U.S. Interventional Radiology Market Insight 2031
The U.S. interventional radiology market size was valued at $7,664.24 Million in 2021, and is estimated to reach $13,222.36 Million by 2031, growing at a CAGR of 5.6% from 2022 to 2031.Interventional radiology is a minimal-invasive technique for diagnosing and treating cancer and other diseases. Interventional radiology is a range of technique which believes on image guided solutions (X-ray fluoroscopy, ultrasound, computed tomography [CT] or magnetic resonance imaging [MRI]) for giving therapy on targeted tissue only. It helps in imaging tests such as ultrasounds, CT scans, and MRIs, which help in the diagnosis of diseases and treatment of internal organs of the body.
In interventional radiology, the operation is performed or treatment is given by utilizing little instruments such as needles and tubes. Interventional radiology is performed without major surgery in which mainly small tools are put into the body through tiny cuts that can be as small as a pinhole.
The interventional radiology is used treating cancer, heart diseases, liver diseases, gall bladder stone, and kidney stone and is also used for performing angioplasty, embolization, angiography, gastrostomy tubes and others.
The major factors that drive the U.S. interventional radiology market is surge in number of elderly individuals, continuous increase in range of conditions that can be treated by interventional radiology therapy and rise in demand for image-guided solutions. This market also increased due to rise in demand for minimal invasive procedure, less risky treatment in patients and rise in diagnosis of diseases. The interventional radiology is also used for problems with blood vessels, such as narrowed arteries or blood clots and is also a way to treat kidney and gallstones and to place central IVs that go deep into your body for delivery of medicines. And the problem of heart, blood vessel, and gall bladder stone increases day by day so due to this application, the interventional radiology market is growing.
Increase in cases of bladder cancer, colorectal cancer, hepatic cancer, stomach cancer, lung cancer and breast cancer leads to rise in use of a number of interventional radiology products.
Furthermore, interventional radiology helps to cancer patients in a number of ways. It can directly treat the disease, prevent bleeding during surgery, and ease pain and cancer treatment side effects. Interventional radiology is also used to treat side effects of cancer like blood clots and fluid buildup in the body. It also helps the doctor to get direct access to the part of body that needs treatment. It has a main advantage that it minimally affects the adjacent tissues and organs; hence, causes little complications and shorter recovery time. Moreover, increase in initiatives by governments & non-governmental organizations to promote awareness about interventional radiology significantly contributes toward the growth of the industry.
However, unfavorable reimbursement scenario, 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. Due to these factors, the sales of premium interventional radiology product are minimum. Therefore, the hospitals and others adopted lower cost treatment in comparison to high-cost minimal invasive technique. The market growth of U.S. interventional radiology is also restrained due to strict regulatory rules in developing countries. Conversely, the introduction of new interventional radiology product into developing nations is anticipated to offer remunerative opportunities for the expansion of the global U.S. interventional radiology market during the forecast period.
Furthermore, the healthcare business in developing nations is predicted to grow significantly as a result of various reasons, including increased investment in both the public and private sectors, rise in chronic diseases, surge in number of cancer cases, and population expansion. Furthermore, an increase in healthcare spending is expected to promote the expansion of the healthcare business, which, in turn, is expected to fuel product demand.
Impact of Covid-19 on U.S. Interventional Radiology Market (Pre and Post Analysis)
The COVID-19 outbreak is anticipated to have a negative impact on the U.S. interventional radiology Market, as huge number of medical college and hospitals across the globe were restructured to increase the hospital capacity for patients diagnosed with COVID-19. The COVID-19 epidemic had a negative impact on IR training. The significant reduction in training opportunities due to postponed of nonessential surgery. Nonessential surgical procedures took a potential backlog due to rapidly rising COVID-19 cases; only elective emergency surgeries were performed. Cancer operations were postponed and home care setting care was preferred more.
The lockdown led to the disruption of manufacturing and transportation of healthcare essentials. However, currently, as the COVID-19 vaccination is increasing globally, surge in the demand for interventional radiology product is expected for these rescheduled surgeries of cancer, gall bladder stones and vessels related problem. Thus, such development is anticipated to bring stabilization and drive the growth of the market during the forecast period.
