Interventional Radiology Products Market to grow by USD 5.45 Billion from 2024-2028, driven by rising demand for minimally invasive surgeries and AI-powered market transformation - Technavio

NEW YORK, Oct. 25, 2024 /PRNewswire/ -- Report with the AI impact on market trends - The Global Interventional Radiology Products Market size is estimated to grow by USD 5.45 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  7.1% during the forecast period. Growing demand for minimally invasive surgical procedures is driving market growth, with a trend towards launch of new interventional radiology products. However, shortage of radiologists  poses a challenge.Key market players include Abbott Laboratories, Adept Medical Ltd., ASAHI INTECC CO. LTD., B. Braun Interventional Systems Inc., Blueneem Medical Devices Pvt. Ltd., Boston Scientific Corp., Cardinal Health Inc., Cook Group Inc., GE Healthcare Technologies Inc., Guerbet, ILUMARK GmbH, INRAD Inc., Koninklijke Philips N.V., Merit Medical Systems Inc., Seda SpA, Siemens Healthineers AG, Teleflex Inc., Terumo Corp., Tokai Medical Products Inc., and Uresil LLC.

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Key Market Trends Fueling Growth

Interventional radiology products are used to treat various medical conditions through minimally invasive procedures, utilizing image-guiding technologies. These conditions span vascular diseases, cancer care, and common health issues affecting men and women. Vendors are intensifying research and development to introduce advanced interventional radiology products and upgrade existing systems. In June 2024, B. Braun Interventional Systems launched new ACCEL All-Purpose and Biliary Drainage Catheters with TrueGlide Hydrophilic Coating for percutaneous drainage. Cook Group Inc. Announced the availability of its Slip-Cath Beacon Tip hydrophilic selective catheter in the US and Canada in January 2024. These product innovations will boost the demand for advanced interventional radiology procedures and fuel market growth during the forecast period. 

Interventional Radiology (IR) products play a crucial role in treating chronic diseases like cancer and cardiovascular problems. IR uses minimally invasive procedures, such as CT scans, MRIs, and ultrasounds, for accurate diagnosis. Advanced IR products include smart inhalers, IVC filters, stents, catheters, thrombectomy systems, angioplasty balloons, and biopsy needles. These devices are used in various medical fields like cardiology, oncology, gastroenterology, neurology, orthopedics, and urology. IR products are used in hospitals, clinics, and home care settings. With the rise in chronic diseases, the demand for IR products is increasing. Advanced therapeutics, such as IVC filters and thrombectomy systems, help reduce healthcare costs by minimizing hospital stays. Medical devices and digital health technologies are transforming IR, making procedures more efficient and effective. Healthcare insurance systems cover most IR procedures, making them accessible to a larger population.

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Market Challenges

• The radiology workforce crisis is a pressing issue in the healthcare industry, with the number of radiologists failing to keep up with the increasing demand for radiology services. In the US and India, for instance, the aging population and the rising prevalence of chronic diseases have driven in demand for radiology services. However, the number of radiologists graduating from training programs has not matched this trend. The expanding scope of radiology, fueled by advancements in medical imaging technology, has led to an increased volume of diagnostic and interventional procedures. This heightened need for skilled radiologists to interpret complex imaging studies and perform minimally invasive treatments is not being met. By 2028, the radiologist shortage is projected to rise from 30% to 40%. This shortage has significant implications for the healthcare industry. Longer wait times for patients requiring imaging services can potentially delay diagnoses and treatments, impacting patient outcomes. Overburdening existing radiologists can lead to burnout and reduced job satisfaction, further worsening the staffing crisis. Moreover, maintaining the quality of care becomes a challenge as the workforce becomes increasingly strained. Overburdening the existing workforce can impact the accuracy and efficiency of imaging interpretations, negatively impacting interventional radiology procedures and, ultimately, the growth of the interventional radiology products market during the forecast period.
• Interventional Radiology Products Market: Overcoming Challenges in Chronic Disease Management The Interventional Radiology Products market faces numerous challenges in catering to the growing demand for minimally invasive procedures in various medical specialties. These include Cardiology, Oncology, Gastroenterology, Neurology, Orthopedics, and Urology. Key products like Embolization devices, Thrombectomy systems, Angioplasty balloons, and Biopsy needles play a crucial role in treating chronic diseases such as Cardiac diseases, Inferior Vena Cava (IVC) filters, and Angioplasty procedures. Market expansion includes addressing challenges in Hospitals, Clinics, and Home care settings. Healthcare Insurance Systems, Medical devices, and Digital health technologies like remote patient monitoring and preventive care are crucial for managing chronic conditions. Advanced therapeutics, Genomics, Molecular diagnostics, and Personalized medicine are transforming treatment procedures. Cybersecurity threats and patient data safety are critical concerns. Healthcare professionals require adequate training and resources to effectively use these products. Rising healthcare expenditures, medical insurance coverage, medical tourism, and private healthcare also impact market growth. Urology and Nephrology, Treatment Procedures, and Cybersecurity threats are some of the current challenges. Collaboration between stakeholders, regulatory compliance, and continuous innovation are essential for market success.

