April 24, 2024

Interventional Radiology Market Set For 3.1% Growth By 2030

The interventional radiology market is in trends through digitalization. Interventional radiology involves minimally invasive medical procedures guided by integrated medical imaging technologies and administered by highly skilled physicians called interventional radiologists. Interventional radiology offers several advantages over traditional surgical procedures such as less pain, reduced risk of complications, shorter hospital stays, and faster recovery times. The global growth in cases of chronic diseases such as cancer, cardiovascular diseases and neurological disorders has increased the demand for minimally invasive interventions in recent years.

The Global Interventional Radiology Market is estimated to be valued at US$ 29856.31 Th in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the interventional radiology are Coltene Holding, Mocom, Dentsply Sirona, Euronda, W&H Dentalwerk, Midmark Corporation, Getinge AB, Tuttnauer, Shinva Medical Instrument Co. Ltd., and MELAG Medizintechnik GmbH & Co. KG, among others. The major players are focusing on new product innovations to consolidate their market position.

The growing prevalence of target diseases and awareness regarding the advantages of minimally invasive procedures over conventional surgery are fueling the demand for interventional radiology. Favorable government initiatives and investments in the healthcare infrastructure across major markets further support the market growth.

The interventional radiology market is expanding globally with emerging countries providing lucrative opportunities. Asia Pacific is expected to witness the fastest growth owing to improving healthcare infrastructure, rising medical tourism, and increasing incidence of chronic diseases in the region.

Market Key Trends
Digitalization is a key trend in the interventional radiology market with vendors integrating Artificial Intelligence (AI) and augmented reality into their devices. AI assists physicians in treatment planning and decision making for complex procedures. Meanwhile, augmented reality improves visualization and navigation during procedures minimizing radiation exposure. This makes surgeries more precise and improves clinical outcomes.

Porter’s Analysis
Threat of new entrants: The interventional radiology market size requires high initial investments in technology, which poses a barrier for new entrants. Bargaining power of buyers: Individual buyers have low bargaining power compared to large hospital systems and group purchasing organizations in this marketplace. Bargaining power of suppliers: A few large companies dominate the supply of core technology for interventional radiology procedures, giving them stronger bargaining power. Threat of new substitutes: While some minimally invasive surgical procedures can substitute for certain interventional radiology applications, the development and approval process for truly novel substitutes limits this threat. Competitive rivalry: Established industry players compete on the basis of technology performance, integration with IT systems, service quality, and expanded clinical applications to gain market share.

The geographical region where the interventional radiology market in terms of value is most concentrated is North America. This is due to factors like the early adoption of advanced medical technologies, established healthcare infrastructure, and favorable reimbursement policies. Another major regional market is Europe, where a large number of image-guided procedures are performed each year primarily due to the growing geriatric population and increasing burden of chronic diseases.

The fastest growing geographical region for the interventional radiology market is Asia Pacific. This is because countries like China, India and Japan are witnessing rapid economic development which is improving access to healthcare. Also, growing medical tourism and initiatives by governments to modernize hospitals are boosting investments in interventional radiology facilities across Asia Pacific.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it