The global interventional radiology products market is on the brink of significant expansion, with forecasts indicating remarkable growth in the coming years. Projections suggest that by 2024, the market will soar to an impressive USD 23.9 billion, boasting a remarkable Compound Annual Growth Rate (CAGR) of 7.4%. Looking ahead, the market is expected to continue its upward trajectory, with a projected surge to USD 48.8 billion by 2034.
Interventional Radiology (IR) stands at the forefront of this rapid evolution, emerging as one of the most dynamic and swiftly progressing fields in healthcare. Technological advancements and the development of innovative techniques are playing pivotal roles in shaping the future landscape of interventional radiology.
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With the continuous evolution of technology, a plethora of emerging technologies such as augmented reality, robotics, virtual reality, and artificial intelligence (AI) are expected to revolutionize the field. These advancements promise to enhance precision, efficacy, and patient outcomes, while also opening new avenues for medical practitioners to explore.
The burgeoning interventional radiology products market presents immense opportunities for stakeholders across the healthcare spectrum. As demand for minimally invasive procedures continues to rise and technology continues to evolve, the landscape of interventional radiology is set to undergo unprecedented transformation.
Key Takeaways from the Market Study:
- Stents are projected to record a CAGR of 7.2% from 2024 to 2034.
- A 7.7% CAGR is expected for the United States between 2024 and 2034.
- A compound annual growth rate of 6% is expected between 2024 and 2034 for the United Kingdom market.
- A USD 8 billion is predicted to be generated by China by 2034.
- A CAGR of 6.9% is expected for the cardiology segment by 2034.
“Imaging technologies and technological advancements are expected to drive demand for interventional radiology products. Minimally invasive procedures and a rising regulatory environment will likely drive the interventional radiology products market.” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
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Competitive Landscape:
The competitive landscape of the interventional radiology products market is extremely competitive due to technological innovations, strategic partnerships, and market consolidation.
- In March 2023, the TRAVELERTM Portal Vein Access Series will be the latest addition to Argon Medical Device’s portfolio of portal vein access products for interventional radiology, vascular surgery, interventional cardiology, and oncology. Physicians performing Transjugular Intrahepatic Portosystemic Shunts (TIPS) will benefit from the product line as it meets their challenging needs.
- In December 2023, RenovoRx, Inc., which develops novel precision oncology therapies through local drug delivery, submitted a clinical data abstract to the 2024 Society of Interventional Radiology (SIR) Annual Scientific Meeting, which took place on March 23-28 in Salt Lake City, Utah. The abstract highlighted the Company’s lead product candidate, RevoGem, and its proprietary Trans-Arterial Microperfusion (TAMP) platform to treat Locally Advanced Pancreatic Cancer (LAPC), a difficult-to-access solid tumor.
Key Companies Profiled:
- Boston Scientific Corporation
- Abbott
- Cardinal Health
- Cook
- Stryker
- Braun Melsungen AG
- Terumo Corporation
- General Electric
- Koninklijke Philips N.V.
- Carestream Health
- ESAOTE SPA
- Hitachi. Ltd.
- Hologic, Inc.
- Shimadzu Corporation
- Siemens Healthcare GmbH
Interventional Radiology Product – Key Segments
By Type:
- Stents
- Catheters
- Inferior Vena Cava (IVC) Filters
- Embolization Devices
- Thrombectomy Systems
- Angioplasty Balloons
- Biopsy Needles
- Hemodynamic Flow Alteration Devices
- Accessories
- Other
By Application:
- Cardiology
- Oncology
- Gastroenterology
- Neurology
- Orthopedics
- Urology and Nephrology
- Others
By End User:
- Hospitals
- Clinics
- Home Care Settings
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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