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Interventional Radiology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 130 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4622528
The interventional radiology market is projected to register a CAGR of 6.47% during the forecast period, with a revenue of USD 21,261.62 million in 2020.

The COVID-19 outbreak had an impact on the interventional radiology market, as hospital and healthcare services were significantly reduced due to social distancing measures taken by governments across the world. Moreover, the pandemic affected the global economy and had a huge impact on the functioning of general hospital care for non-COVID-19 patients in hospitals globally. In August 2020, a research was published in the SAGE Public Health Emergency Collection, where the researchers studied the overall impact of the COVID-19 pandemic on interventional radiology services in Canada. The study found out that there was a 49.3% overall decrease in demand for acute interventional radiology services across Canada. About 88% of respondents in the study also reported an overall decrease in elective interventional radiology services during the pandemic. A similar scenario can be observed in other countries tackling COVID-19-related issues in 2020, which impacts the market.

The driving factor of the market is the rising trend of minimally-invasive procedures, owing to the cost-effective solutions and lesser hospital stay. With the help of minimally invasive techniques, patients are treated quickly and are usually discharged from the hospital on the same day. Most of these processes require imaging technology.

Innovations in imaging technologies, which provide real-time images to surgeons to show a comprehensive view of internal organs while diagnosing, are driving the interventional radiology market. The major fields of advancement are augmented reality and artificial intelligence. In contrast to virtual reality, where the field of vision for doctors includes no real images, augmented reality offers the ability to move objects (scopes and devices) inside the body and interact with its surroundings. This dynamic development has a variety of applications for image-led interventions. Artificial intelligence uses complex algorithms to detect abnormalities and anomalies in medical images, like CT scans and X-rays.

Chronic diseases persist, often for illnesses or chronic conditions such as heart disease, asthma, cancer, and diabetes. Heart disease is the leading cause of death worldwide. Cardiovascular diseases are the major causes of death globally. Until years ago, the treatment for heart disease meant opening a patient's chest to enter directly into the heart with surgery, which was very expensive and often exposed the patient to a high risk of infection.

According to GLOBOCAN 2020 figures, there were 19,292,729 new cancer cases diagnosed worldwide. The figures from GLOBOCAN 2020 pointed out that the incidence of new cancer cases in very high HDI (Human Development Index) countries was 8.9 million, followed by 7.4 million in high HDI countries. Medium and low HDI countries had 2.3 million and 0.7 million cases, respectively. The high incidence of cancer cases in countries with higher standards of living is primarily due to the availability and access to better diagnostic procedures. Interventional radiology equipment, like CT scanners and MRI systems, are used extensively for these procedures, due to which their demand is expected to increase.

The increasing preference for minimally-invasive procedures and the prevalence of chronic diseases are driving the interventional radiology market. The market is expected to grow steadily due to effective interventional procedures performed in lieu of surgery.

Key Market Trends

The Cardiology Application is Expected to Witness High Growth Over the Forecast Period

The pandemic had its effect even on the cardiology segment. In May 2020, an article appearing in the Journal of the American College of Radiology studied the changes in interventional radiology procedures during the COVID-19 pandemic. The study found that the number of interventional radiology procedures performed during the COVID-19 pandemic decreased from 1,710 to 919 (in a one-month period), constituting a 46% reduction compared to 2019. The study also found out that among CT-guided procedures, there was a 90% reduction in bone and central nervous system-related procedures.

Cardiac MRI does not use ionizing radiation and is employed for the detection or monitoring of cardiac diseases. It enables the evaluation of the heart's anatomy and functions in patients with heart diseases.​ According to a study titled ‘Collaborations Between Cardiology and Radiology on the Development of Clinical Programs (Cardiac Imaging)’ in 2019, most cardiology and radiology groups, both academic or private practice, are undergoing structural and cultural changes, with the increasing utilization of multimodality cardiac imaging. This indicates that the increasing utilization of interventional radiology in cardiology will boost the market’s growth.

The incidence of cardiovascular disorders in recent years has increased. According to the Centers for Disease Control and Prevention, one person in every 36 seconds died in the United States due to cardiovascular diseases every year, accounting for 655,000 American deaths from heart disease every year.

