According to the Market Statsville Group (MSG), the global interventional radiology devices market size was valued at USD 33,717.2 million in 2022, which is expected to reach USD 64,291.3 million by 2033, growing at a CAGR of 9.3% from 2023 to 2033. The increasing prevalence of chronic diseases, such as cancer and cardiovascular diseases, require interventional procedures. Additionally, the growing geriatric population and the rising demand for minimally invasive procedures fuel market growth. Advancements in technology and the development of innovative interventional radiology devices are also driving the market. For instance, developing drug-eluting stents, microcatheters, and embolic agents has significantly improved the efficacy and safety of IR procedures. Furthermore, favorable reimbursement policies and increased investments in healthcare infrastructure are also expected to contribute to the market’s growth. The rising adoption of image-guided surgeries and increasing demand for diagnostic imaging systems is also expected to boost the market.

Definition of the Global Interventional Radiology Devices Market

Interventional radiology (IR) devices are medical devices used to perform minimally invasive procedures with the aid of imaging techniques such as X-rays, ultrasound, and magnetic resonance imaging (MRI). These devices enable interventional radiologists to perform procedures such as angioplasty, embolization, biopsy, and drainage of abscesses with minimal risk to the patient. IR devices include catheters, guide wires, stents, embolic agents, and other specialized tools designed to be used during interventional procedures. These devices are used to diagnose and treat various medical conditions, such as cancer, peripheral vascular diseases, and neurological disorders, among others. 

COVID-19 Impact on the Global Interventional Radiology Devices Market

The interventional radiology devices market has been affected by the COVID-19 pandemic, with both positive and negative impacts. On the positive side, the demand for interventional radiology devices has increased due to the rise in the number of patients with COVID-19-related complications, such as pulmonary embolisms and deep vein thrombosis. The use of interventional radiology devices to treat these complications has increased the demand for devices such as catheters and embolic agents. However, the COVID-19 pandemic has also negatively impacted the market by causing delays in non-urgent procedures and reducing the number of elective surgeries. The postponement of non-essential procedures has decreased demand for certain interventional radiology devices, such as stents and embolic agents. Additionally, many hospitals and clinics have had to delay purchasing new equipment due to budget constraints caused by the pandemic. The disruption in the global supply chain caused by the pandemic has also impacted the interventional radiology devices market. The supply of certain components and materials needed to manufacture these devices has been affected, leading to shortages and delays in production and distribution.

Global Interventional Radiology Devices Market Dynamics

Drivers: Surging Prevalence of Chronic Diseases

The increasing prevalence of chronic diseases such as cancer, cardiovascular disease, and neurological disorders has been a major driving factor for the growth of the interventional radiology devices market. As the population ages and lifestyles become more sedentary, the incidence of chronic diseases is on the rise, which has led to an increase in the demand for interventional radiology procedures. Interventional radiology devices play a critical role in diagnosing and treating these chronic diseases. For instance, catheter-based interventions are commonly used to treat cardiovascular diseases, while minimally invasive procedures using interventional radiology devices are used to diagnose and treat cancer and neurological disorders.

According to a World Health Organization (WHO) report, chronic diseases account for 71% of all deaths globally, with cardiovascular diseases and cancer being the leading causes. In the United States, the Centers for Disease Control and Prevention (CDC) states that chronic diseases account for 6 out of 10 deaths, with heart disease and cancer being the top two causes. Interventional radiology devices play a critical role in diagnosing and treating chronic diseases. For instance, according to the American Heart Association, catheter-based interventions are used to treat coronary artery disease, affecting an estimated 16.5 million Americans. Similarly, the American Cancer Society states that minimally invasive procedures using interventional radiology devices are used to diagnose and treat a variety of cancers, such as liver and lung cancer.

Restraints: Risk of High Radiation Exposure

The use of interventional radiology devices often involves exposure to ionizing radiation, which can pose a risk of radiation-related adverse health effects to both patients and healthcare workers. This risk is a major restraining factor for the interventional radiology devices market. According to the National Institutes of Health (NIH), exposure to ionizing radiation is a risk factor for cancer and can also cause other adverse health effects, such as skin damage, cataracts, and cardiovascular disease. The NIH recommends that medical professionals take steps to minimize radiation exposure during interventional procedures, such as using lead aprons, collars, and glasses to protect themselves and their patients.

