Americas Interventional Radiology Market Size
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2019 - 2022 |
CAGR | 6.40 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Americas Interventional Radiology Market Analysis
The Americas interventional radiology market is expected to register a CAGR of 6.4% over the forecast period.
During the pandemic's peak, many healthcare facilities were overwhelmed with COVID-19 patients, which postponed elective and non-urgent procedures, including specific interventional radiology procedures. This disruption in scheduling affected the revenue and patient volumes for interventional radiology practices. For instance, many healthcare departments in the United States temporarily postponed all non-emergency imaging examinations and interventions during the early phase of the pandemic. Furthermore, CT scans of the chest were widely used to aid in diagnosing COVID-19 pneumonia in the Americas region. The characteristic features of COVID-19 pneumonia, such as ground-glass opacities and lung consolidations, were detected and assessed through CT scans, helping physicians identify and triage patients with suspected or confirmed COVID-19. Therefore, looking at the overall scenario, the pandemic significantly impacted the interventional radiology sector in countries like the United States and Canada due to the temporary postponement of radiology practices. However, as the pandemic improved and vaccination efforts increased, there was a resurgence in demand for interventional radiology procedures, especially for patients who had postponed treatments during the pandemic's peak.
The major factors driving the growth of America's interventional radiology market include the increasing burden of chronic diseases and technological advancements in interventional radiology devices. The rising incidence of chronic diseases such as cardiovascular diseases, cancer, and neurological disorders in the Americas has led to a higher demand for interventional radiology techniques, which are often minimally invasive and require shorter recovery times than traditional surgical methods, driving its market in the region. For instance, according to the data published by the CDC in May 2023, every 40 seconds, someone suffers from a heart attack in the United States. According to the same source, approximately 805,000 people in the United States suffer heart attacks yearly. In addition, according to the data published by the NIH in March 2022, about half of Americans between ages 45 and 84 suffer from atherosclerosis. Therefore, the large number of people suffering from heart attacks and atherosclerosis in the region is projected to drive the demand for angiography systems to identify blockages, narrowing, or abnormalities in blood vessels.
Interventional radiology involves the imaging technologies such as real-time X-rays, ultrasound, CT, or MRI to perform interventional procedures directly at the cancer site, focusing now on tumors or their blood supplies. Also, interventional radiology procedures are often considered an alternative to surgery, providing minimal recovery times and a low risk of complications. Thus, as the number of people diagnosed with cancer increases, there will be a corresponding rise in the demand for these imaging modalities to detect and stage cancer at its earliest and most treatable stages. For instance, according to the data released by the European Society for Medical Oncology in June 2022, an estimated 1.5 million new cancer cases are recorded annually in Latin America and the Caribbean, with an incidence rate of 186.5 per 100,000 population. In addition, according to the article published in the Journal of Biomedical Research & Environmental Sciences in April 2023, it has been observed that lung cancer was the third most common tumor in men and the fourth in women in Brazil in 2022. Also, about 18,020 new lung cancer cases in men were reported in Brazil in 2022, representing 7.5% of all cancers. As per the source mentioned above, about 14,540 new lung cancer cases were reported in women in Brazil, which represented 6.0% of all cancers. Brazil is anticipated to experience an 88% rise in new lung cancer cases between 2023 and 2025. Therefore, the high prevalence of cancer in the region is projected to drive the demand for interventional radiology procedures such as Transarterial Chemoembolization (TACE) to deliver chemotherapy drugs directly to the tumor, Radiofrequency Ablation (RFA), which uses heat to destroy tumors, and Microwave Ablation (MWA), which uses microwaves to ablate tumors.
Furthermore, the active participation of public organizations in the region in developing international radiology suites integrated with advanced technologies developed by prominent players is also projected to drive market growth during the forecast period. For instance, in April 2022, Oak Valley Health Organization opened one of Canada's first interventional radiology suites, incorporated with innovative GE healthcare technology, the Allia IGS 7 system for diagnosing and treating complex diseases. This system is integrated with a laser-guided mobile robotic gantry, which enables patients to be precisely positioned for minimally invasive techniques and is ergonomic and easy to use. Therefore, such advancements will likely attract attention and interest from healthcare providers in America, driving them to upgrade their facilities and invest in similar advanced systems to offer superior patient care, thereby causing the market growth.
Therefore, the rising number of various chronic diseases and active adoption of advanced interventional radiology technologies in the region is projected to drive market growth during the forecast period. However, the risk of high radiation exposure and high cost of equipment is projected to hinder market growth during the study period.