As per the study published in the American Heart Association’s medical journal Circulation, in 2020, cardiac MRI was employed to evaluate the myocardial pathology among athletes infected with COVID-19. The results revealed that the prevalence of myocarditis in athletes after contracting COVID-19 was found to be modest (3%), which could have been missed by conventional screening. This is a clear indication that having image-guided devices such as interventional radiology devices in cardiology that help diagnose and treat diseases will ease the process and help physicians maintain accuracy in treating the disease than any conventional method. This also helps in boosting the market's growth.​

In December 2020, RSIP Vision launched a new artificial intelligence ultrasound module for rapid and accurate point-of-care heart evaluations. The company is steadily expected to regain full strength in the market over the forecast period.

Thus, in view of the increasing incidences of cardiovascular diseases and new product launches, the studied market is expected to witness good growth over the forecast period.

North America to Expected to Dominate the Market Over the Forecast Period

The growing burden of chronic diseases due to changing lifestyles and the growing need for less expensive interventions are driving the market in the United States. Cardiac catheterization is widely used to diagnose and treat various heart diseases. More than a million cardiac catheterizations and angiographic procedures are performed annually in the United States.

Several radiology interventions can be used to treat cancer patients. For example, transarterial chemoembolization can interrupt blood supply to a tumor, while radiofrequency ablation (RFA) and microwave ablation can damage cancer cells themselves. According to the Global Cancer Observatory (GLOBOCAN) 2020 data, the United States has the second-highest number of prevalent cancer cases among all ages in the last five years globally. The same source also reports that the estimated count of prevalent cases of all types of cancer across all ages in the United States was 8,432,938 in the last five years. The high prevalence of cases indicates the increased need for radiology interventions for the treatment of patients, which will drive the demand for it in the region.​

In addition, new product developments and launches are expected to fuel the Canadian market growth over the forecast period. For instance, in May 2020, Guerbet, one of the global companies in medical imaging, announced the registration of Vectorio kit for imaging of hepatocellular carcinoma (HCC) in Canada. Vectorio is a set of Lipiodol resistant medical devices for imaging liver tumors in adults with known hepatocellular carcinoma during interventional oncology procedures.

The rising prevalence of chronic conditions such as cancer and diabetes and the prospects of minimally invasive, targeted treatments using imaging guidance are driving the market in the United States.

Competitive Landscape

The interventional radiology market is highly competitive and consists of global and local players across the world. Some of the companies that currently dominate the market include GE Healthcare, Fujifilm Holdings Corporation, Koninklijke Philips NV, Siemens AG, and Shimadzu Corporation, among others. However, with technological advancements, it is expected that some small and mid-sized companies will also penetrate the market in the future.

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Burden of Chronic Diseases
4.2.2 Technological Advancements in Interventional Radiology Devices
4.3 Market Restraints
4.3.1 Risk of High Radiation Exposure
4.3.2 High Cost of Equipment
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 Product
5.1.1 MRI Systems
5.1.2 Ultrasound Imaging Systems
5.1.3 CT Scanners
5.1.4 Angiography Systems
5.1.5 Fluoroscopy Systems
5.1.6 Biopsy Devices
5.1.7 Other Products
5.2 Application
5.2.1 Cardiology
5.2.2 Urology and Nephrology
5.2.3 Oncology
5.2.4 Gastroenterology
5.2.5 Other Applications
5.3 Geography
5.3.1 North America United States Canada Mexico
5.3.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.3.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.3.4 Middle-East and Africa GCC South Africa Rest of Middle-East and Africa
5.3.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Carestream Health
6.1.2 Esaote SPA
6.1.3 GE Healthcare
6.1.4 Fujifilm Holdings Corporation
6.1.5 Hologic Inc.
6.1.6 Koninklijke Philips NV
6.1.7 Shimadzu Corporation
6.1.8 Siemens Healthineers AG
6.1.9 Canon Medical Systems Corporation
6.1.10 Samsung Medison (Samsung Electronics Co. Ltd)
6.1.11 Medtronic PLC
6.1.12 Cook Medical

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Carestream Health
  • Esaote SPA
  • GE Healthcare
  • Fujifilm Holdings Corporation
  • Hologic Inc.
  • Koninklijke Philips NV
  • Shimadzu Corporation
  • Siemens Healthineers AG
  • Canon Medical Systems Corporation
  • Samsung Medison (Samsung Electronics Co. Ltd)
  • Medtronic plc
  • Cook Medical