Nonvascular Interventional Radiology Device Market Outlook from 2024 to 2034

As per the analysis of Future Market Insights, the expected development of the global nonvascular interventional radiology device market is likely to adhere to a CAGR of 4.9%. The ecosystem is likely to get elevated from USD 27.6 billion in 2024 to the valuation mark of USD 44.6 billion by 2034.

A rapid evolution in imaging technologies can be witnessed. Such developments can be attributed to the growth of technological infrastructure. Pertaining to the growing emphasis on improving diagnosis quality, the evolution of imaging technology acts as a pivotal factor. The aim of improving the efficacy of radiology imaging equipment is shaping the size of the ecosystem, fueling opportunities for the inclusion of new technology.

Attributes Key Insights
Estimated Nonvascular Interventional Radiology Device Market Size in 2024 USD 27.6 billion
Projected Nonvascular Interventional Radiology Device Industry Value in 2034 USD 44.6 billion
Value-based CAGR from 2024 to 2034 4.9%

The prevalence of several chronic diseases is expected to augment the demand for better diagnostic equipment. Diseases like gastrointestinal disorders, cancer, and many more are likely to increase through the forecast period. This can fuel the demand for nonvascular interventional radiology devices.

Consumer inclination toward minimally invasive treatments is expected to rise. This propelling demand can create prospects for all relevant minimally invasive therapies and medications.

Radiology, being a key diagnosis technique in the minimally invasive segment, the demand for such devices is expected to grow through the forecast period. Better recovery time and reduced complications are key benefits of radiology, which elevates the prominence of the technique in the sector.

Emerging economies have turned toward new and innovative diagnostics tools that can deliver accurate and precise results. This approach is likely to drive the need for innovative diagnostics equipment, like interventional radiology devices in such countries.

Owing to the growing awareness of innovative techniques, healthcare experts have become aware of different changes in the medical field. Embracing such changes can create new prospects for cutting-edge practices. The factor is likely to drive sales of nonvascular interventional radiology devices.

Government investments in the healthcare sector are likely to bolster the said ecosystem. The consolidation of the entire industry can create prospects for key players in the industry to use better infrastructure.

Cutting-edge tools, techniques, and diagnosis methods can be included, which drive the said ecosystem. The inclusion of robotics and other technological developments is favoring the augmentation of novel devices. Such an augmentation can create prospects for key players in the nonvascular interventional radiology device industry.

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Semi-annual Industry Updates

The growth of the ecosystem is projected to occur at a CAGR of 5.8% through the first half (H1) of the period 2023 to 2033 and at 5.5% during the next half.

Particulars Value CAGR
H1 5.8% (2023 to 2033)
H2 5.5% (2023 to 2033)
H1 4.9% (2024 to 2034)
H2 4.5% (2024 to 2034)

The anticipated advancement in the size of the ecosystem through 2034 is likely to occur at a CAGR of 4.9% during the initial half (H1) of the period and at 4.5% during the subsequent half (H2). The depreciation in the growth rate is attributed to 90 BPS during the initial half (H1) and at 100 BPS through the subsequent half period (H2).

Key Industry Highlights

AI Integration to Drive Nonvascular Interventional Radiology Device Trends

Technological innovation has been a key emphasizing factor for key players in the industry. Different brands have focused on integrating AI in nonvascular interventional radiology devices. This integration can elevate the accuracy of diagnosis. Solutions tailored to the requirements of patients can be provided, which can drive the demand for such diagnostics equipment.

Diagnostic imaging quality can be improved with the integration of AI, which is likely to leverage healthcare experts in terms of producing reliable and precise outcomes. Image processing can be enhanced with the use of artificial intelligence. This can be a key driver for the propulsion of the demand to use cutting-edge technology in medical diagnostics.

Senior Population Drives Nonvascular Interventional Radiology Device Market Growth

Owing to the accelerated growth in the geriatric population across the world, the demand for constant medical support and assistance is expected to rise. A surge in chronic diseases is also observed, which is prominent in this age group. The growing senior population across the globe, therefore, drives the demand for efficient and accurate medical treatments, creating prospects for the sector.

