Due to the increasing incidence of chronic diseases, surging demand for minimally invasive procedures, rising elderly population, and technological advancements, the interventional radiology market is projected to demonstrate a CAGR of 6.4% during the forecast period (2019–2024). The market generated $19.0 billion revenue in 2018, which is expected to reach $27.3 billion by 2024. This market is also led by strategic measures, such as product launches and marketing approvals.

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Increasing prevalence of chronic diseases, such as cancer and cardiovascular diseases (CVDs), is expected to have a positive impact on the interventional radiology market. Moreover, the rising number of interventional cardiology procedures, including percutaneous coronary interventions (PCI), transcatheter aortic valve implantations (TAVI), and transcatheter aortic valve replacement (TAVR), supplements the demand for interventional radiology systems to treat CVDs.

Further, the interventional radiology market growth is driven by the technological developments in the interventional procedures applied for treating several chronic diseases. These developments have led to the introduction of various advanced products that help in early diagnosis of several diseases, which assists in timely management of these diseases. One such product is GE Healthcare's image-guided system (IGS) that is used in complex procedures, such as chronic total occlusion in blood vessels and structural heart, due to its enhanced visualization.

Globally, the North American interventional radiology market accounted for the largest share in 2018, due to the improved healthcare infrastructure and high healthcare expenditure. On the other hand, during the forecast period, the Asia-Pacific (APAC) market is projected to display the fastest growth, owing to the increasing incidence of chronic diseases, improving healthcare system, surging geriatric population, and rising healthcare spending. Additionally, increasing frequency of scientific meetings and training programs to develop interventional radiology is expected to boost the market growth in the region, during the forecast period.

The major factors driving the growth of this market are rising incidence of chronic diseases, rising geriatric population, and increasing demand for minimally invasive surgeries. However, new players in the interventional radiology products market face significant entry barriers; this is a key challenge in the market.

According to a new market research report "Interventional Radiology Products Market by type (Stents, Catheters, IVC Filter, Accessories), Procedure Type (Angioplasty, Angiography, Biopsy, Thrombolysis, Embolization), Applications (Oncology, Cardiology, Urology & Nephrology) - Forecast to 2021", published by MarketsandMarkets.

The global market is expected to reach USD 8.02 Billion by 2021 from USD 6.35 Billion in 2016, at a CAGR of 4.8% from 2016 to 2021.

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Key players in the interventional radiology products market include Abbott Vascular (U.S.), Boston Scientific Corporation (U.S.), Medtronic plc (Ireland), Cardinal Health (U.S.), B. Braun Melsungen AG (Germany), C.R Bard (U.S.), Biosensor International Group Ltd. (Singapore), Stryker Corporation (U.S.), Terumo Corporation (Japan), and Cook Medical Inc. (U.S.).

Based on type, the market is segmented into stents, catheters, IVC filters, hemodynamic flow alteration devices, angioplasty balloons, thrombectomy systems, embolization devices, biopsy needles, and accessories. In 2016, the stents segment is expected to dominate the global interventional radiology products industry. The key factors driving the growth of the interventional radiology stents market are the growing geriatric population and increasing incidence of cardiovascular diseases around the world.

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Based on procedure, the market is segmented into angioplasty, angiography, embolization, thrombolysis, biopsy & drainage, vertebroplasty, nephrostomy, and other applications. In 2016, the angiography segment is expected to account for the largest share of this market. The growing demand for minimally invasive procedures and rising geriatric population are the key factors driving market growth in this segment.

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Based on region, the global interventional radiology products market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2016, North America is expected to account for the largest share of the market. The rising incidence of chronic diseases (CVD), the increasing demand for minimally invasive procedures, and availability of reimbursement for minimally invasive products in this region are the major factors contributing to the growth of this market.