Interventional Radiology Devices Market worth USD 64,291.3 Million by 2033

The Market Statsville Group (MSG) publishes the new report on the "Interventional Radiology Devices Market by Product Type (Ultrasound Imaging Systems, MRI Systems, CT Scanners, Biopsy Devices, and Others), by Application (Cardiology, Urology, Oncology, Gastroenterology, Obstetrics, and Others), by End-User, by Region – Global Share and Forecast to 2033"

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. 

Interventional radiology devices are being increasingly used for cancer treatment due to their ability to offer precise, minimally invasive procedures. This trend is being driven by the growing demand for non-surgical alternatives to traditional cancer treatments such as surgery and chemotherapy. According to a report by the American Cancer Society, there were an estimated 1.9 million new cancer cases in the United States in 2021. Interventional radiology devices are being used for a wide range of cancer treatments, including tumor ablation, embolization, and radiation therapy. These procedures offer benefits such as reduced recovery time, fewer complications, and improved quality of life for patients. The American Society of Clinical Oncology (ASCO) has also recognized the potential of interventional radiology devices in cancer treatment. In a recent update to their guidelines for the treatment of hepatocellular carcinoma (HCC), ASCO recommended that interventional radiology techniques such as radioembolization be considered as a first-line treatment option for patients with inoperable HCC. Furthermore, the National Cancer Institute has recognized the benefits of interventional radiology devices for cancer treatment, citing their ability to deliver targeted treatment while minimizing damage to surrounding healthy tissue.

Favorable reimbursement policies have played a significant role in the growth of the interventional radiology devices market. For instance, the Centers for Medicare and Medicaid Services (CMS) in the US has increased the payment rates for certain interventional radiology procedures in recent years. This has led to an increase in the adoption of interventional radiology procedures, which in turn has driven the demand for interventional radiology devices.

Browse 101 market data Tables and 63 Figures spread through 248 Pages and in-depth TOC on Interventional Radiology Devices Market By Product Type, By Application, By End-User, By Region– Global Share and Forecast to 2033.

Global Interventional Radiology Devices Market Segmentation

The overall interventional radiology devices market has been segmented into product type, application, end-user and region.

• By Product Type (CT Scanners, Ultrasound Imaging Systems, MRI Systems, Angiography Systems, Biopsy Devices, and Others)
• By Application (Cardiology, Urology, Gastroenterology, Oncology, Obstetrics, and Others)
• By End-User (Hospitals & Clinics, Ambulatory Surgical Centres, and Others)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Hospitals & Clinics segment is projected to grow at the highest market share by End-User

Hospitals & clinics segment is expected to grow at the highest market share in 2022. hospitals are the primary location for complex medical procedures and surgeries, and interventional radiology is a specialized field that requires advanced technology and equipment. Hospitals have the infrastructure, resources, and skilled healthcare professionals needed to perform interventional radiology procedures safely and effectively. Further, clinics are increasingly adopting interventional radiology procedures to deliver minimally invasive treatments to patients. As clinics become more specialized, they are investing in advanced interventional radiology equipment to offer patients a wider range of services. Thus, hospitals and clinics are the major market segments for interventional radiology devices due to the specialized nature of the field, the need for advanced technology and equipment, and the increasing adoption of minimally invasive procedures in the healthcare industry.

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Asia Pacific accounts for the highest CAGR during the forecast period

Over the forecast period, the Asia Pacific market is expected to grow rapidly. The increasing prevalence of chronic diseases, such as cardiovascular diseases, cancer, and respiratory diseases, is driving the demand for interventional radiology procedures in the region. Additionally, the aging population in many countries in the region is also contributing to the growth of the interventional radiology devices market. Moreover, the Asia Pacific region is experiencing rapid economic growth and an increase in healthcare spending. This has increased demand for advanced medical devices, including interventional radiology devices. For instance, in 2020, the government of India allocated a budget of INR 69,000 crore (approximately $9.3 billion) for the healthcare sector, focusing on developing healthcare infrastructure in rural and remote areas. This is expected to lead to an increase in the adoption of interventional radiology procedures, which in turn will drive the demand for interventional radiology devices in the region. The region is also witnessing a rise in medical tourism, with patients from developed countries seeking medical treatments in Asian countries, further boosting the demand for interventional radiology devices.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the interventional radiology devices market. It also consists of the profiles of leading companies such as  General Electric, Koninklijke Philips N.V., ESAOTE SPA, Hitachi, Ltd., Carestream Health, Hologic, Inc., Shimadzu Corporation, Siemens Healthcare GmbH, Canon Medical Systems Corporation, Samsung Medison Co., Ltd., Teleflex Incorporated, Medtronic Plc, Agfa-Gevaert Group, Analogic Corporation, Stryker Corporation, Olympus Corporation, Toshiba Medical Systems. The key players' growing research and development activities for launching innovative healthcare devices with advanced features and strategic unions are expected to drive market growth.

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