Interventional Radiology Market – By Product (Angiography Systems, Ultrasound Imaging Systems, CT Scanners, MRI Systems, Fluoroscopy Systems), Application (Cardiology, Oncology, Gynecology, Obstetrics), End-use (Hospitals, Clinics) & Forecast, 2024 – 2032

Interventional Radiology Market Size

Interventional Radiology Market size was valued at USD 28.1 billion in 2023 and is expected to exhibit growth at a CAGR of 5% from 2024 to 2032. The rising prevalence of chronic disease worldwide and increasing demand for minimally invasive procedures are significantly driving the market growth.  
 

The rising prevalence of chronic diseases is a dominant factor driving the growth of the market, as these minimally invasive procedures offer effective alternatives for diagnosing and treating conditions associated with cardiovascular disease, cancer, and other chronic ailments. The increasing prevalence of chronic diseases is fueled by factors such as aging populations, sedentary lifestyles, and rising rates of obesity and diabetes. According to the World Health Organization (WHO), chronic diseases account for 71% of all deaths globally, with cardiovascular diseases alone responsible for 17.9 million deaths annually. As chronic diseases continue to rise, the need for interventional radiology is expected to grow, offering a critical solution in the global healthcare landscape.
 

Interventional radiology (IR) is a medical specialty that uses imaging techniques such as X-rays, CT scans, MRI, and ultrasound to guide minimally invasive procedures. These procedures are performed to diagnose and treat various conditions throughout the body without the need for traditional surgery.
 

Interventional Radiology Market Trends

Technological advancements in imaging technology are one of the most trending factors driving the growth of the market, as they enhance the precision, safety, and effectiveness of minimally invasive procedures.
 

• These advancements include innovations such as high-definition 3D imaging, which allows for more accurate visualization of complex anatomy and real-time imaging systems, such as fluoroscopy and ultrasound, that guide interventional procedures with greater accuracy.
   
• Another significant development is the integration of artificial intelligence (AI) in healthcare and machine learning in imaging, which improves the detection, diagnosis, and monitoring of diseases, leading to more personalized and efficient treatment plans.
   
• Additionally, hybrid imaging technologies, such as PET/CT and PET/MRI, combine different imaging modalities to provide comprehensive views of the targeted area, improving diagnostic accuracy and treatment outcomes. These technological innovations are not only increasing the success rates of interventional procedures but are also reducing the risks and recovery times for patients, making interventional radiology a preferred choice for treating a wide range of conditions.
   

Interventional Radiology Market Analysis

Based on product, the market is classified into angiography systems, ultrasound imaging systems, CT scanners, MRI systems, fluoroscopy systems, biopsy devices, and other products. The angiography systems segment generated the highest revenue of USD 6.1 billion in 2023.
 

• Angiography systems are widely used in interventional radiology for diagnosing and treating various cardiovascular conditions, as they provide detailed images of blood vessels, allowing for precise navigation during procedures such as angioplasty, stent placement, and embolization.
   
• The high demand for these systems in both diagnostic and therapeutic applications, along with continuous technological advancements that enhance image quality and reduce radiation exposure, has solidified angiography systems as the leading product segment in the market.
   

Based on application, the interventional radiology market is categorized into cardiology, oncology, gynecology, obstetrics, urology, gastroenterology, and other applications. The cardiology segment dominated the market by obtaining 31% of market share in 2023.
 

• Cardiovascular diseases (CVDs) are among the leading causes of death globally, driving a significant demand for diagnostic and therapeutic interventions. Interventional radiology procedures such as angioplasty, stenting, and embolization are crucial for managing conditions like coronary artery disease, stroke, and peripheral vascular disease. The widespread occurrence of these conditions makes cardiology the largest application segment.
   
• Additionally, the growing use of minimally invasive techniques like transcatheter heart valve replacement and other structural heart interventions has further solidified cardiology's dominance in this market.
   

Based on end-use, the interventional radiology market is segmented into hospitals, clinics, ambulatory surgical centres, and others. The hospitals segment dominated the market in 2023 and is anticipated to reach USD 22.8 billion by the end of forecast period.
 

• Hospitals are equipped with the most advanced and comprehensive infrastructure, including state-of-the-art imaging technologies and interventional radiology suites. This allows them to perform a wide range of complex procedures that require specialized equipment, such as angioplasty, embolization, and biopsies. The ability to provide these advanced services makes hospitals the primary setting for interventional radiology procedures.
   
