The Global Interventional Radiology Products Market is estimated to reach over USD 40.76 billion by 2030, exhibiting a CAGR of 7.6% during the forecast period.
Interventional radiology is a medical speciality that focuses on using minimally invasive image-guided techniques to diagnose and treat patients. Radiological guidance systems and technologies such as x-ray, MRI, CT, fluoroscopy, and other modalities are employed in this medical specialty. The most common interventional radiological procedures conducted using these technologies are for the diagnosis of any underlying illnesses that the patient may have, which can be discovered by photography visualization. Interventional radiology is sometimes known as vascular radiology or interventional radiology (VIR). The increased prevalence of chronic diseases such as heart disease and cancer among the global population will act as the main driver, propelling the market forward. Consumer demand for minimally invasive procedures will drive up demand for interventional radiology technologies, including CT scans, MRIs, and ultrasounds, resulting in a quicker market growth rate. The growing focus on the development of innovative/digital inhalers is another major factor driving market expansion. Furthermore, rising healthcare costs and growing demand for painless drug administration are two significant aspects that will propel the market forward. Similarly, as the number of applications grows, the market's growth rate accelerates. Rapid urbanization, changing lifestyles, and increased disposable incomes in developing and developed countries will influence the rate of growth of the interventional radiology products market. The market for interventional radiology devices would benefit from an increase in the senior population as well as good reimbursement circumstances. On the other side, the high costs of digital radiology instruments such as CT scanners, X-ray systems, and MRI scanners will stifle industry growth. High radiation exposure and tough competition among market competitors will also pose challenges to the interventional radiology products market. Furthermore, a lack of trained workers and a lack of information will break down the market's growth rate, delaying it.
The Interventional Radiology Products market is categorized on the basis of type and application. Based on type, the market is segmented as Catheters, Stents, Inferior Vena Cava (IVC) Filters, Hemodynamic Flow Alteration Devices, Angioplasty Balloons, Thrombectomy Systems, Embolization Devices, Biopsy Needles, Accessories, and Other Interventional Radiology Products. By applications, the market is segmented into Cardiology, Urology & Nephrology, Oncology, Gastroenterology, Neurology, Orthopedics, and Other Applications.
Based on applications, the cardiology segment is accounted as a major contributor in the Interventional Radiology Products market
Cardiology, Urology & Nephrology, Oncology, Gastroenterology, Neurology, Orthopedics, and Other Applications are the market segments based on application. In 2019, the cardiology segment dominated the market. Cardiology problems are becoming increasingly common in the adult and geriatric populations. As patients grow older, the need for high-quality care to treat this illness grows as well. As a result, a number of countries are working to improve access to interventional radiology treatment.
The stents segment witnessed growth at a rapid rate.
The market is segmented based on type: Catheters, Stents, Inferior Vena Cava (IVC) Filters, Hemodynamic Flow Alteration Devices, Angioplasty Balloons, Thrombectomy Systems, Embolization Devices, Biopsy Needles, Accessories, and Other Interventional Radiology Products. Stents dominate the interventional radiology product market. The expanding incidence of cardiac illnesses and cancer, as well as the increasing number of angioplasty operations, performed globally, are responsible for the considerable share of this category.
The North America Interventional Radiology Products market holds a significant revenue share in the region.
In 2019, North America was the most important regional market for the market. The region's substantial market share is due to a high prevalence of chronic diseases, a growing elderly population, an increase in the usage of minimally invasive procedures, and the existence of prominent companies in the region. On the other hand, the interventional radiology products market in the Asia Pacific is estimated to grow at the quickest CAGR during the forecast period. The rising prevalence of chronic diseases, the growing demand for quality medical care, rising healthcare spending and government initiatives, increasing disposable income, growth in the medical device industry, and improvements in healthcare infrastructure in Southeast Asian countries are all significant factors driving the Asia Pacific market's growth.
Medtronic (Ireland), Boston Scientific Corporation (US), Becton, Dickinson and Company (US), Abbott (US), Cardinal Health (US), B. Braun Melsungen AG (Germany), Stryker (US), Terumo Medical Corporation (Japan), Cook Medical (US), Biosensors International Group, Ltd. (Singapore), Teleflex Incorporated (US), iVascular S.L.U. (Spain), Penumbra, Inc. (US), BIOTRONIK SE & Co. KG (Germany), ENDOCOR GmbH (Germany), Meril Life Sciences Pvt. Ltd. (India), Palex Medical (Spain), UreSil, LLC (US), Alvimedica (Turkey), Cardionovum GmbH (Germany), SMT (India), Medinol Ltd. (Israel), Comed B.V. (Netherlands), SCITECH (Brazil), Balton Sp. z o.o. (Poland), Rontis (Switzerland), and other prominent players