Global Interventional Radiology Market to Grow at a CAGR of 6.7% During 2024-2032, Aided by Technological Advancements

North America holds a significant market share due to the robust healthcare sector growth and the presence of leading pharmaceutical companies in the region. In the US, health spending increased by 4.1% from 2021 to 2022. In 2022, total national health spending in the country increased by USD 175 billion over 2021.

Hospital expenses and retail prescription drug spending are the two main spending categories that account for around one-third of the total spending growth. The rise was also attributed to rising administration costs, doctor and clinic expenses, long-term care, and medical supplies.

It is estimated that the number of Americans 65 and over will rise by 47%, from 58 million in 2022 to 82 million in 2050. Additionally, the share of this age group in the overall population is expected to increase from 17% to 23%. The growing geriatric population supports the interventional radiology market growth.

Partnerships among leading companies propel the market growth. In January 2024, Varian, a Siemens Healthineers company (OTCMKTS: SMMNY), collaborated with Nova Scotia Health to form an unprecedented 10-year, USD 175 million CAD multi-disciplinary oncology partnership (MDOP). The collaboration aims to accelerate the patient experience from screening to survivorship and provide value for the whole Nova Scotia Health System.

Together, Varian and Nova Scotia Health want to create the oncology environment of the future to spur change and increase survival rates. The Siemens Healthineers and Varian combination is actively working on optimising patient care across the cancer care pathway by developing ground-breaking solutions to improve workflows, increase efficiencies, and improve treatment precision. This is reflected in the multidisciplinary oncology partnership agreement, which highlights the synergistic value of the combination.

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Market Analysis by Products, Technology, Procedure, Application, End User, and Region:

• The market, on the basis of products, can be divided into MRI Systems, CT Scanners, ultrasound imaging systems, angiography systems, biopsy devices, and fluoroscopy systems, among others.

• On the basis of technology, the market can be divided into catheters, stents, inferior vena cava (IVC) filters, haemodynamic flow alteration (HFA) devices, angioplasty balloons, thrombectomy systems, embolization devices, biopsy needles, and accessories, among others.

• The market, on the basis of procedure, can be classified into angioplasty, angiography, embolization, thrombolysis, biopsy and drainage, vertebroplasty, and nephrostomy, among other procedures.

• Based on application, the market can be divided into cardiology, urology and nephrology, oncology, gastroenterology, and obstetrics, among others.

• The different end users for interventional radiology include hospitals, clinics, and ambulatory surgical centres, among others.

• The major regional markets for interventional radiology include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• According to the World Health Organisation (WHO), noncommunicable diseases (NCDs) account for 41 million annual deaths worldwide, equivalent to 74% of all fatalities. The growth rate of chronic diseases creates the interventional radiology market expansion.

• According to the United Nations, the global burden of disease is predicted to reach 56% by 2030, with 70% of all fatalities worldwide attributed to chronic diseases. With a growing geriatric population, imaging techniques such as CT scanners, MRI, and ultrasound imaging systems are widely used for clinical procedures.

• The incorporation of advanced technologies such as artificial intelligence (AI), fusion imaging, and robotics contributes significantly to product development. In order to provide individualised and efficient treatments, contemporary interventional radiologists are actively involved in the development of new technology.

• Growing research and development and product development in medical imaging equipment manufacturing processes further contribute to the market.

Table: Global Healthcare Expenditure (% of World GDP), 2018-22

Key Offerings of the Report:

• The EMR report gives an overview of the global interventional radiology market for the periods (2017-2023) and (2024-2032).

• The report also offers the historical (2017-2023) and forecast (2024-2032) markets for the products, technologies, procedures, applications, end users, and major regions of interventional radiology.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global interventional radiology market are General Electric, Koninklijke Philips N.V., Carestream Health, 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, Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Trivitron Healthcare, Stryker Corporation, Olympus Corporation, and Toshiba Medical Systems, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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