Global Interventional Radiology Market Report and Forecast 2024-2032

Global Interventional Radiology Market Outlook

The global interventional radiology market size was valued at USD 24.20 billion in 2023, driven by rising incidence of geriatric population across the globe. The market is expected to grow at a CAGR of 6.7% during the forecast period of 2024-2032, with the values likely to attain USD 43.37 billion by 2032.

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Global Interventional Radiology Market Overview

Interventional radiology (IR) refers to a collection of methods that direct medical imaging like x-ray fluoroscopy, magnetic resonance imaging, computed tomography, or ultrasound to guide medical therapies via very small incisions specifically towards the internal structure of the body. The interventional radiology market growth is driven by several factors including its expanded application across different domains like cardiology, musculoskeletal interventions, oncology, and neurology. The rising prevalence for minimally invasive procedures, along with patient centric approaches, personalized treatment plans and integration of artificial intelligence and robotics, also contribute to the rising market value.

New Product Launches to Meet the Rising Interventional Radiology Market Demand

In May 2023, United Imaging  launched an entire range of products imaging and digital solutions, enabled with artificial intelligence capacity across multiple modalities. Some of the notable inventions include the uRT-linac 506c, a LINAC device that combines a diagnostic CT imager and a linear accelerator to offer continuous treatment simulation. Other cutting-edge solutions include PET/CT uEXPLORER®, the uMR® Jupiter 5.0T, uMI Panorama™, and the ultra-high-field preclinical 9.4T MR.

The interventional radiology market share is poised to grow further with multiple companies stepping up to unveil innovative and technology driven equipment. In September 2023, Canon Medical Systems Corporation  introduced Alphenix Sky 12 HD interventional system that offers twice as much better resolution than the conventional flat panel detectors. With the new 12” × 12” high-definition (Hi-Def) detector, the system aims at offering improved interventional imaging efficiency for multiple domains, including neurology, cardiology, oncology, and pediatric care.

Surge in Investments to Offer Improved Solutions

In June 2023, Flow Medical , a University of Chicago startup, received a USD 1 million investment to develop and commercialize their latest multi-function catheter to help diagnose and treat venous thromboembolic disease. The funds are expected to expediate the device development and testing process so as to facilitate the submission for FDA 510(k) approval by the first quarter of 2025. The growth in investments for enhanced research activities in poised to boost the interventional radiology market growth in the forecast period.

Increasing Integration of Artificial Intelligence Based and Smart Solutions

The healthcare landscape is witnessing rising integration of smart and artificial intelligence run solutions. To offer improved patient and staff experience and drive operational efficiency at a lower cost of care, leading healthcare companies such as Royal Philips  have started developing and applying smart connected imaging systems into relevant treatment plans. For instance, MR 5300 is an artificial intelligence run technology that automates several compound clinical and operational tasks to enhance clinical decision-making and speed up the imaging process. The rising application of latest technologies in the radiology scenario is likely to drive a significant upswing in the interventional radiology market size.

In addition, the advent of Phillips MR 7700 in 3.0T imaging is a breakthrough as it facilitates an enhanced gradient system for better imaging results. Along with an improved image quality, it has reduced the scan time by 35% enabling and allows imaging six different nuclei at the same time, which has been a major help for radiologists.

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Global Interventional Radiology Market Segmentation

Market Breakup by Products

• MRI Systems

• CT Scanners

• Ultrasound Imaging Systems

• Angiography Systems

• Biopsy Devices

• Fluoroscopy Systems

• Others

Market Breakup by Technology

• Catheters

• Stents

• Inferior Vena Cava (IVC) Filters

• Hemodynamic Flow Alteration (HFA) Devices

• Angioplasty Balloons

• Thrombectomy Systems

• Embolization Devices

• Biopsy Needles

• Accessories

• Others

Market Breakup by Procedure

• Angioplasty

• Angiography

• Embolization

• Thrombolysis

• Biopsy and Drainage

• Vertebroplasty

• Nephrostomy

• Other Procedures

Market Breakup by Application

• Cardiology

• Urology and Nephrology

• Oncology

• Gastroenterology

• Obstetrics

• Others

Market Breakup by End User

• Hospitals

• Clinics

• Ambulatory Surgical Centres

• Others

Market Breakup by Region

• North America

• Europe 

• Asia Pacific

• Latin America

• Middle East and Africa

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Global Interventional Radiology Market Regional Analysis

The United States is anticipated to lead the global market owing to the presence of prominent healthcare companies. The presence of a robust healthcare infrastructure aids the market share as well. The region is witnessing continuous infrastructure related developments. In October 2023, Children’s Hospital Los Angeles  opened a new interventional radiology suite with latest technology aimed at improving patient care. This hospital is likely to contribute significantly to the rising interventional radiology market share in the coming years.

The new diagnostic facility for children includes state-of-the-art machinery that combines fluoroscopy and CT scanning. It also includes a biplane angiography machine to allow radiologists to make videos during X-ray procedures. The opening of such facilities is expected to improve the accessibility for advanced imaging alternatives, ensuring quality care and patient safety.

Global Interventional Radiology Market: Competitor Landscape

In January 2023, GE Healthcare  acquired Imactis, a French CT interventional guidance technology to strengthen their imaging technology portfolio by leveraging the IMACTIS CT-Navigation system. An ergonomic universal solution, CT-Navigation™ offers stereotactic needle guidance for continuous and pre-planned control across several diagnostics to treatments. With this acquisition, GE has showed the intent of expanding their technologies into image guided therapies business to maximize growth.

The key features of the interventional radiology market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• General Electric

• Koninklijke Philips N.V.

• Carestream Health 

• Hitachi, Ltd.

• Hologic, Inc.

• Shimadzu Corporation

• Siemens Healthcare GmbH

• Canon Medical Systems Corporation 

• Samsung Medison Co., Ltd.

• Medtronic Plc

• Agfa-Gevaert Group 

• Teleflex Incorporated

• Analogic Corporation

• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

• Trivitron Healthcare

• Stryker Corporation

• Olympus Corporation

• Toshiba Medical Systems

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report