By Product Type
Stent Devices segment held a dominant position in 2021 and it will maintain the lead over the analysis period.
U.S. INTERVENTIONAL RADIOLOGY MARKET SEGMENTATION
The U.S. interventional radiology Market is segmented on the basis of product, procedure, application, and end user. On the basis of product, the market is classified into catheters, stents, angiography & angioplasty devices, embolization devices, biopsy devices, ablation devices and others. By procedure, it is categorized into angiography, balloon angioplasty, embolization, biopsy, vertebroplasty-kyphoplasty, ablation and others. By application, the market is segregated into oncology, cardiology, urology & nephrology, gastroenterology and others. Depending on end user, it is fragmented into hospitals, ambulatory surgical centers, and others.
Segment Review
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.
By Procedure
Balloon Angioplasty segment held a dominant position in 2021.
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 Application
Cardiology segment is considered as dominated segment in 2021.
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.
The key players operating in the U.S. interventional radiology market are Becton, Dickinson and Company, Boston Scientific Corporation, Teleflex Incorporated, Biosensor International Group, Ltd, Koninklijke Philips N.V., Hologic Inc., Cook Group Incorporated, Stryker Corporation, Siemens Ag, and Medtronic Plc.
By End User
Hospitals was holding a dominant position in 2021.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the U.S. interventional radiology market, current trends, and future estimations to elucidate the imminent investment pockets.
- It presents a quantitative analysis of the market from 2020 to 2031 to enable stakeholders to capitalize on the prevailing U.S. interventional radiology market opportunities.
- Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
- Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the U.S. interventional radiology market.
U.S. Interventional Radiology Market Report Highlights
| Aspects | Details |
 By Product |
|
 By Procedure |
|
 By Application |
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 By End User |
|
 Key Market Players | Koninklijke Philips N.V., Hologic Inc., Medtronic Plc., Cook Group Incorporated, Teleflex Incorporated, Siemens Ag, Stryker Corporation, Boston Scientific Corporation, Biosensor International Group, Ltd, Becton, Dickinson and Company |
Analyst Review
This section provides the opinions of the top level CXOs in the U.S. interventional radiology market. According to the insights of CXOs, interventional radiology is gaining high traction in the market, owing to increase in geriatric population, surge in heart and liver diseases, rise in incidence of lung cancer, breast cancer, colorectal cancer & bladder cancer. Furthermore, key players in the market are focusing on adopting strategies to increase the accessibility and utilization of interventional radiology products and accessories in developing economies.
The CXOs further added that interventional radiology provides image guided treatment that help doctors in removing plaque or clot from coronary artery and is also helpful in the treatment of cancer according to its location with minimal invasion. Furthermore, the market is highly competitive in nature, with major players focused on creating awareness regarding interventional radiology. Major players in the interventional radiology market host exhibitions and seminars to display and promote the use of interventional radiology products for diverse medical applications. The market gains interest of healthcare companies, owing to its unmet demands in the developing economies such as India and China, where the population is growing rapidly along with disease load.
America is expected to witness highest growth, in terms of revenue, owing to increase in cases of cancer of different organs, robust healthcare infrastructure, presence of key players, and in rise healthcare expenditure.
The total market value of U.S. Interventional Radiology market is $13,222.36 million in 2031
Top companies such as Boston Scientific Corporation, Teleflex Incorporated, Siemens Ag, Cook Group Incorporated, and Medtronic PLC. held a high market position in 2021. These key players held a high market postion owing to the strong geographical foothold in U.S., Europe and LAMEA.
Stent devices segment is the most influencing segment owing to the increasing prevalence of heart conditions such as chronic heart disease, atherosclerosis, heart attack, and increasing number of block coronary artery.
The forecast period for U.S. Interventional Radiology market is 2022 to 2031
The market value of U.S. Interventional Radiology market in 2021 is $7,664.24 million.
The base year is 2021 in U.S. Interventional Radiology market
Technological advancements in the interventional radiology product, surge in demand of minimally invasive treatment, increasing awareness and diagnosis, increasing prevalence of cancer cases and heart diseases are the key trends in the U.S. Interventional Radiology market report.
Yes, the U.S. Interventional Radiology market companies are profiled in the report.
Yes, the U.S. Interventional Radiology market report provides PORTER Analysis
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