook
- Stryker
- Braun Melsungen AG
- Terumo Corporation
- General Electric
- Koninklijke Philips N.V.
- Carestream Health
- ESAOTE SPA
- Hitachi, Ltd.
- Hologic, Inc.
- Shimadzu Corporation
- Siemens Healthcare GmbH
- CANON MEDICAL SYSTEMS CORPORATION
- Samsung Medison Co., Ltd.
- Medtronic
- Agfa-Gevaert Group
- Teleflex Incorporated
- Analogic Corporation
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Trivitron Healthcare
- Toshiba International Corporation
- FUJIFILM Holdings Corporation
Interventional Radiology Products Industry Developments
October 2022 The new Omni Legend all-digital PET/CT platform from GE Healthcare was released to improve operational effectiveness.
February 2021Â The radial artery access portfolio was purchased by Medtronic (Ireland) from RIST Neurovascular, Inc. The company's product line in the market for interventional radiology goods was widened by this acquisition, which also improved its capacity to assist patients who require interventional neurovascular therapy.
Interventional Radiology Products Market Segmentation
Interventional Radiology Products Type Outlook
- Stents
- Catheters
- Inferior Vena Cava (IVC) Filters
- Embolization Devices
- Thrombectomy Systems
- Angioplasty Balloons
- Biopsy Needles
- Hemodynamic Flow Alteration Devices
- Accessories
- Other
Interventional Radiology Products Application Outlook
- Cardiology
- Oncology
- Gastroenterology
- Neurology
- Orthopedics
- Urology and Nephrology
- Others
Interventional Radiology Products End User Outlook
- Hospitals
- Clinics
- Home Care Settings
Interventional Radiology Products Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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