Interventional Radiology Market by Product (MRI Systems, CT Systems, Ultrasound Systems, Angiography Systems), by Procedure (Angioplasty, Biopsy and Drainage, Embolization, Catheter-directed Thrombolysis, Vertebroplasty, Nephrostomy), by Application (Cardiology, Oncology, Urology and Nephrology, Gastroenterology, Obstetrics and Gynaecology), by End User (Hospitals, ASCs), by Geography (U.S., Canada, Germany, France, U.K., Italy, Spain, Japan, China, India, Australia, Brazil, Mexico, Saudi Arabia, South Africa) – Global Market Size, Share, Development, Growth and Demand Forecast, 2014–2024

Market Outlook

The interventional radiology market revenue stood at $19.0 billion in 2018, and the market is expected to advance at a CAGR of 6.4% between 2019 and 2024. The market is being driven by the increasing incidence of chronic diseases, surging geriatric population, growing popularity of minimally invasive procedures, and rapid technological advancements.

The magnetic resonance imaging (MRI) category, under the product segment, is currently leading the market, and it is predicted to progress at a CAGR of 6.8% from 2019 to 2024. This is credited to the technological advancements and high number of product launches in this category.

The angioplasty category, within the procedure segment, registered a CAGR of 5.6% in the market for interventional radiology systems between 2014 and 2018. Moreover, it is also predicted to dominate the market in the coming years, primarily because of the growing incidence of cardiovascular diseases.

The cardiology category is currently holding the largest share, under the application segment, owing to the large-scale usage of such equipment for treating cardiovascular diseases. Besides, the oncology category is predicted to advance at a CAGR of 6.4% during 2019­­–2024 due to the extensive usage of medical imaging systems for diagnosing different types of cancer.

The hospitals category, within the end user segment, is predicted to dominate the interventional radiology market in the coming years because of the existence of highly skilled healthcare professionals and a large patient pool in hospitals.

Market Dynamics

The burgeoning demand for minimally invasive procedures, increasing number of technological advancements, surging reimbursement rate for interventional procedures, and growing incidence of chronic diseases are some of the major market growth drivers.

The increasing number of research and development (R&D) activities being conducted is leading to several technological advancements in interventional procedures. These advanced products make the early diagnosis of chronic diseases possible, which, in turn, helps in their timely management.

For example, GE Healthcare’s image-guided systems equipped with enhanced visualization features are used in complex procedures, such as those used for treating chronic total occlusion and structural heart diseases. Additionally, the Azurion 7 and 3 models are suitable for percutaneous interventions as they provide improved visualization of the blood vessels and live guidance and simplify the procedure, thus saving time.

Besides, the rising incidence of chronic diseases, such as cancer and cardiovascular diseases, is driving the expansion of the market. Essentially, the surging demand for interventional cardiology procedures, such as transcatheter aortic valve replacement (TAVR), percutaneous coronary interventions (PCI), and transcatheter aortic valve implantations (TAVI), is propelling the interventional radiology market advance. Additionally, the growing public awareness about the advantages of early disease detection and soaring demand for tumor ablation and radioembolization procedures, due to the rising incidence of cancer, are supporting the market expansion.

The rural areas of several under-developed and developing countries are providing immense growth opportunities to the players in the interventional radiology industry. Due to the lack of proper healthcare facilities, patients in these areas do not have access to advanced diagnostic procedures. It was observed by the American College of Rheumatology in 2017 that the establishment of interventional radiology departments is difficult in small community hospitals in rural areas. This issue can only be resolved by collaborations and partnerships among organized radiology system manufacturers.

Competitive Landscape

Ongoing product launches and marketing approvals in the interventional radiology industry are expected to increase the market share of the key players in the coming years. For instance, in March 2018, GE Healthcare, a division of General Electric Company announced the commercial launch of LOGIQ E10 ultrasound system, that provides comprehensive tools to enhance precision images to treat a wide range of diseases. The system has remote control application, that helps in improving efficiency and patient experience.

Furthermore, in March 2017, the United States Food and Drug Administration (USFDA) approved Siemens AG’s Artis pheno robotic C-arm angiography system, for use in minimally invasive interventional procedures. Along with the zen40HDR flat panel detector and GIGALIX X-ray tube for high image quality, the product provides 2k recording technology, which enable the delivery of 2-D imaging resolution.

The global interventional radiology market is marked with the presence of several large players, such as Siemens AG, Koninklijke Philips N.V., General Electric Company, Canon Medical Systems Corporation, Hitachi Ltd., Samsung Electronics Co. Ltd., Carestream Health Inc., Esaote S.p.A, Hologic Inc., and Shimadzu Corporation.