The global interventional radiology market size is anticipated to expand at a substantial CAGR during the forecast period, 2021–2028. The gro wth of the market is attributed to the advantages of accuracy, minimal invasive technique, and reduced hospital stay.

Interventional radiology is a technique for the detection and treatment of patients with the use of minimum invasive image-guided procedure. This medical procedure is dependent on the instruments and radiological guidance systems such as MRI, fluoroscopy, X- ray, CT, and others. The main application for interventional radiological methods is to identify or diagnose any disorder present in the patient, which can be detected by the visualization of images.
As per the GLOBOCAN 2020 reports, as many as 19,292,729 new cancer cases were reported worldwide in 2019. The report further suggested that the frequency of new cancer-related cases in countries with very high HDI (Human Development Index) was 8.9 million as compared to 7.4 million in high HDI countries. For medium and low HDI countries, the figures were 2.3 million and 0.7 million respectively. High frequency of cancer in countries with higher development index is due to the presence of advanced diagnostic methods. Interventional radiology equipment such as MRI systems and CT scanners are extensively used for early diagnosis of several diseases, which is attributed to the high demand for the market in the near future.
The COVID-19 pandemic has adversely impacted the market due to emergency lockdowns that hampered the production of medical devices. As per the research study conducted by the SAGE Public Health Emergency Collection, there was around more than 49% decline in demand for interventional radiology facilities in Canada, in august 2020. A similar condition was observed in different countries as patients suffering from COVID-19 cases had surged in 2020 and sudden shift to the development of coronavirus testing devices and diagnostic kits.
Market Trends, Drivers, Restraints, and Opportunities
- Extensive research and development activities as well as huge funding by key player and government organizations are pushing the market for better growth in the near future.
- Rising awareness among the population for early diagnosis of diseases and high prevalence of cancer are the key factor for the market growth.
- Introduction of cost effective technology and reduced hospital stay are the major drivers boosting the market expansion at rapid pace.
- Risk of exposure to radiations and high cost of equipment are major restraining factors that can hinder the market growth in the coming years.
Scope of the Report
The report on the global interventional radiology market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Interventional Radiology Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Applications (Angiography, Embolization, Angioplasty, Biopsy & Drainage, Nephrostomy, Thrombolysis, and Vertebroplasty)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Philips Healthcare; Medtronic plc; Siemens Healthcare; Toshiba Medical Systems; Agfa-Gevert N.V; Hitachi Medical Corporation; Fujifilm Holdings; and Teleflex Incorporated
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Market Segment Insights
Angiography segment is expected to grow at a rapid pace
Based on applications, the global interventional radiology market is divided into angiography, embolization, angioplasty, biopsy & drainage, nephrostomy, thrombolysis, and vertebroplasty. The angiography segment is expected to grow at a rapid pace owing to benefits such as real-time imaging for improved treatment. Additionally, the increasing cases of cancer in the world is also boosting the segment growth. However, the biopsy & drainage segment is projected to exhibit a healthy growth rate in the near future owing to wide research activities in the field of biopsy medicines and drug development worldwide.

North America is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key market share during the forecast period owing to availability of highly advanced technology, innovative products, and extensive research activities in radiology. Furthermore, the huge funding offered by major players as well as government organization is propelling the market growth in the region. Additionally, the presence of highly skilled healthcare professionals and well developed healthcare infrastructure present key contributing factors for the regional market growth.
The Asia Pacific market, however, is anticipated to grow at a significant rate in the coming years due to the wide number of cancer patients and government policies in favor of the early identification techniques in the region. Moreover, the preference of radiologist for the interventional radiology techniques to establish advanced healthcare system in the region plays an important role for the market growth in Asia Pacific.

Segments
Segments Covered in the Report
The global interventional radiology market has been segmented on the basis of
Applications
- Angiography
- Embolization
- Angioplasty
- Biopsy & Drainage
- Nephrostomy
- Thrombolysis
- Vertebroplasty
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Philips Healthcare
- Medtronic plc
- Siemens Healthcare
- Toshiba Medical Systems
- Agfa-Gevert N.V
- Hitachi Medical Corporation
- Fujifilm Holdings
- Teleflex Incorporated
Competitive Landscape
The key market players competing in the global interventional radiology market are Philips Healthcare; Medtronic plc; Siemens Healthcare; Toshiba Medical Systems; Agfa-Gevert N.V; Hitachi Medical Corporation; Fujifilm Holdings; and Teleflex Incorporated.