• Additionally, hospitals are often the first choice for emergency procedures, such as stroke interventions or trauma-related vascular repairs, further contributing to their dominance in this market.
   

North America interventional radiology market accounted for USD 10.3 billion market revenue in 2023 and is anticipated to grow at a CAGR of 4.3% between 2024 – 2032 period.
 

• North America, particularly the U.S., has a high prevalence of chronic conditions such as cardiovascular disease, cancer, and diabetes, which are major drivers for interventional radiology procedures. The demand for minimally invasive treatments to manage these conditions is significant, boosting the market's growth.
   
• Additionally, the advanced healthcare infrastructure and favorable reimbursement policies in North America encourage the adoption of innovative interventional radiology technologies, further driving market expansion.
   

U.S. interventional radiology market accounted for USD 9.7 billion market revenue in 2023 and is estimated to hold substantial share between 2024 – 2032 period.
 

• The U.S. is at the forefront of adopting cutting-edge interventional radiology technologies, such as AI-integrated imaging systems and hybrid operating rooms, which enhance procedural accuracy and outcomes, fueling market growth.
   
• Moreover, substantial investments from both government bodies and private entities in healthcare, including initiatives to modernize healthcare facilities with advanced interventional radiology equipment, are propelling the market growth in the U.S.
   

UK interventional radiology market is projected to grow remarkably in the coming years.
 

• The UK's healthcare system is increasingly emphasizing minimally invasive procedures to reduce patient recovery times and healthcare costs. This trend is driving the demand for interventional radiology, which aligns with the goals of efficient and cost-effective patient care.
   
• Additionally, the UK government and the National Health Service (NHS) are actively supporting the integration of advanced interventional radiology techniques into clinical practice, particularly in the management of chronic diseases and cancer, contributing to market growth.
   

Japan holds a dominant position in the Asia Pacific interventional radiology market.
 

• Japan’s rapidly aging population is leading to a higher incidence of chronic diseases, such as cardiovascular and oncological conditions, which are key areas where interventional radiology plays a crucial role, thereby driving the market growth.
   
• Additionally, Japan is a global leader in imaging technology innovation, with continuous advancements in MRI, CT, and ultrasound systems that are widely adopted in interventional radiology. This technological edge is a significant growth driver in the Japanese market.
   

Interventional Radiology Market Share

The market is characterized by the presence of several key players and a focus on technological innovation and strategic partnerships. Companies are investing in AI-driven technologies that provide deeper insights into diagnosis, disease patterns and patient outcomes. Additionally, there is a growing focus on diagnostic solutions with healthcare devices, systems, and software, and procedures to enable timely and accurate outcomes.
 

Interventional Radiology Market Companies

Prominent players operating in the interventional radiology industry include:

• Agfa-Gevaert Group
• Canon Medical Systems Corporation
• Carestream Health Inc.
• Cook
• Esaote SPA
• Fujifilm Corporation
• GE Healthcare
• Hologic, Inc.
• Koninklijke Philips N. V
• Olympus Corporation
• Samsung Healthcare (Samsung Electronics Co., Ltd.)
• Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
• Shimadzu Corporation
• Siemens Healthineers
• Teleflex Incorporated
   

Interventional Radiology Industry News:

• In June 2024, GE HealthCare and MediView XR Inc. announced the first installation of the OmnifyXR interventional suite at North Star Vascular and Interventional (NSVI) in Minneapolis, Minnesota. This launch marks a significant expansion of the company's interventional radiology portfolio and is expected to broaden their customer base.
   
• In June 2024, Royal Philips announced the first implantation of the Duo Venous Stent System, a device designed to treat symptomatic venous outflow obstruction in patients with chronic venous insufficiency (CVI), following its premarket approval (PMA) from the U.S. Food and Drug Administration (FDA). This milestone is anticipated to enhance the company’s market reputation and strengthen its position in the industry.
   

The interventional radiology market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:

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Market, By Product

• Angiography systems
• Ultrasound imaging systems
• CT scanners
• MRI systems
• Fluoroscopy systems
• Biopsy devices
• Other products

Market, By Application

• Cardiology
• Oncology
• Gynecology
• Obstetrics
• Urology
• Gastroenterology
• Other applications

Market, By End-use

• Hospitals
• Clinics
• Ambulatory surgical centers
• Other end-users

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa