Report Overview

Global Interventional Radiology Products Market is flourishing owing to the rising prevalence of chronic diseases and shifting consumer preferences toward minimally invasive procedures like CT scans, MRIs, as well as ultrasounds along with the growing attention on the development of smart/digital inhalers...

Global Interventional Radiology Products Market - Industry Trends & Forecast Report 2028

Global Interventional Radiology Products Market was worth USD 9.84 billion in 2021 and is further projected to reach USD 16.30 billion by the year 2028, exhibiting a CAGR of 7.6% during the forecast period (2022-2028). The rapid expansion of the market is predominantly due to the rising prevalence of chronic diseases, which drives up demand for high-quality scanning, X-ray vision, and treatment devices in hospitals and other healthcare settings. As a result, many countries are emphasizing the development of novel strategies to improve people's access to high-quality care. Additionally, over the past few years, the interventional radiology treatment procedure has greatly improved. Also, many governmental and non-governmental groups are stepping forward to raise awareness of chronic diseases and the use of interventional radiology in their treatment. For instance, the World Health Organization (WHO) is working hard to maintain and improve care for people with cardiovascular and cancer diseases around the world. These governmental entities aim to guarantee that patients have access to top-notch medical care and prompt ailment diagnosis.

Interventional Radiology - Overview

To diagnose and treat patients, interventional radiology focuses on using minimally invasive image-guided procedures. This field of medicine makes use of radiological guidance systems and apparatus, including x-ray, MRI, CT, fluoroscopy, and other modalities. The main interventional radiological procedures performed with these techniques are for the diagnosis of any underlying disorders the patient may have, which can be identified by visualization through photographs. Vascular and interventional radiology are other names for interventional radiology (VIR).

Global Interventional Radiology Products Market Forecast and Trends

Growth Drivers

Demand for Minimally Invasive Procedures is Rising.

The benefits of minimally invasive procedures over traditional open surgery techniques have led to an increase in their demand. The advantages of minimally invasive operations over traditional open surgery methods, according to the American Institute of Minimally Invasive Surgery (AIMS), include enhanced safety, lower scarring, quicker recovery, and shorter hospital stays. Due to the expanding usage of technologically sophisticated goods and methods, particularly for the treatment of peripheral artery disease, cancer, and cardiovascular disease, the application fields for minimally invasive procedures are expanding as well (PAD). This is anticipated to have a beneficial impact on the market for interventional radiology products.

Rising Prevalence of Chronic Diseases

The global population's increasing prevalence of chronic diseases including cancer and cardiovascular problems would be a key factor in boosting the expansion of the market for interventional radiology goods. The need for interventional radiology technologies including CT scans, MRIs, and ultrasounds is expected to rise as customer preferences for minimally invasive procedures alter, thereby accelerating market growth. Moreover, the growing emphasis on the creation of smart/digital inhalers is another important element contributing to the market's growth. Additionally, rising healthcare costs and a growing need for painless drug administration are the main factors boosting market expansion. Furthermore, the increase in applications will also have a favorable effect on the market's growth rate. The market for interventional radiology products is anticipated to increase at a slower rate due to rapid urbanization, changing lifestyles, and rising disposable income levels in both developing and developed nations. An increased elderly population and a favorable reimbursement environment would boost the market for interventional radiology products.

Developing Nations

Players in the interventional radiology products market have a lot of room to grow in emerging economies like China, India, and Brazil. Due to the lack of intense rivalry and lax regulations, these nations are predicted to have rapid growth in the years to come. Manufacturers are proactively focusing on increasing their presence in developing nations to take advantage of the high-growth potential in these markets. Further driving interventional radiology device manufacturers to concentrate on emerging markets is the growing competition in mature countries.

Restraints

Advanced Therapeutics is Expensive and Difficult to Obtain

Several developing and underdeveloped countries, including India, South Africa, Afghanistan, Bhutan, and Nepal, lack centralized insurance systems and have higher out-of-pocket expenses. This has an impact on the use of expensive treatment procedures. According to the Journal of the American Heart Association, the cost of a drug-eluting stent in India ranges from USD 600 to USD 2,791. In developing countries, the high cost of products and the lack of a well-defined health insurance system are expected to stymie the adoption of advanced medical procedures. All these factors hinder the growth of the Global Interventional Radiology Products Market.