Americas Interventional Radiology Market Trends
The Oncology Segment is Expected to Hold Significant Growth in the Market
Interventional radiology (IR) plays a crucial role in the oncology segment by offering minimally invasive procedures for diagnosing, treating, and managing various types of cancer. These procedures use advanced imaging guidance to precisely target tumors and deliver therapeutic interventions with minimal impact on surrounding healthy tissues.
The rising incidence of cancer in the Americas is leading to a higher demand for interventional radiology procedures as these procedures are often less invasive and offer shorter recovery times than traditional surgical methods. For instance, according to the data published by the American Cancer Society in January 2023, cancer is the second most prevalent disease in the United States, followed by heart disease. As per the same source, approximately 1.9 million new cancer cases (about 5,370 cases each day) are projected to be reported in the country in 2023. In addition, according to the data published by Statistics Canada in June 2022, an estimated 233,900 people in Canada were estimated to be diagnosed with cancer in the country in 2022.
Furthermore, according to the data released by the ICO/IARC Information Centre on HPV and Cancer on March 2023, 49.6 million women aged 15 years and older in Mexico are at risk of developing cervical cancer. According to the same source, approximately 9,439 women in the country are diagnosed with cervical cancer every year. Therefore, the high prevalence of cancer across the Americas region is projected to drive the demand for interventional radiology techniques to destroy cancerous tumors. In addition, interventional radiologists perform image-guided percutaneous biopsies to obtain tissue samples for diagnosing and staging cancers. Biopsies are usually less invasive than surgical options, allowing quicker recovery.
Moreover, the rising number of oncology interventional radiology product launches in the region is also projected to drive market growth during the forecast period. For instance, in March 2023, GenesisCare, launched ViewRay's advanced MRIdian MRI-guided radiation therapy system to reduce the burden of cancer treatment at the Lee Health Regional Cancer Center, United States.
Therefore, the rising incidence of cancer in the region and the increasing number of product launches will drive the oncology segment growth during the forecast period.
North America is Expected to Hold the Significant Share of the Market Over the Forecast Period
The major factors driving the growth of the interventional radiology market in North America include the rising prevalence of cancer, gastrointestinal disorders, the presence of many interventional radiologists in the country, and the presence of various prominent players and strategic activities done by them.
The rising prevalence of various liver, lung, and kidney cancers in the country is projected to drive the demand for interventional radiology during the forecast period. For instance, according to the data published by the American Cancer Society, in January 2023, approximately 238,340 Lung & bronchus cancer cases are projected to occur in the United States by the end of 2023. In addition, according to the data published by the Government of Canada in February 2022, an estimated 2 in 5 Canadians will be diagnosed with cancer in their lifetime, and an estimated 229,200 Canadians will be diagnosed with cancer in Canada in 2021. As per the same source, lung, breast, colorectal, and prostate cancers were anticipated to be the most commonly diagnosed cancers in the country, which accounted for 46% of all diagnoses in 2021. Therefore, the high incidence of cancer in the region is projected to drive the demand for image-guided biopsies to obtain tissue samples for diagnosis and staging lung cancer and RFA to ablate small tumors in the lung tissue.
In addition, interventional radiology is mainly used to locate and treat the source of gastrointestinal bleeding by injecting contrast agents and selectively blocking blood vessels that are bleeding. The high incidence of GI bleeding is projected to drive the demand for interventional radiology products during the forecast period. For instance, according to the article published by the Baishideng Publishing Group in April 2023, GI bleeding is a potentially life-threatening event that results in more than 400,000 hospital admissions in the United States every year.
Furthermore, the presence of many interventional radiologists in the United States compared to other countries is also projected to drive market growth during the forecast period by increasing the availability of interventional radiology services. Thus, the higher number of interventional radiologists in the United States translates to increased availability of interventional radiology services across the country, which implies that more patients can access these specialized procedures conveniently, leading to higher demand for interventional radiology services. For instance, according to the article published by the Radiological Society of North America in September 2021, the estimated number of interventional radiologists in the United States was around 3,500 in 2021. Moreover, the country's rising number of product launches is also projected to drive market growth during the forecast period. For instance, in November 2022, Fujifilm Healthcare Americas Corporation launched a SCENARIA View Focus Edition Computed Tomography (CT) system, a premium scanner with an advanced cardiac motion correction feature called Cardio StillShot, in the United States.
Therefore, the high prevalence of cancer, and GI diseases, the presence of a large number of interventional radiologists, and the rising number of product launches are projected to drive the growth of the interventional radiology market in the country during the forecast period.
