The global interventional radiology market size was USD 25.10 Billion in 2021 and is expected to register a revenue CAGR of 5.1% over the forecast period, according to the latest report by Reports and Data.
The global interventional radiology market size was USD 25.10 Billion in 2021 and is expected to register a revenue CAGR of 5.1% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is primarily driven by growing technological innovation in radiology services by major players along with rising demand for Magnetic Resonance Imaging (MRI) and Computed Tomography (CT) scans.
The inclination of consumers is evolving away from surgical treatments and toward less intrusive therapeutic approaches. Bowel blockage, band slippage, nausea and vomiting, and gallstones are a few of the possible dangers associated with surgery. Another aspect influencing revenue growth is the investment made by businesses in Research and Development (R&D) projects, product developments, new product launches, collaborations, and mergers and acquisitions along with the use of various technologies, such as artificial intelligence in interventional radiology is also driving market revenue growth. However, factors such as high costs of availing these services and a shortage of skilled healthcare personnel limit revenue growth of the interventional radiology market during the forecast period.
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Some Key Highlights From the Report
- Inferior Vena Cava (IVC) filters segment accounted for the largest revenue share in 2021. IVC filters are increasingly being used to avoid pulmonary embolism as the incidence of Deep Vein Thrombosis (DVT) rises as a result of variables such as obesity, cancer therapy, recent surgery, and pregnancy among others. The Centers for Disease Control and Prevention estimate that every year, about 900,000 Americans could be affected by DVT. Rising consciousness regarding DVT has eventually increased the revenue growth of the segment.
- The Computed Tomography (CT) scan segment is expected to experience a significant revenue growth rate over the forecast period. A Computed Tomography (CT) scan is a painless, non-invasive procedure that is typically used to evaluate virtually every part of the body and find any abnormalities (if any). The first choice of doctors to find any disease in the body is a CT scan as it is less expensive and produces accurate scan results quickly.
- The cardiology segment is expected to experience a major revenue share over the forecast period. Medical professionals utilize cardiovascular imaging to diagnose heart issues, assess whether a heart attack happened and the extent of the damage, pinpoint the cause of symptoms such as chest discomfort and shortness of breath, and evaluate the heart to see if therapies are having the desired results. With the aid of cardiac imaging, heart disorders such as arrhythmia, heart attacks, heart failure, heart valve dysfunction, pericardial disease, or disorder of the heart lining, as well as pediatric and congenital heart conditions, can be easily identified and treated with cardiology. Increasing number of patients suffering from heart diseases globally has resulted in significant revenue growth in this segment.
- North America is expected to register a significant revenue share in the global market over the forecast period. The rising prevalence of various diseases ultimately increases the need for early detection and effective treatment. It is frequently employed in early diagnosis of several cancers. According to data from the American Cancer Society, there might be 1.9 million new cancer diagnoses and 609,360 cancer-related deaths in the U.S. in 2022, translating to an average of 1,670 fatalities each day.
The ongoing pandemic is significantly changing the dynamics of the pharma and healthcare sector. Various countries are facing challenges such as shortage of medicines, vaccines, healthcare devices in hospitals. This is expected to open lucrative growth opportunities for market players in the coming years.
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Competitive Landscape:
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, merger and acquisitions, collaborations, and joint ventures to gain robust footing in the market.
Top Companies Profiled in the Report:
Koninklijke Philips N.V., General Electric Company, Hitachi, Ltd., Fujifilm Corporation, Toshiba International Corporation, Esaote spa, Siemens Healthcare GmbH, Samsung Medison Co., Ltd., Canon Medical Systems Corporation, and Medtronic.
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Interventional Radiology Market Segmentation:
Product Outlook (Revenue, USD Billion; 2019-2030)
- Magnetic Resonance Imaging (MRI)
- Angiography Systems
- Ultrasound Imaging
- Others
Application Outlook (Revenue, USD Billion; 2019-2030)
- Cardiology
- Oncology
- Urology and Nephrology
- Gastroenterology
- Others
Regional Outlook:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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This study aims to define market sizes and forecast the values for different segments and countries in the coming eight years. The study aims to include qualitative and quantitative perspectives about the industry within the regions and countries covered in the report. The report also outlines the significant factors, such as driving factors and challenges, that will determine the market’s future growth.
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