Impact of COVID-19 on Global Interventional Radiology Products Market

Due to fewer hospital visits as a result of the COVID-19 outbreak, the market for interventional radiology products suffered. Despite the availability of emergency and outpatient treatments throughout the lockdown, the population's adoption of therapy significantly decreased. The temporary deferral of several elective surgeries is anticipated to have an impact on the market for interventional radiology goods as governments and authorities work to guarantee that resources are available for COVID-19 patients. Moreover, the market for interventional radiology products has been impacted by a decrease in research activity as a result of laboratory closures and decreased clinical testing, a decrease in capital spending by customers, and a decline in the use of routine testing due to a decline in the volume of elective and non-essential procedures. Although the economies of many nations have started to recover, it will take time for interventional radiology products to be used at pre-pandemic levels. Additionally, any increase in COVID-19 infections could lead to additional lockdowns, quarantine measures, or other limitations to stop the virus's transmission, which could have a detrimental effect on the market's expansion.

Global Interventional Radiology Products Market - By Type

Based on the type, the Global Interventional Radiology Products Market is segmented into Stents, Catheters, IVC Filters, Biopsy Needles, Embolization Types, and Others. Among these, stents account for the largest share in the Global Interventional Radiology Products Market. The growing incidence of cardiac diseases and cancer, as well as the increasing number of angioplasty procedures, performed globally, account for a large share of this segment. All these factors propel the growth of the Global Interventional Radiology Products Market during a forecast period (2022-2028).

Global Interventional Radiology Products Market – By Application

Based on application, the Global Interventional Radiology Products Market is segmented into Cardiology, Oncology, Urology, Gastroenterology, Obstetrics, and Gynecology. Among these, cardiology accounts for the largest share of the interventional radiology products market and is expected to grow at the fastest CAGR. The large share of this segment can be attributed to the growing geriatric population and the rising prevalence of CVD globally. All these factors boost the growth of the Global Interventional Radiology Products Market during the forecast period (2022-2028).

Global Interventional Radiology Products Market - By Country

Based on country, the Global Interventional Radiology Products Market is segmented into North America, Europe, The Asia Pacific, Latin America, and The Middle East and Africa. North America dominates the market share. The country's rapid growth can be attributed to several factors, including increased government spending on healthcare and R&D activities, as well as the presence of established manufacturers. Rising awareness of technologically advanced products, as well as an expanding target patient pool, are also contributing to the company's revenue. According to a recent study, over 6,59,000 people in North America suffer from cardiovascular disease. Similarly, approximately 1.9 million cancer patients were identified in North America in 2019. To maximize the number of treatments for these cancers and cardiovascular diseases, the US government announced the hiring of various radiologists and increased the budget for the manufacturing of advanced technological scanning machines for interventional radiology. Such ongoing research and development activities are expected to fuel market growth.

Competitive Landscape

The leading market players in the Global Interventional Radiology Products Market are Medtronic, Becton, Dickinson and Company, Abbott, Cardinal Health, Stryker, Terumo Medical Corporation, Cook Medical, Penumbra, and Medinol Ltd.

The Global Interventional Radiology Products Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.

Recent Development

• In 2021, Medtronic (Ireland) acquired the radial artery access portfolio from RIST Neurovascular, Inc. (US). This acquisition expanded the company’s portfolio in the interventional radiology products market and enhanced its ability to serve patients that require interventional neurovascular therapy.

Scope of the Report

Attributes	Details
Years Considered	Historical data – 2018-2021
	Base Year – 2021
	Forecast – 2022 – 2028
Facts Covered	Revenue in USD Billion
Product Service/Segmentation	By Type, By Application, By End-User, By Country
Key Players	Medtronic, Becton, Dickinson and Company, Abbott, Cardinal Health, Stryker, Terumo Medical Corporation, Cook Medical, Penumbra, and Medinol Ltd.

 

By Type

• Stents
• Catheters
• IVC Filters
• Biopsy Needles
• Embolization Types
• Others

