Interventional Radiology Industry Analysis, Growth and Future Scope

NEW YORK - May 1, 2023 - PRLog -- According to the International Agency for Research on Cancer (IARC), 19,292,789 people across the world were diagnosed with cancer in 2020. As per the IARC, 604,100 esophagus cancer, 604,127 cervix uteri cancer, 905,677 liver cancer, 1,089,103 stomach cancer, 1,414,259 prostate cancer, 1,931,590 colorectum cancer, 2,206,771 lung cancer, and 2,261,419 breast cancer cases were recorded in 2020. The increasing incidence of cancer is generating extensive public awareness about the benefits of early disease detection and the vast demand for tumor ablation and radioembolization procedures.

Additionally, the increasing incidence of cardiovascular diseases (CVDs) will augment the need for cardiology procedures, such as transcatheter aortic valve replacement (TAVR), transcatheter aortic valve implantations (TAVI), and percutaneous coronary interventions (PCI). Thus, the burgeoning demand for oncology and cardiology procedures will help the interventional radiology market progress at a CAGR of 6.4% during 2019–2024. The market revenue will grow from $19.0 billion in 2018 to $27.3 billion by 2024. According to the World Health Organization (WHO), CVDs accounted for nearly 17.9 million deaths in 2019.

In recent years, interventional radiology product manufacturers, such as Siemens AG, Samsung Electronics Co. Ltd., Shimadzu Corporation, Koninklijke Philips N.V., Carestream Health Inc., General Electric Company, Esaote S.p.A, Canon Medical Systems Corporation, Hologic Inc., and Hitachi Ltd., have focused on introducing new products and getting approvals for their offerings to provide safe and quality products to end users. For example, in March 2018, GE Healthcare made the commercial launch of the LOGIQ E10 ultrasound system, which offers comprehensive tools to improve precision images to treat numerous diseases.

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According to P&S Intelligence, North America dominated the interventional radiology market in the preceding years due to the high healthcare expenditure and existence of advanced healthcare facilities in the region. Furthermore, the Asia-Pacific (APAC) region is expected to emerge as one of the prominent users of interventional radiology products in the upcoming years. This will be on account of the rising cases of chronic diseases, growing healthcare expenditure, improving healthcare infrastructure, increasing number of training programs and scientific meetings being conducted, and booming geriatric population in the region.

Therefore, the growing prevalence of cancer and CVDs and the soaring popularity of minimally invasive surgical procedures will lead to the large-scale adoption of interventional radiology products globally.