The rising attention toward early diagnosis among the geriatric population is set to drive the diagnostics sector, creating prospects for relevant tools, methods, and techniques. The probability of chronic diseases affecting this population set is also higher. A spike in the demand for nonvascular interventional radiology devices, owing to this factor, is likely to occur during the next decade.

Telemedicine Creates Opportunities for Nonvascular Interventional Radiology Device Market

The trend of remote diagnosis is expected to gain traction during the forecast era. Owing to the growing demand for remote healthcare assistance, the scope for telehealth practices can spur. Telemedicine can leverage healthcare professionals to offer remote assistance to patients, which augments the design of nonvascular interventional radiology devices.

The emerging trend of personalized medicines can create prospects for the said ecosystem as the design of radiology devices can be augmented, and tailored to fit the requirements of individual patients.

Equipment Costs Affect Nonvascular Interventional Radiology Device Market Growth

Despite various benefitting factors, the high costs of equipment might affect the reach of such devices among consumers. This can harm the progress of the said ecosystem.

The scope of radiology devices might be affected due to the availability of many alternative products. Provided more attention is given to such alternatives, the demand for nonvascular interventional radiology devices might be affected.

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Sabyasachi Ghosh

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2019 to 2023 Global Nonvascular Interventional Radiology Device Sales Outlook Compared to Demand Forecast from 2024 to 2034

The size of nonvascular interventional radiology device market reached USD 26.3 billion by 2023. The last measured size of the ecosystem was USD 21.9 billion, measured in 2019. The change in the size of the ecosystem can be attributed to the development of the sector through the historical period at a CAGR of 3.6%.

Several countries emphasized the consolidation of healthcare infrastructure. A keen focus was made on the development of healthcare facilities to expand the reach of the said industry.

Such efforts during the historical period have helped the ecosystem gain better prospects in terms of reaching a wider consumer base. The development of the healthcare infrastructure helped key players in the sector to innovate, thereby fueling the demand for nonvascular interventional radiology devices.

Healthcare expenditure was also seen to have risen during the historical period. Owing to this expenditure, opportunities for leading organizations operating in the field spurred, driving the expansion of such players in the landscape. The growing focus on early diagnostics and efficient medication was a pivotal factor, which spurred the demand for better interventional radiology devices in the historical period.

The growing senior population across the globe is likely to drive the landscape through the forecast period. Owing to the increasing demand for diagnosis of liver and pancreatic failures, the requirement for cutting-edge interventional radiology devices is set to increase, driving the said sector through the forecast era.

Key players in the sector have been emphasizing product innovation to embark on a stronger position in the ecosystem. Owing to the rising inclination toward innovative products, the demand for innovative nonvascular interventional radiology devices is set to increase more through the forecast period.

Market Concentration

Owing to different vital factors like better penetrating capacity, technological or financial backing, capacity to mitigate changing consumer trends, and so on, key players operating in the Tier 1 category can hold a substantial share in the said sector.

Due to the better consumer reach of the Tier 1 category firms, the existence of such organizations across the globe is better. With the effect of such a bolstered presence, the revenue generation capacity of such organizations increases.

The Tier 1 category possesses organizations that have revenue generation above USD 100 million. The cap leverages the existence of large-scale organizations in the category of the ecosystem.

Technological acquisition is elevated due to better revenue generation and cash flow within the company. This category, therefore, can govern the competitive space, driving new trends and emerging sectors.

Compared to large-scale organizations, small and medium-scale businesses have a confined reach in the global ecosystem. Less revenue generation capacity has been affecting the expansion of such organizations in the global environment.

The space occupied by the Tier 1 category in the given ecosystem is 64.7% in 2024. Owing to confined global reach, small and medium-scale organizations often tap local ecosystems. Due to a better understanding of consumer demands in such a confined space, small-scale firms, who are integral parts of the Tier 2 category, the penetration of such organizations is more in such areas.

The Tier 2 category is capped below USD 50 million in revenue generation capacity. The said threshold defines the reach of such firms in the global sector. The industry space occupied by such firms in the ecosystem is 25.7% by 2024.

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Comparative Market Overview

Pertaining to the assessment of the sector, the analysis of adjacent sectors proves to be essential. To meet this demand, the subject ecosystem is mapped against the interventional radiology ecosystem and the interventional radiology product landscape.

