May 18, 2024

Interventional Radiology Is Estimated To Witness High Growth Owing To Advancement In Image-Guided Procedures

Interventional radiology involves minimally invasive medical procedures guided by imaging technologies such as X-ray, ultrasound, CT or MRI. It relies on image guidance for therapeutic and diagnostic interventions to treat various medical conditions without resorting to surgery. Advancements in imaging technology have enabled more complex procedures to be conducted with precision and improved patient outcomes. 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 growing prevalence of chronic diseases, rise in aging population and increasing demand for minimally invasive procedures are major factors driving the growth of the interventional radiology market. Technological advancements in imaging systems such as flat panel detectors, mini C-arms and new laser and ultrasound techniques have enabled procedures with improved accuracy.

Key opportunities in the market include expanding applications of robotic assisted surgeries, increasing adoption in emerging economies and development of advanced image-guided systems. Interventional radiology allows treatment of conditions previously managed through open surgery or through non-invasive methods alone which is expected to further spur market growth.

Market drivers

The growing demand for minimally invasive procedures over traditional surgical procedures is a key driver for the interventional radiology market. Minimally invasive procedures result in less pain, fewer complications, shorter hospital stays and faster recovery times. Technologies such as image guided biopsy, angioplasty, thrombectomy and vertebroplasty have enabled treatment of various medical conditions without large incisions or general anesthesia. This has boosted uptake of interventional radiology procedures. Rising prevalence of chronic diseases such as cardiovascular, oncology and musculoskeletal disorders worldwide also drives the need for image guided treatment options in interventional radiology.

Current challenges in the Interventional Radiology Market
The interventional radiology market analysis is facing challenges such as high cost of imaging systems and management. The equipment used in interventional radiology procedures such as CT scanners, angiography and fluoroscopy units are highly technologically advanced but also quite expensive posing significant investment costs for healthcare providers. Additionally, managing complex imaging workflows and data generated from these systems require specialized IT infrastructure and support which increases operational expenses. Lack of adequate healthcare insurance coverage or reimbursement for some interventional radiology procedures in certain regions also restricts market growth. Shortage of trained and skilled radiologists is another challenge due to lengthy education and training required for the specialization.

SWOT Analysis
Strength: Non-invasive procedures reduce risks, pain and recovery time compared to surgery. Precise image guidance improves safety and outcomes.
Weakness: High dependency on imported brands raises equipment and maintenance costs. Long learning curves limit skilled workforce availability.
Opportunity: Rising elderly population increases demand for minimally invasive treatments. Expanding applications in oncology, cardiology and vascular treatments open new revenue streams.
Threats: Stringent regulatory approvals delay product launches. Economic slowdowns affect healthcare spends negatively impacting market growth.

Interventional radiology finds widespread adoption in developed countries where value is concentrated currently. For instance, North America with advanced healthcare infrastructure and reimbursement mechanisms accounts for the largest regional market. In the U.S, favorable policies under the Affordable Care Act have augmented insurance coverage stimulating market revenues. Europe is another major regional market led by countries such as Germany, U.K, France that invest heavily in healthcare innovation.

The Asia Pacific region is poised to showcase the fastest market growth during the forecast period. This is attributed to expanding healthcare infrastructure, availability of low-cost skilled labor as well as rapidly growing medical tourism industries in nations like India, China and Singapore. Rising chronic disease prevalence increasing awareness about minimally invasive therapies also drives regional demand for interventional radiology.

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