Global Interventional Radiology Products Market is flourishing owing to the rising chronic disease, rapid urbanization, and growing healthcare spending, along with the increasing desire for painless drug administration…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Interventional Radiology Products Market was worth USD 9.84 billion in the year 2021. The market is projected to grow at a CAGR of 7.6%, earning revenues of around USD 16.30 billion by the end of 2028. The Global Interventional Radiology Products Market is booming because of the growing geriatric population and a favorable reimbursement scenario is expected to boost the market for interventional radiology products. Moreover, in recent years, awareness of the importance of early-stage diagnosis and treatment, as well as its potential effect on patient recovery, has increased significantly across developing countries. Also, rapid urbanization, changing lifestyles, and rising disposable income levels in developing and developed countries, all have an impact on the growth rate of the interventional radiology products market. Furthermore, Global Interventional Radiology Products Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), cloud computing, and others. However, a lack of skilled professionals and a lack of awareness, in turn, may act as a huge restraining factor for the market growth.
Market Statistics are Driving Demand for Minimally Invasive Procedures Globally
One of the main factors fueling the growth of the interventional radiology market is the rising prevalence of chronic diseases among adults and geriatric patients, such as cancer and cardiovascular problems, which is raising the desire for less invasive treatment alternatives. Different intervention radiology technologies, including CT scan, MRI, ultrasound, and others, can treat patients with chronic conditions. Additionally, several psychological aspects of patients undergoing surgery have shown favorable signs for the market rise. This results in offering lucrative opportunities for the Global Interventional Radiology Products Market during the forecast period (2022-2028).
Because they are requiring a shorter hospital stay, thus minimally invasive operations have grown in popularity. These medicines have extended patients’ life expectancies and created a significant enough prevalence to significantly alter the market. The number of patients who rely on interventional radiology treatment has increased as a result of low-cost technology and cost-effective therapies. Furthermore, patients who receive the right care should experience a decreased risk and encounter fewer co-morbid diseases. As a result, the need for intervention radiology treatment has increased dramatically due to the steadily growing patient population, which will increase the acceptance rate for minimally invasive procedures.
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Challenge: Expensive Digital Radiology Equipment
On the other hand, the high cost of digital radiology equipment like MRI scanners, CT scanners, and X-ray systems would restrain market expansion. The market for interventional radiology products will also face challenges from dangers associated with excessive radiation exposure and fierce rivalry among market participants. The lack of knowledgeable workers and low levels of awareness, however, will serve as barriers and slow the market’s expansion even more.
Segmental Coverage
Global Interventional Radiology Products Market – By End-User
Based on end-user, the Global Interventional Radiology Products Market is segmented into Hospitals, Clinics, Ambulatory Surgical Centers, and Others. The hospital’s segment now has the biggest market share and is likely to continue to do so during the forecast period (2022-2028). The availability of board-certified, technologically advanced machines for interventional radiology accounted for the bulk of the market share. Delivering high-quality care plans is crucial, and so are keeping costs down and increasing efficiency. These are the main driving forces in this market category. These healthcare institutions offer affordable treatment options that benefit patients and insurers equally. Also, the popularity of receiving medical care in hospitals is increasing due to the accessibility of improved scanning equipment. Moreover, it is projected that the ongoing observation and detailed care plans provided in hospitals would boost patient choice for these healthcare institutions. Therefore, the adoption of interventional radiology in these hospitals is anticipated to be fueled by the rising hospital admissions and demand for improved treatments.
Impact of COVID-19 on Global Interventional Radiology Products Market
The COVID-19 outbreak had a marginally negative impact on the interventional radiology business because global hospital and healthcare services were affected by regulatory restrictions. Due to the upheaval of the healthcare industry, the pandemic had a huge impact on how general hospital treatments for patients who did not have COVID-19 were performed in hospitals around the world. The entire disruption caused by the pandemic in the healthcare industry was heavily burdened by the radiography domain. For instance, a SAGE Public Health Emergency Collection report released in August 2020 that looked at the effect of the COVID-19 pandemic on interventional radiology treatment in Canada revealed a 49.3% drop in the need for acute interventional radiology services across the country. The interventional study was slightly harmed by the COVID-19 epidemic. A comparable survey finding showed that 88% of people surveyed claimed that the pandemic harmed elective interventional radiology services.
As the operations were legal from the third quarter of 2020, the market did, nevertheless, recover to its pre-pandemic levels in 2021. The use of interventional radiology for elective treatments, such as nephrostomy, percutaneous abdominal illnesses, peritoneal dialysis, and catheter insertion, has also increased noticeably, according to a 2021 SAGE article on vascular and interventional radiology. Additionally, 19.3 million patients worldwide had their cancer identified utilizing interventional radiology techniques in 2020, according to statistics from GLOBECON. Therefore, in the later stages of the outbreak, the market demand was boosted by the rising prevalence of cancer patients and chronic diseases caused by lowered immunity during the COVID-19 pandemic.
Competitive Landscape
The leading market players in the Global Interventional Radiology Products Market are Medtronic, Becton, Dickinson and Company, Abbott, Cardinal Health, Stryker, Terumo Medical Corporation, Cook Medical, Penumbra, and Medinol Ltd. The Global Interventional Radiology Products Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Interventional Radiology Products Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Interventional Radiology Products Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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