The common thread connecting all such sectors is the rising awareness of minimally invasive treatments. Technological integration with the interventional radiology instrument is gaining momentum, driving all sectors.

Interventional Radiology Ecosystem:

Owing to the rising demand for minimally invasive treatment is set to drive the ecosystem. The growing emphasis on improving diagnostics efficiency is likely to fuel prospects for the sector. Innovations in IR imaging techniques have spurred. Trends in personalized medicines are likely to augment the competitive space.

Attributes Interventional Radiology Ecosystem
CAGR from 2022 to 2032 5%
Key Trends The growing inclination toward minimally invasive procedures.
Opportunity The rising emphasis on research and development.
Growth Factor Elevated diagnostics efficiency using IR imaging.

Interventional Radiology Product Landscape:

Owing to the spurring preference for less invasive therapies, the demand for IR products is expected to rise. Digital transformation in the medical field is shaping the landscape. Reimbursement policies have become favorable, driving the use of such products. Personalized medicine plans are augmenting the demand for products.

Attributes Interventional Radiology Product Landscape
CAGR from 2024 to 2034 7.4%
Key Trends Emphasis on digital health technologies.
Opportunity The growing consumer preference for wearable medical technology.
Growth Factor The growing demand for less invasive treatments.

Country-wise Analysis

The spurring investments in the healthcare sector in Asia-Pacific have been key factors in creating several opportunities for leading manufacturers of devices in the region.

The emphasis on the development of healthcare services has been a key driver in terms of elevating the size of the ecosystem in Europe. This is a key driver for the competitive space. Technological advancements in North America are providing a wider landscape for key players in the nonvascular interventional radiology device industry.

Forecast CAGRs from 2024 to 2034

Countries Forecasted CAGR
The United States of America 1.5%
The United Kingdom 1.8%
India 5.5%

Robust Healthcare Infrastructure in the United States Drives the Ecosystem

The nonvascular interventional radiology device market size is expected to grow at 1.5% through 2034 in the United States, creating opportunities for key players operating in the industry.

The government initiatives are increasing in the sector along with the spurring investments of key players in the industry. The healthcare sector in the United States has been consolidated, owing to such effects. Access to bleeding-edge healthcare facilities has expanded in the country.

The abundance of healthcare professionals, along with the presence of a skilled workforce, can drive the demand for radiology devices, fueling the growth of the sector. Bolstered research and development processes in the country also contribute to the development.

Geriatric Population in the United Kingdom to Augment Demand

The estimated progress of the nonvascular interventional radiology device market in the United Kingdom is projected to adhere to a CAGR of 1.8% through the forecast era.

The geriatric population segment in the country is likely to increase through the forecast era. The medical assistance required for such a population set is more, creating prospects for key players in the country. As the senior population is more prone to chronic diseases, the demand for nonvascular interventional radiology devices is expected to rise in the country.

Private Healthcare Sector Expansion in India is Set to Drive the Ecosystem

The increasing government investments in the development of the healthcare sector have created several prospects for leading organizations in India. Emerging players can also expand freely in the country. Such factors can help the expansion of the private healthcare setup, extending the reach of such sectors to rural and remote areas of the country.

Access to different medical treatments and diagnostics facilities, including nonvascular interventional radiology, has increased recently, which drives the ecosystem in the country.

Owing to such key industry drivers, the estimated progress of the nonvascular interventional radiology device market is likely to be measured at the highest CAGR of 5.5% through the forecast period.

Category-wise Insights

The growing consumer attention to alternative methods that can curb invasive treatments is shaping the competitive space. Owing to the elevated demand for accurate, precise, and timely diagnosis of diseases, the importance of the needle biopsy segment is expected to increase. Due to the spurring of cancer cases across the world, the demand for relevant applications is likely to gain traction.

Accuracy and Precision of Needle Biopsy to Drive the Segment

Category Type - Needle Biopsy
Industry Share in 2024 73.2%

Tissue samples collected after needle biopsy can produce accurate results. Cells from the infected area can be collected more easily. Minimal invasion occurs in the process, which is gaining momentum in the healthcare sector.

