PUNE, MAHARASHTRA, INDIA, April 4, 2022 /EINPresswire.com/ -- The global interventional radiology market was valued at US$ 23,548.94 Mn in 2021, estimated to grow at a CAGR of 7.98% over the forecast period (2022 – 2030). The rising prevalence of chronic diseases such as cardiovascular disorders and cancer among the worldwide population is acting as a primary driver for the interventional radiology market to grow at a faster rate. Furthermore, the change in consumer preference for minimally invasive procedures would raise demand for interventional radiology technologies such as CT scans, MRI, and ultrasound, hence improving the market's growth rate. Interventional radiology is a specialization that uses imaging (ultrasound, CT, or fluoroscopy) to target the intervention and demonstrate the consequences of the intervention. As a result of continuous improvements in imaging quality and technological breakthroughs, interventional radiology (IR) is a fast-developing field. Also, increased investment by major key companies to create advanced interventional radiology devices, is further projected to boost the market demand over the forecast period. As an example, Koninklijke Philips N.V., a global pioneer in health technology, announced FDA 510 (k) clearance for its Philips SmartCT application software in April 2021. SmartCT is a critical component of Philips Image Guided Therapy System – Azurion, which provides interventionalists with CT-like 3D images to aid in the diagnosis, therapy planning, treatment, and follow-up for interventional radiology procedures. SmartCT improves clinical confidence, streamlines procedures, and boosts productivity. It comprises of angiography, neurology, soft-tissue imaging, and guidewire/catheter navigation software.

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The angiography segment is expected to be the fastest-growing segment in the interventional radiology market over the forecast period.

The angiography segment is expected to grow rapidly over the forecast period due to an increase in cases of cardiovascular diseases and rising demand for minimally invasive procedures. Angiography is a medical imaging procedure used to see the inside of blood vessels, specifically the arteries. An interventional radiologist will inject a radiopaque contrast agent into a patient's blood artery during the treatment. When compared to conventional angiography, angiography is faster, less intrusive, and may have fewer complications. Heart angiography is a valuable tool for finding blocked coronary arteries.

Magnetic resonance imaging (MRI) segment is expected to be the fastest-growing segment over the forecast period

Increased use of interventional radiology for the treatment of chronic disorders in patient is creating growth opportunities for the MRI segment in the global interventional radiology market. Interventional magnetic resonance imaging (iMRI) refers to diagnostic and therapeutic methods that use magnetic resonance (MR) in whole or in part to guide, assist, or assess therapy in real-time. Interventional MRI is useful for a wide range of specialty procedures. These systems are usually utilized for biopsies of lesions, tumor resections, guiding thermal ablation of tissue, and other treatments. MRI has better soft tissue contrast than CT and can distinguish between fat, water, muscle, and other soft tissues.

The Impact of COVID-19 Pandemic on the Global Interventional Radiology Market

The World Health Organization (WHO) declared a pandemic of novel coronavirus illness (COVID-19) caused by the severe acute respiratory syndrome coronavirus 2 in March 2020. When COVID-19 instances began to rise around the world, experts determined that the virus was especially deadly for people suffering from cardiovascular disease and other disorders. The COVID-19 epidemic has also hampered IR training in the first half of 2020. The cancellation of both urgent and elective treatments has resulted in a significant decrease in training opportunities. However, prominent businesses are currently focusing on treatment of chronic diseases and other disorders in order to contribute to market growth. Similar efforts by firms to accommodate to changing market conditions indicate that the global interventional radiology market would expand positively during the projected period.

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Asia Pacific region is projected to register the highest growth rate in the interventional radiology market over the forecast period, primarily driven by the growing adoption of advanced technologies in this region

According to the global figures, in 2021, the Asia Pacific region is projected to register the highest growth rate for the interventional radiology market over the forecast period. Countries such as China, India, and Japan are increasingly adopting advanced technologies in the healthcare sector. Furthermore, the rising caseload of cancer and other diseases and increasing investment and funding in medical devices development in the region is contributing to the growth of the market. In order to produce high-quality products, companies are also emphasizing product development as well as the incorporation of advanced technologies in this region.

The key market participants operating in the global interventional radiology market are:

• Agfa-Gevaert Group
• AngioDynamics
• Becton, Dickinson and Company
• Boston Scientific Corporation
• Canon Medical Systems, USA
• Cook
• FUJIFILM Healthcare Americas Corporation
• General Electric Company
• Hologic, Inc.
• Koninklijke Philips N.V.
• Medtronic
• Merit Medical Systems
• NIPRO
• Profound Medical
• Shimadzu Corporation
• Siemens Healthcare GmbH
• Terumo Medical Corporation
• Other Market Participants

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How Absolute Markets Insights is Unique in Nature?

The research report on Interventional Radiology Market will include extensive information based on the following pointers:

• Global Market size and forecast values (2015 – 2030), in terms of revenue (US$ Million) by segments/sub-segments; wherein 2015 to 2020 has been considered as historic years, 2021 as the base year, while 2022 to 2030 has been considered as the forecast period.
• Split of the market revenue (US$ Million) into all the relevant segments & sub-segments across all major regions/countries.
• Market Determinants and Influencing Factors
• Macro-Economic and Micro-Economic Indicators
• Market Dynamics
o Drivers
o Restraints
o Opportunities
o Challenges
• Trends on Global Interventional Radiology Market
• Exclusive Details on the Effect of the Pandemic
• Porter’s Five Forces Analysis
• Competitor Landscape
o Product Benchmarking
o Market Share Analysis, 2021
o Global Presence and Growth Strategies
• The final report will include competitive product benchmarking which will encompass comparison of varied services offered by different market participants on the basis of their features and capabilities that will help you to understand their market offerings. Furthermore, for each company, we will provide information regarding company details, company overview, product offerings, key developments, financial analysis, and SWOT analysis and business strategies.
• The research study specific to a region, including North America, Europe, Asia Pacific, Middle East & Africa and Latin America, is also available.
• We offer our reports in different languages which include German, Chinese, French, Russian, Spanish, Arabic, Japanese, and Korean amongst others.

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Global Interventional Radiology Market

By Products
• Atherectomy devices
• Microspheres
• Catheter
• Balloons
• Guide wires
• Cryoablation system
• Introducers
• Embolic Agent
• Introducer Sheaths
• Vena Cava Filters
• Vascular Stent System
• Lead Extraction Devices
• Needles
• Others

By Technology
• X-ray Imaging
• Computed Tomography (CT) Scanners
• Magnetic Resonance Imaging (MRI)
• Ultrasound Imaging
• Fluoroscopy
• Others

By Procedure
• Angiography
• Angioplasty
• Embolization
• Stent placement
• Biopsy and Drainage
• Deep Vein Thrombosis (DVT)
• Gastrointestinal
• Urology
• Others

By End Users
• Hospitals and Clinics
• Surgical Centers
• Others

By Region
• North America (U.S., Canada, Mexico, Rest of North America)
• Europe (France, The UK, Spain, Germany, Italy, Nordic Countries, Benelux Union, Rest of Europe)
• Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
• Latin America (Brazil, Argentina, Rest of Latin America)

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