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Interventional Radiology Global Market Report 2021: COVID-19 Growth and Change

Interventional Radiology Global Market Report 2021: COVID-19 Growth and Change

  • September 2021
  • 175 pages
  • ID: 6151377
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the interventional radiology market are Carestream Health, Siemens AG, Koninklijke Philips N.V., General Electric Company, Hitachi Medical Corporation, Canon Medical Systems Corporation, Toshiba Medical Systems, Medtronic plc, Shimadzu Corporation, Fujifilm Holdings Corp, Hologic Inc., Agfa-Gevert N.V, Esaote S.P.A., and Samsung Medison.

The global interventional radiology market is expected to grow from $17.57 billion in 2020 to $19.52 billion in 2021 at a compound annual growth rate (CAGR) of 11.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $27.13 billion in 2025 at a CAGR of 8.7%.

The interventional radiology market consists of sales of interventional radiology products and related services by entities (organizations, sole traders, and partnerships) that deal with the diagnosis and treatment of patients using minimally invasive image-guided procedures.Interventional radiology is a medical specialty that entails a variety of imaging procedures to get images of the internal organs.

These images are carefully interpreted by an interventional radiologist to identify injury and disease, as well as to execute a variety of interventional medical procedures. The market consists of revenue generated by the sales of the company’s manufacturing interventional radiology products and others.

The main types of products in the interventional radiology market are MRI, ultrasound imaging, CT scanners, angiography systems, fluoroscopy systems, biopsy devices, and others.MRI interventional radiology devices scan produce detailed images of the organs and tissues in the body.

The different procedures include angioplasty, angiography, biopsy and drainage, embolization, thrombolysis, vertebroplasty, nephrostomy and others and is used in cardiology, urology and nephrology, oncology, gastroenterology and others.

North America was the largest region in the interventional radiology market in 2020.Asia Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The implementation of illumination rendering technology is a key trend gaining popularity in the interventional radiology market.Companies operating in the interventional radiology sector are continuously focusing on introducing new technologies to survive in the interventional radiology market.

For instance, in January 2019, Canon medical system corporation, a Japan-based medical equipment company launched illumination rendering technology within its Vitrea platform.This technology allows doctors to interact with photorealistic visuals in real-time and see patient anatomy in three dimensions.

The technology will help clinicians and patients understand physiology and pathology, and forensic physicians will be able to visualize anatomy before autopsy reports and use global illumination to facilitate communications.

In August 2020, Seimens Healthineers, a Germany-based medical device manufacturer specializing in medical imaging, laboratory diagnostics, point of care diagnostics, and other segments acquired Varian for $16.4 billion. With this acquisition, Seimens plans to expand its cancer devices portfolio used for screening and treating different cancers. Varian is a UK-based medical technology company that provides products for radio-oncology treatments.

The increasing prevalence of cancer is expected to drive the growth of the interventional radiology market in the coming years.Cancer is a global health problem and is the second leading cause of death in the United States.

Interventional radiology uses a variety of techniques such as ablation, embolization, and irreversible electroporation (IRE) to treat cancer and cardiovascular disorders.For instance, according to the American Cancer Society, there were 1,806,590 new cancer cases and 606,520 cancer deaths in 2020 in the USA.

New cases of leukemia, lymphoma, and myeloma are expected to account for 9.9% of the estimated 178,520 new cases diagnosed in the USA in 2020 and in approximately every 3 minutes one person in the US is diagnosed with blood cancer. Hence, the increasing prevalence of cancer drives the growth of the interventional radiology market.

The countries covered in the interventional radiology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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