Americas Interventional Radiology Industry Overview
The Americas Interventional Radiology market is competitive in nature due to the presence of many local and global players offering various interventional radiology products. Some of the key players in the market include Carestream Health, GE Healthcare, Hologic Inc., Koninklijke Philips NV, and Siemens Healthineers AG, among others.
Americas Interventional Radiology Market Leaders
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Carestream Health
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GE Healthcare
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Siemens Healthineers AG
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Canon Medical Systems Corporation
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FUJIFILM Holdings Corporation
*Disclaimer: Major Players sorted in no particular order
Americas Interventional Radiology Market News
- In March 2023, RAYUS Radiology launched a new MAGNETOM Lumina MRI scanner in the United States. The MAGNETOM Lumina is a state-of-the-art 3T MRI scanner with a large 70-cm open bore to enhance patient care and increase access to high-quality medical imaging for patients.
- In October 2022, GE Healthcare, a United-States-based company, launched its new all-digital PET/CT platform, Omni Legend, designed to enhance operational efficiency.
Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Burden of Chronic Diseases
- 4.2.2 Technological Advancements in Interventional Radiology Devices
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4.3 Market Restraints
- 4.3.1 Risk of High Radiation Exposure
- 4.3.2 High Cost of Equipment
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value-USD million)
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5.1 By Product
- 5.1.1 MRI Systems
- 5.1.2 Ultrasound Imaging Systems
- 5.1.3 CT Scanners
- 5.1.4 Angiography Systems
- 5.1.5 Fluoroscopy Systems
- 5.1.6 Biopsy Devices
- 5.1.7 Other Products
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5.2 By Application
- 5.2.1 Cardiology
- 5.2.2 Urology and Nephrology
- 5.2.3 Oncology
- 5.2.4 Gastroenterology
- 5.2.5 Other Applications
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.2 South America
- 5.3.2.1 Brazil
- 5.3.2.2 Argentina
- 5.3.2.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Carestream Health
- 6.1.2 Esaote SPA
- 6.1.3 GE Healthcare
- 6.1.4 Hologic Inc.
- 6.1.5 Koninklijke Philips NV
- 6.1.6 Siemens Healthineers AG
- 6.1.7 Canon Medical Systems Corporation
- 6.1.8 MinXray, Inc.
- 6.1.9 FUJIFILM Holdings Corporation
- 6.1.10 Boston Scientific Corporation
- 6.1.11 Teleflex Incorporated
- 6.1.12 Abbott
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAmericas Interventional Radiology Industry Segmentation
As per the scope of the report, interventional radiology is a medical specialty that employs minimally invasive procedures guided by medical imaging technologies to diagnose, treat, and manage a wide range of medical conditions. It involves the use of small instruments, catheters, and needles to access specific areas of the body, often through small incisions or natural body openings, thus reducing the need for traditional open surgery. By utilizing advanced imaging techniques like X-rays, fluoroscopy, ultrasound, CT scans, or MRI, interventional radiologists can visualize internal structures and blood vessels to perform precise and targeted interventions. The Americas Interventional Radiology Market is Segmented by Product (MRI Systems, Ultrasound Imaging Systems, CT Scanners, Angiography Systems, Fluoroscopy Systems, Biopsy Devices, and Other Products), Application (Cardiology, Urology and Nephrology, Oncology, Gastroenterology, and Other Applications), and Geography (North America and South America). The report offers the value (in USD million) for the above segments.
By Product | MRI Systems | |
Ultrasound Imaging Systems | ||
CT Scanners | ||
Angiography Systems | ||
Fluoroscopy Systems | ||
Biopsy Devices | ||
Other Products | ||
By Application | Cardiology | |
Urology and Nephrology | ||
Oncology | ||
Gastroenterology | ||
Other Applications | ||
Geography | North America | United States |
Canada | ||
Mexico | ||
Geography | South America | Brazil |
Argentina | ||
Rest of South America |
Frequently Asked Questions
What is the current Americas Interventional Radiology Market size?
The Americas Interventional Radiology Market is projected to register a CAGR of 6.40% during the forecast period (2024-2029)
Who are the key players in Americas Interventional Radiology Market?
Carestream Health, GE Healthcare, Siemens Healthineers AG, Canon Medical Systems Corporation and FUJIFILM Holdings Corporation are the major companies operating in the Americas Interventional Radiology Market.
What years does this Americas Interventional Radiology Market cover?
The report covers the Americas Interventional Radiology Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Americas Interventional Radiology Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Americas Interventional Radiology Industry Report
Statistics for the 2024 Americas Interventional Radiology market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Americas Interventional Radiology analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.