Interventional Radiology Market To Generate Revenue Worth $3,393.4 Million by 2030
- Published: October 2023
The global interventional radiology market size is set to be USD 3,393.4 million by 2030, witnessing 4.7% CAGR between 2024 and 2030. This can be attributed to the surging incidence of chronic disorders, growing aging population, rising adoption of new scientific methods, and increasing awareness of less-invasive methods.
Furthermore, changing lifestyles and people are focusing more on fast trends, which result in poor health management, giving rise to chronic and acute illnesses, and majorly circulatory and cardiovascular health is compromised. Thus, the population requires early diagnosis for the management of diseases, which can be possible by scanning techniques like CT, MRI, angiography, ultrasound, and others.
Moreover, entry of new players into the market, the rising investments, the promotion of several methods around the globe, surging research and development of radiological procedures, and increasing partnerships and collaborations among the companies, new players, and government are projected to drive the growth of the market during the forecast period. For example, in June 2023, Philips, a technology company entered into a collaboration with Polarean, a medical imaging company, to advance the field of hyperpolarized Xenon MRI for lung patients, with 3T MR 7700 system at the International Society for Magnetic Resonance in Medicine Annual Meeting & Exhibition.
Increasing Cases of Cardiovascular Diseases and Cancer Drives the Industry
The prevalence of cardiovascular diseases is slightly higher than cancer. According to Hackensack Meridian Health, some research has indicated that heart diseases may increase the risk of developing cancer. This is due to the rise in unhealthy lifestyles (dietary habits and lack of exercise) and the hereditary carrier of the disease. Early disease diagnosis can be made with imaging radiology, monitoring systems, and check-ups, which can help in making an accurate prognosis. For instance, according to the World Heart Federation (WHF), deaths due to cardiovascular diseases increased to 20.5 million in 2021 from 12.1 million in 1990. Similarly, as per the WHO, the deaths caused by cancer globally were nearly 10 million in 2020.
Moreover, the cardiovascular diseases category will show high growth, due to the rising prevalence of cardiovascular diseases, such as hypertension, one of the reasons being weak immune strength and poor health due to COVID-19. For instance, as per The BMJ, in 2020, around half the patients with COVID-19 had an increased risk of cardiac conditions. Thus, this factor drives the need for diagnostic professionals and tools such as radiology.
Geographically, North America leads the market for interventional radiology. This is due to the advancements in technologies, presence of well-developed healthcare infrastructure, increasing prevalence of cardiovascular diseases and cancer, the high disposable income of people, the surging awareness of the early diagnosis of diseases, the expansion of biopharma firms and their rising investments, and the entry of new players in the region for drug discovery and development. Moreover, the use of scanning techniques in early diagnosis, correct prognosis, and better quality of life have sparked research-based pharmaceutical companies’ interest in investing and entering the regional market.
Some of the major players operating in the interventional radiology market are 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.