In addition to the health risks, there are also concerns about the cost of interventional radiology procedures, which can be more expensive than other imaging or diagnostic tests. According to a report by the American College of Radiology (ACR), the cost of interventional radiology procedures varies widely, with some procedures costing thousands of dollars. This cost can be a significant burden for patients and may limit access to these procedures.

Opportunities: Technological Advancements with Respect to Interventional Radiology Device

The interventional radiology devices market is witnessing significant growth due to technological advancements in the field. Advancements in technology have revolutionized interventional radiology, providing innovative treatment options and improving patient outcomes. Manufacturers are introducing new and advanced interventional radiology devices that are more efficient, accurate, and less invasive, leading to faster recovery times and improved patient experience. One such advancement is the use of robotics in interventional radiology procedures. Robotics provides the ability to perform minimally invasive procedures with greater precision and accuracy, reducing the risk of complications and improving patient outcomes.

Additionally, robotics allows for remote-controlled procedures, enabling healthcare providers to perform interventional radiology procedures from a distance. Another advancement is using three-dimensional (3D) imaging technologies, such as cone-beam computed tomography (CBCT), allowing more accurate image-guided procedures. This technology provides detailed, real-time images of the internal organs and tissues, improving the accuracy and efficiency of interventional radiology procedures.

Scope of the Global Interventional Radiology Devices Market

The study categorizes the interventional radiology devices market based on product type, end-user and application area at the regional and global levels.

By Product Type Outlook (Sales, USD Billion, 2019-2033)

• MRI Systems
• CT Scanners
• Ultrasound Imaging Systems
• Angiography Systems
• Biopsy Devices
•  Others

By Application Outlook (Sales, USD Billion, 2019-2033)

• Cardiology
• Oncology
• Urology
• Gastroenterology
• Obstetrics
• Others

By End-User Outlook (Sales, USD Billion, 2019-2033)

• Hospitals & Clinics
• Ambulatory Surgical Centres
• Others

By Region Outlook (Sales, USD Billion, 2019-2033)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Italy
  • France
  • UK
  • Spain
  • Poland
  • Russia
  • The Netherlands
  • Norway
  • Czech Republic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Singapore
  • Australia & New Zealand
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Colombia
  • Rest of South America
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Northern Africa
  • Rest of MEA

Cardiology segment accounts for the largest market share by application

Based on the application, the market is divided into cardiology, oncology, urology, gastroenterology, obstetrics, and others. The cardiology segment is expected to dominate the market share in 2022 in the global interventional radiology devices market. The increasing prevalence of cardiovascular diseases such as coronary artery disease, hypertension, and stroke, along with the growing aging population, has led to a surge in demand for minimally invasive procedures for diagnosis and treatment. Interventional radiology devices such as angioplasty balloons, stents, and catheters are widely used in cardiology procedures. Technological advancements in interventional radiology devices have also resulted in the development of more effective and efficient devices, driving the growth of the cardiology segment in the interventional radiology devices market. The rising adoption of image-guided interventions and the increasing demand for minimally invasive procedures are contributing to the segmental growth in the interventional radiology devices market.

North America is expected to witness the largest market share by Region

Based on the regions, the global interventional radiology devices market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America is projected to account for the highest market share in 2022. One major factor is the high prevalence of chronic diseases such as cancer, cardiovascular diseases, and neurological disorders. As per the Centers for Disease Control and Prevention (CDC), the United States had the highest cause of death due to heart disease, accounting for approximately 655,000 deaths annually. Additionally, the American Cancer Society estimated that there were about 1.8 million new cancer cases in the United States in 2020. These chronic diseases often require interventional radiology procedures for diagnosis and treatment, thus driving the demand for interventional radiology devices in the region. Moreover, the increasing geriatric population in North America is a major factor contributing to the growth of the interventional radiology devices market.

Key Market Players in the Global Interventional Radiology Devices Market

The interventional radiology devices market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major key players in the global interventional radiology devices market are:

• General Electric
• Koninklijke Philips N.V.
• Carestream Health
• ESAOTE SPA
• 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
• Stryker Corporation
• Olympus Corporation
• Toshiba Medical Systems

Key Issues Addressed

• What is the market size by various segmentation of the interventional radiology devices by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the interventional radiology devices market?
• What are the key opportunities and trends for manufacturers involved in the interventional radiology devices supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of interventional radiology devices in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.