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Segment Overview 

This interventional radiology products market report extensively covers market segmentation by

1. Type 
• 1.1 Stents
• 1.2 Catheters
• 1.3 Embolization devices
• 1.4 Inferior vena cava filters
• 1.5 Others
2. Application 
• 2.1 Cardiology
• 2.2 Urology and nephrology
• 2.3 Oncology
• 2.4 Gastroenterology
• 2.5 Others
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Stents-  Interventional radiology stents are essential medical devices used to treat various vascular conditions, including coronary artery disease and peripheral artery disease. Boston Scientific Corp. And other market players invest in research and development to enhance stent efficacy, safety, and compatibility with patient anatomy. In coronary artery disease, stents maintain arterial openness post-angioplasty, ensuring improved heart blood flow. Stents also address peripheral artery disease, restoring proper limb blood flow and reducing pain. For aneurysms, stents reinforce weakened arterial sections, preventing rupture and potential life-threatening complications. In venous diseases like deep vein thrombosis, stents keep veins open, reducing the risk of pulmonary embolism. Boston Scientific Corp.'s focus on improving stent technology will fuel market growth, ensuring optimal patient care and outcomes during the forecast period.

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Research Analysis

Interventional radiology is a subspecialty of radiology that uses minimally invasive techniques and image-guided procedures to diagnose and treat various chronic diseases, including cancer and cardiovascular problems. Interventional radiology products play a crucial role in this field, offering advanced therapeutics such as stents, catheters, and angioplasty balloons for the treatment of IVC filters, aneurysms, and other conditions. Imaging technologies like CT scans, MRIs, and ultrasounds are essential for accurate diagnosis, while smart inhalers and digital health technologies enable remote patient monitoring and preventive care. Advanced interventional radiology products include thrombectomy systems, embolization devices, and biopsy needles, which are used in the treatment of cardiovascular diseases and cancer. The integration of genomics, molecular diagnostics, and personalized medicine into interventional radiology is revolutionizing the way chronic conditions are diagnosed and treated, leading to improved patient outcomes and reduced healthcare costs.

Market Research Overview

Interventional radiology is a subspecialty of radiology that uses minimally invasive techniques and advanced therapeutic procedures to treat various chronic diseases, including cancer and cardiovascular problems. Interventional radiology products play a crucial role in this field, enabling the use of imaging technologies such as CT scans, MRIs, and ultrasounds to guide the placement of devices like stents, catheters, IVC filters, embolization devices, thrombectomy systems, angioplasty balloons, and biopsy needles. These products are used in various medical fields, including cardiology, oncology, gastroenterology, neurology, orthopedics, and urology, in hospitals, clinics, home care settings, and other healthcare facilities. The use of advanced therapeutics, digital health technologies, remote patient monitoring, and preventive care is driving the growth of the interventional radiology products market. Chronic conditions, such as cardiovascular diseases and cancer, are major drivers of healthcare costs, and interventional radiology offers cost-effective solutions through minimally invasive procedures. However, concerns around healthcare insurance systems, medical tourism, and private healthcare, as well as cybersecurity threats and patient data safety, are challenges that the market must address. The use of genomics, molecular diagnostics, and personalized medicine is also transforming the interventional radiology landscape, enabling individualized treatment plans for patients.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Type
• Stents
• Catheters
• Embolization Devices
• Inferior Vena Cava Filters
• Others
• Application
• Cardiology
• Urology And Nephrology
• Oncology
• Gastroenterology
• Others
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio