U.S. interventional radiology market is projected to reach $13,222.36 Million by 2031 | CAGR of 5.6%

According to a new report published by Allied Market Research, titled, " U.S. Interventional Radiology market by product type, by procedure type, application and end user: Global opportunity analysis and industry forecast, 2021–2030," the U.S. Interventional Radiology market size was valued at $7,664.24 Million in 2021 and is projected to reach $13,222.36 Million by 2031, growing at a CAGR of 5.6% from 2022 to 2031. 

Interventional radiology is the method of diagnosis and treatment of diseases. It is a minimal invasive technique. It provides image guided solutions and aids a doctor in the treatment of internal organs of the body without performing major surgery. It minimally affects the adjacent tissues and provides targeted therapy. Interventional radiology is performed by injecting a needle through a skin to the targeted tissues and give therapy on only targeted tissues. Therefore, it has faster recovery time and lesser risk or side effect on adjacent tissues or organs.

The growth of the U.S. interventional radiology market is majorly driven by rise in geriatric population; surge in number of patients suffering from block coronary artery, heart diseases, atherosclerosis, gall bladder stone, kidney stone & liver diseases as well as increase in cases of bladder cancer, colorectal cancer, lung cancer, & breast cancer cases, thus leading to rise in the number of ostomy surgeries.

Increase in prevalence of colorectal cancer, breast cancer, and bladder cancer cases is the main cause that boosts the utilization of interventional radiology. For instance, according to the National Cancer Institute of the U.S. Department of Health and

Human Services, about 151,030 new cases of colorectal cancer are expected to be diagnosed in the U.S. by the end of 2022. Furthermore, an estimated 1,369,004 people in the U.S. were living with colorectal cancer in 2019, and around 4.1% of men and women are expected to be diagnosed with colorectal cancer at some point of time in their life. For instance, according to a report by the American Cancer Society, in the U.S., approximately 1.9 million new cancer cases were expected to be diagnosed, with 608,570 cancer deaths in 2021.

According to this report, estimated new cancer cases of Female breast (281,550), Uterine cervix (14,480), Colon & rectum (149,500), Uterine corpus (66,570), Leukemia (61,090), Lung & bronchus (235,760), Melanoma of the skin (106,110), NonHodgkin lymphoma (81,560), Prostate (248,530), Urinary bladder (83,730) were diagnosed in 2021 in the U.S. 

Thus, the above-mentioned factors are anticipated to fuel the adoption of interventional radiological products & accessories.

In addition, technological advancements in image guided treatment of interventional radiology and surge in demand for minimal invasive technique that can prevent bleeding during surgery, and ease pain drive the market growth. Furthermore, the availability of cancer treatment according to the location of cancer in body and increase in initiatives by governments & key players to promote awareness about ostomy care significantly contribute toward the growth of the industry. 

In addition, technological advancements; launch of various products; strategies among the key players such as acquisition, collaboration, and agreement drive the interventional radiology market. For instance, in April 2021, Siemens AG, a global MedTech company announced that it has successfully completed the acquisition of Varian Medical Systems, Inc. (Varian), a medical equipment manufacturing company. This type of acquisition increases the growth of interventional radiology market.

However, unfavorable reimbursement scenario, such as increased cost of various radiological instruments such as X-ray systems, Magnetic Resonance Image (MRI) Scanners, and CT scanners is a key market restraint, particularly in developing countries. The growth of the U.S. interventional radiology market is also restrained due to strict regulatory rules in developing countries. On the contrary, surge in healthcare investments in public as well as private sectors, increase in patient population, unmet medical demands in developing economies in the U.S. are anticipated to open new avenues for the expansion of the intervention radiology market during the forecast period. By product, the stent segment generated maximum revenue in 2021, accounting for $2,768.32 million owing to rise in number of temporary as well as permanent heart surgeries. 

Depending on product, the stent segment held the largest share in the global U.S. interventional radiology market in 2021, and is expected to remain dominant during the forecast period, owing to upsurge of temporary as well as permanent block blood vessel surgeries among people suffering from narrowed or blocked coronary arteries, heart diseases, atherosclerosis and heart attack.

On the basis of procedure, the balloon angioplasty segment dominated the market in 2021, in terms of share, due to increase in number of blocked coronary artery cases. The ablation segment is expected to witness highest CAGR of 7.8% during the forecast period, owing to increase in cases of breast cancer, colon cancer, and lung cancer.

On the basis of application, the cardiology segment dominated the market in 2021, in terms of share. The oncology segment is expected to witness highest CAGR of 6.5% during the forecast period, owing to increase in number of bladder cancer, colorectal cancer, hepatic cancer, stomach cancer, lung cancer and breast cancer patients.

By end user, the hospitals segment exhibited the highest growth in 2021, owing to rise in-patient admissions suffering from coronary heart disease (CHD), atherosclerosis, aneurysms, and also for certain general surgeries, which might require heart care.

The ambulatory surgical centers segment is expected to witness highest CAGR of 6.5%, owing to surge in number cancer surgeries and increase in availability of technically skilled nurses for private practices.

Key Findings of the Study 

• Based on product type, the stent segment held the largest share in the U.S. interventional radiology market in 2021 and is expected to remain dominant during the forecast period.
• Based on procedure type, the balloon angioplasty segment held the largest share in the U.S. interventional radiology market in 2021.
• On the basis of application, the cardiology held the largest market share in 2021. 
• On the basis of end user, the hospitals segment held the largest market share in 2021 and is expected to remain dominant during the forecast period.