By Applications

• Cardiology
• Oncology
• Urology
• Gastroenterology
• Obstetrics
• Gynecology

By End-User

• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
   4. Breakdown of Primary Research Respondents, By Region
   5. Assumption & Limitation
3. Executive Summary
4. Global Interventional Radiology Products Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   3. Technological Advancement/Recent Development
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
5. Global Interventional Radiology Products Market Overview
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Stents
         2. Catheters
         3. IVC Filters
         4. Biopsy Needles
         5. Embolization Types
         6. Others
      2. By Applications
         1. Cardiology
         2. Oncology
         3. Urology
         4. Gastroenterology
         5. Obstetrics
         6. Gynecology
      3. By End-User
         1. Hospitals
         2. Clinics
         3. Ambulatory Surgical Centers
         4. Others
      4. By Region
         1. North America
         2. Europe
         3. The Asia Pacific
         4. Latin America
         5. Middle East and Africa
6. North America Interventional Radiology Products Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Technology
      3. By End-User
      4. By Country
         1. United States
         2. Canada
7. Europe Interventional Radiology Products Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Technology
      3. By End-User
      4. By Country
         1. Germany
         2. United Kingdom
         3. Italy
         4. France
         5. Spain
         6. Rest of Europe
8. The Asia Pacific Interventional Radiology Products Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Technology
      3. By End-User
      4. By Country
         1. China
         2. India
         3. Japan
         4. South Korea
         5. Rest of Asia Pacific
9. Latin America Interventional Radiology Products Market
   1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
      2. By Technology
      3. By End-User
      4. By Country
         1. Brazil
         2. Mexico
         3. Rest of Latin America
10. The Middle East & Africa Interventional Radiology Products Market
    1. Market Size & Forecast by Value, 2018-2028
       1. By Value (USD Million)
    2. Market Share & Forecast
       1. By Type
       2. By Technology
       3. By End-User
       4. By Country
          1. Saudi Arabia
          2. UAE
          3. South Africa
          4. Rest of Middle East & Africa
11. Competitive Landscape
    1. List of Key Players and Their offerings
    2. Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Partnership, etc.)
12. Impact of Covid-19 on Global Interventional Radiology Products Market
13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. Medtronic
    2. Becton
    3. Dickinson and Company
    4. Abbott
    5. Cardinal Health
    6. Stryker
    7. Terumo Medical Corporation
    8. Cook Medical
    9. Penumbra
    10. Medinol Ltd
14. Key Strategic Recommendations

 

*Financial information in case of non-listed companies will be provided as per availability

**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable

 

List of Figures

 

Figure 1: Global Interventional Radiology Products Market Segmentation

Figure 2: Global Interventional Radiology Products Industry Value Chain Analysis

Figure 3: Global Interventional Radiology Products Market Size, By Value (USD Million), 2018-2028

Figure 4: Global Interventional Radiology Products Market Share (%), By Type, By Value, 2018-2028

Figure 5: Global Interventional Radiology Products Market Share (%), By Technology, By Value, 2018-2028

Figure 6: Global Interventional Radiology Products Market Share (%), By End-User, By Value, 2018-2028

Figure 7: Global Interventional Radiology Products Market Share (%), By Country, By Value, 2018-2028

Figure 8: North America Interventional Radiology Products Market Size, By Value (USD Million), 2018-2028

Figure 9: North America Interventional Radiology Products Market Share (%), By Type, By Value, 2018-2028

Figure 10: North America Interventional Radiology Products Market Share (%), By Technology, By Value, 2018-2028

Figure 11: North America Interventional Radiology Products Market Share (%), By End-User, By Value, 2018-2028

Figure 12: North America Interventional Radiology Products Market Share (%), By Country, By Value, 2018-2028   

Figure 13: Europe Interventional Radiology Products Market Size, By Value (USD Million), 2018-2028

Figure 14: Europe Interventional Radiology Products Market Share (%), By Type, By Value, 2018-2028

Figure 15: Europe Interventional Radiology Products Market Share (%), By Technology, By Value, 2018-2028

Figure 16: Europe Interventional Radiology Products Market Share (%), By End-User, By Value, 2018-2028

Figure 17: Europe Interventional Radiology Products Market Share (%), By Country, By Value, 2018-2028

Figure 18: Asia-Pacific Interventional Radiology Products Market Size, By Value (USD Million), 2018-2028

Figure 19:  Asia-Pacific Interventional Radiology Products Market Share (%), By Type, By Value, 2018-2028

Figure 20: Asia-Pacific Interventional Radiology Products Market Share (%), By Technology, By Value, 2018-2028  

Figure 21:  Asia-Pacific Interventional Radiology Products Market Share (%), By End-User, By Value, 2018-2028

Figure 22: Asia-Pacific Interventional Radiology Products Market Share (%), By Country, By Value, 2018-2028

Figure 23: Latin America Interventional Radiology Products Market Size, By Value (USD Million), 2018-2028

Figure 24: Latin America Interventional Radiology Products Market Share (%), By Type, By Value, 2018-2028

Figure 25: Latin America Interventional Radiology Products Market Share (%), By Technology, By Value, 2018-2028

Figure 26: Latin America Interventional Radiology Products Market Share (%), By End-User, By Value, 2018-2028