More emphasis is being placed on less invasive therapies compared to surgeries and biopsies. Owing to this growing trend, the demand for needle biopsy is set to gain attention in the ecosystem.

Addressing Liver and Pancreatic Liver Conditions a Key Application Area for Neurovascular Interventional Radiology Devices

Category Application - Liver and Pancreatic Conditions
Industry Share in 2024 41.6%

The rising prevalence of chronic diseases related to the liver and pancreas is set to augment the need for the segment. Hepatocellular carcinoma, liver cirrhosis, and cancer have been increasing exponentially, creating demand for the said segment.

Imaging techniques have evolved drastically, which can fuel early diagnostics. As a result of the growing demand for early diagnostics methods, the scope for the segment is expected to increase.

Competition Outlook

Key players in the nonvascular interventional radiology device industry occupy the competitive space, hindering the entry of new entrants. Owing to this force, new entrants need to invest more in product innovation and differentiation to embark on a stronger competitive position.

Leading manufacturers in the ecosystem, on the other hand, expand using many strategies, including collaborations, mergers, partnerships, and acquisitions. The collective ecosystem of such players drives the enlargement of the global nonvascular interventional radiology device market size.

  • In April 2024, Hologic Inc. announced the acquisition of Endomagnetics Ltd. This move helped the organization in terms of diversification of reach within the market.
  • In May 2024, Carestream Health Inc. launched an Image Suite MR 10 Software, aiming to elevate the imaging experience for CR and DR imaging systems.

Leading Nonvascular Interventional Radiology Device Brands

  • Carestream Health Inc.
  • Hologic Inc.
  • GE Healthcare
  • Fujifilm Corporation
  • Samsung Healthcare (Samsung Electronics Co. Ltd.)
  • Shimadzu Corporation
  • Siemens Healthineers
  • Canon Medical Systems Corporation
  • Olympus Corporation

Nonvascular Interventional Radiology Device Market - Key Segments

By Type:

The ecosystem can be classified based on the device type into Puncture and Drainage Methods and Needle Biopsy.

By Application:

Based on the application, the sector can be segmented into Benign Tumors, Uterine Fibroids, and Live and pancreatic Conditions.

By Region:

North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and The Middle East and Africa are the key contributing regions to the industry.

Frequently Asked Questions

At what CAGR nonvascular interventional radiology device market is likely to progress through 2034?

The nonvascular interventional radiology device market is set to advance at a CAGR of 4.9% through 2034.

What size the nonvascular interventional radiology device industry is likely to reach by 2034?

The industry is likely to reach USD 44.6 billion by 2034.

What size the nonvascular interventional radiology device ecosystem is likely to reach by 2024?

The ecosystem is set to reach USD 27.6 billion in 2024.

Which treatment type is expected to gain popularity in 2024?

The needle biopsy segment is likely to hold 73.2% of the industry share in 2024.

What are the growth prospects in the United States through 2034?

The nonvascular interventional radiology device market in the United States is likely to progress at a CAGR of 1.5% through 2034.

Table of Content

1. Executive Summary

2. Industry Introduction, including Taxonomy and Market Definition

3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments

4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections

5. Pricing Analysis

6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034

    6.1. Type

    6.2. Application

7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type

    7.1. Puncture and Drainage Methods

    7.2. Needle Biopsy

8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application

    8.1. Benign Tumors

    8.2. Uterine Fibroids

    8.3. Live & Pancreatic Conditions

9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region

    9.1. North America

    9.2. Latin America

    9.3. Western Europe

    9.4. South Asia and Pacific

    9.5. East Asia

    9.6. Middle East and Africa

10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

13. South Asia and Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

15. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

16. Sales Forecast 2024 to 2034 by Type and Application for 30 Countries

17. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard

18. Company Profile

    18.1. Carestream Health Inc.

    18.2. Hologic Inc.

    18.3. GE Healthcare

    18.4. Fujifilm Corporation

    18.5. Samsung Healthcare

    18.6. Shimadzu Corporation

    18.7. Siemens Healthineers

    18.8. Canon Medical Systems Corporation

    18.9. Olympus Corporation

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