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Interventional Radiology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

·7-min read

The global interventional radiology market is projected to register a CAGR of 6. 47% during the forecast period, with a revenue of USD 21,261. 62 million in 2020 and expected to reach USD 31,262. 67 million by 2026.

New York, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Interventional Radiology Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06184954/?utm_source=GNW

The COVID-19 outbreak showed the impact on the interventional radiology market, as hospital and healthcare services were significantly reduced due to social distancing measures taken by governments across the world. Moreover, the COVID-19 pandemic affected the global economy and showed a huge impact on the functioning of general hospital care for non-COVID-19 patients in hospitals, globally.

In August 2020, a research was published in the SAGE Public Health Emergency Collection. where the researchers studied the overall impact of the COVID-19 pandemic on interventional radiology services in Canada. The study found out that there was a 49.3% overall decrease in demand for acute interventional radiology services across Canada. About 88% of respondents in the study also reported an overall decrease in elective interventional radiology services during the pandemic. A similar scanrio can be observed in other countries tackling COVID-19 related issues in 2020, which impact this market.

The driving factors of the market are rising trend of minimally-invasive procedures, owing to the cost-effective solution and lesser hospital stay. With the help of minimally invasive techniques, patients are treated quickly and are usually discharged from the hospital on the same day. Most of these processeses require imaging technology.

Innovation in imaging technologies, which provides real-time images to the surgeons to show a comprehensive view of internal organs, while diagnosing, is driving the interventional radiology market. One major field of advancement is in augmented reality and artificial intelligence. In contrast to virtual reality, where the field of vision for doctors includes no real images, augmented reality offers the ability to move objects (scopes and devices) inside the body and interact with its surroundings. This dynamic development has a variety of applications for image-led interventions. Artificial intelligence uses complex algorithms to detect abnormalities and anomalies in medical images, like CT scans and X-rays.

Chronic diseases persist, often for illnesses or chronic conditions, such as heart disease, asthma, cancer, and diabetes. Heart disease is the leading cause of death, worldwide. Cardiovascular diseases are the major causes of death, globally. Until years ago, treatment for heart disease meant opening a patient’s chest to enter directly into the heart, with surgery, which was very expensive and often exposed the patient to a high risk of infection.

According to GLOBOCAN 2020 figures, in 2019, there were 19,292,729 new cancer cases diagnosed, worldwide. The figures from GLOBOCAN 2020 pointed out that the incidence of new cancer cases in very high HDI (Human Development Index) countries was 8.9 million, followed by 7.4 million in high HDI countries. Medium and low HDI countries had 2.3 million and 0.7 million cases, respectively. The high incidence of cancer cases in countries with higher standards of living is primarily due to the availability and access to better diagnostic procedures. Interventional radiology equipment, like CT scanners and MRI systems, are used extensively for these procedures, due to which their demand is expected to increase

The increasing preference for minimally-invasive procedures and the prevalence of chronic diseases are driving the interventional radiology market. The market is expected to grow steadily, owing to effective interventional procedures performed in lieu of surgery.

Key Market Trends

Application in Cardiology is Expected to Witness the High Growth over the Forecast Period

The pandemic had its effect even on the cardiology segment. In May 2020, an article appearing in the Journal of the American College of Radiology studied the changes in interventional radiology procedures during the COVID-19 pandemic. The study found out that the number of interventional radiology procedures performed during the COVID-19 pandemic decreased from 1,710 to 919 (in a one-month period), constituting a 46% reduction compared to 2019. The study also found out that among CT-guided procedures, there was a 90% reduction in bone and central nervous system-related procedures.

Interventional radiology involves the use of medical imaging to see inside the body coupled with minimally invasive techniques to diagnose and treat cancer, as well as provide relief from symptoms. Surgeons and doctors use tools such as catheters and needles to address a large variety of medical conditions that would have required surgery in the past. The most common diseases treated with this technique include cancers of the lung, liver, kidney, and bone. But this is a growing field, and researchers are exploring its use in treating a variety of other cancer types.

Moreover, the incidence of cardiovascular disorders in recent years has increased. According to the Centers for Disease Control and Prevention, one person in every 36 seconds died in United States due to cardiovascular diseases every year, accounting to 655,000 Americans deaths from heart disease every year.

According to the research article published in the Journal of the American Heart Association, in 2019, 48 institutions in the United States were offering advanced cardiac imaging fellowship training, which includes training on cardiac computed tomography, cardiac magnetic resonance imaging, echocardiography, and nuclear cardiology. This shows the growing importance of cardiac imaging across developed countries.

In December 2020, RSIP Vision launched a new artificial intelligence ultrasound module for rapid and accurate point of care heart evaluations. The company are steadily expected to regain full strength in th market over the forecast period.

Thus, in view of the increasing incidences of cardiovascular diseases and new product launches, the studied market is expected to witness good growth over the forecast period.

North America to Expected to Dominate the Market Over the Forecast Period

The growing burden of chronic diseases, due to changing lifestyles and the growing need for less expensive interventions, leading to the study market, in the United States. Cardiac catheterization is widely used, to diagnose and treat various heart diseases. More than a million cardiac catheterizations and angiographic procedures are performed annually, in the United States.

Several radiology interventions can be used to treat cancer patients. For example, transarterial chemoembolization can interrupt blood supply to a tumor, while radiofrequency ablation (RFA) and microwave ablation can damage cancer cells themselves. According to the National Cancer Institute, in 2018, an estimated 1,735,350 young people with cancer are expected to be diagnosed in the United States, and 609,640 people are likely to die from the disease.

In addition, new product developments and launches are expected to fuel the Canadian market growth over the forecast period. For instance, in May 2020, Guerbet, one of the global companies in medical imaging, announces the registration of Vectorio kit for imaging of hepatocellular carcinoma (HCC), in Canada. Vectorio is a set of Lipiodol resistant medical devices for imaging of liver tumors in adults with known hepatocellular carcinoma during interventional oncology procedures.

The rising prevalence of chronic conditions, such as cancer, diabetes, and others, and the prospects of minimally-invasive, targeted treatments, using imaging guidance, are driving the market in the United States.

Competitive Landscape

The interventional radiology market is highly competitive and consists of global as well as local players, across the world. Some of the companies that currently dominate the market include GE Healthcare, Fujifilm Holdings Corporation, Koninklijke Philips NV, Siemens AG, and Shimadzu Corporation, among others. However, with technological advancements, it is expected that few small and mid-sized companies will also penetrate the market, in the future.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06184954/?utm_source=GNW

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