Figure 27: Latin America Interventional Radiology Products Market Share (%), By Country, By Value, 2018-2028

Figure 28: The Middle East & Africa Interventional Radiology Products Market Size, By Value (USD Million), 2018-2028

Figure 29: The Middle East & Africa Interventional Radiology Products Market Share (%), By Type, By Value, 2018-2028

Figure 30: The Middle East & Africa Interventional Radiology Products Market Share (%), By Technology, By Value, 2018-2028

Figure 31: The Middle East & Africa Interventional Radiology Products Market Share (%), By End-User, By Value, 2018-2028

Figure 32: The Middle East & Africa Interventional Radiology Products Market Share (%), By Country, By Value, 2018-2028

Figure 33: Global Interventional Radiology Products Market Share Analysis, 2021

 

List of Tables

 

Table 1: Global Interventional Radiology Products Market Size, By Type, By Value (USD Million), 2018-2028

Table 2: Global Interventional Radiology Products Market Size, By Technology, By Value (USD Million), 2018-2028

Table 3: Global Interventional Radiology Products Market Size. By End-User, By Value (USD Million), 2018-2028

Table 4: Global Interventional Radiology Products Market Size. By Country, By Value (USD Million), 2018-2028

Table 5: North America Interventional Radiology Products Market Size, By Type, By Value (USD Million), 2018-2028

Table 6: North America Interventional Radiology Products Market Size, By Technology, By Value (USD Million), 2018-2028

Table 7: 28 North America Interventional Radiology Products Market Size (USD Million), By End-User, By Value 2018-2028 

Table 8: 28 North America Interventional Radiology Products Market Size (USD Million), By Country, By Value 2018-2028 

Table 9: Europe Interventional Radiology Products Market Size, By Type, By Value (USD Million), By Value 2018-2028

Table 10: Europe Interventional Radiology Products Market Size, By Technology, By Value (USD Million), By Value 2018-2028

Table 11: 40 Europe Interventional Radiology Products Market Size (USD Million), By End-User, By Value 2018-2028

Table 12: 40 Europe Interventional Radiology Products Market Size (USD Million), By Country, By Value 2018-2028

Table 13: The Asia-Pacific Interventional Radiology Products Market Size, By Type, By Value (USD Million), By Value 2018-2028

Table 14: The Asia-Pacific Interventional Radiology Products Market Size (USD Million), By Technology, By Value 2018-2028

Table 15: The Asia-Pacific Interventional Radiology Products Market Size (USD Million), By End-User, By Value 2018-2028

Table 16: The Asia-Pacific Interventional Radiology Products Market Size (USD Million), By Country, By Value 2018-2028

Table 17: Latin America Interventional Radiology Products Market Size, By Type, By Value (USD Million), By Value 2018-2028

Table 18: Latin America Interventional Radiology Products Market Size, By Technology, By Value (USD Million), 2018-2028

Table 19: Latin America Interventional Radiology Products Market Size (USD Million), By End-User, By Value 2018-2028

Table 20: Latin America Interventional Radiology Products Market Size (USD Million), By Country, By Value 2018-2028  

Table 21: The Middle East & Africa Interventional Radiology Products Market Size, By Type, By Value (USD Million), 2018-2028

Table 22: The Middle East & Africa Interventional Radiology Products Market Size, By Technology, By Value (USD Million), 2018-2028

Table 23: The Middle East & Africa Interventional Radiology Products Market Size (USD Million), By End-User, By Value 2018-2028

Table 24: The Middle East & Africa Interventional Radiology Products Market Size (USD Million), By Country, By Value 2018-2028 

Table 25:  List of Key Players and Their offerings

Table 26:  Competitive Benchmarking, by Operating Parameters

Table 27       Medtronic Company Overview

Table 28        Medtronic Financial Overview

Table 29        Becton Company Overview

Table 30        Becton Financial Overview

Table 31        Dickinson and Company Overview

Table 32        Dickinson and Company Financial Overview

Table 33        Abbott Company Overview

Table 34        Abbott Financial Overview

Table 35        Cardinal Health Company Overview

Table 36        Cardinal Health Financial Overview

Table 37        Stryker Company Overview

Table 38        Stryker Financial Overview

Table 39        Terumo Medical Corporation Company Overview

Table 40        Terumo Medical Corporation Financial Overview

Table 41        Cook Medical Company Overview

Table 42        Cook Medical Financial Overview

Table 43        Penumbra Company Overview

Table 44        Penumbra Financial Overview

Table 45        Medinol Ltd Company Overview

Table 46        Medinol Ltd Financial Overview