Overview  - The growth in this market can be attributed to the rising prevalence of chronic diseases, growing geriatric population, increasing demand for minimally invasive procedures, and favorable reimbursement scenario for interventional radiology procedures. Emerging markets in Asian countries are expected to offer strong growth opportunities for players in the market. In contrast, high cost and inaccessibility of advanced therapeutics may restrict market growth to a certain extent.  

The reduced use of interventional radiology products due to the declining volume of elective and non-essential procedures, the lower utilization of routine testing, reduced capital spending by customers, and a decrease in research activity due to laboratory closures and reduced clinical testing have all affected the interventional radiology products market. 

Based on Type, the interventional radiology products market is segmented into catheters, stents, inferior vena cava (IVC) filters, hemodynamic flow alteration devices, angioplasty balloons, thrombectomy systems, embolization devices, biopsy needles, accessories (contrast media, guidewires, balloon inflation devices, and other accessories), and other interventional radiology products (bone cements, nephrostomy tubes, and gastrostomy tubes). 

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Based on Applications, interventional radiology products can be segmented into cardiology, urology nephrology, oncology, gastroenterology, neurology, orthopedics, and other applications (pulmonary and gynecology). 

Based on Procedure, The demand for minimally invasive procedures has been increasing due to their advantages over conventional open surgery procedures. According to the American Institute of Minimally Invasive Surgery (AIMS), the benefits of minimally invasive procedures as compared to conventional open surgery procedures include increased safety, decreased scarring, faster recovery, and decreased length of hospital stay.  

The interventional radiology products is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. In 2020, North America was the largest regional segment of the overall market, followed by Europe. 

Several under-developed and developing countries like India, South Africa, Afghanistan, Bhutan, and Nepal do not have centralized insurance systems and have higher out-of-pocket expenditure. This impacts the adoption of high-priced treatment procedures. For instance, according to the Journal of American Heart Association, the price of a drug-eluting stent ranges from USD 600 to USD 2,791 in India. 

To leverage the high-growth opportunities in these markets, manufacturers are strategically focusing on expanding their presence in developing countries. Moreover, the increasing competition in mature markets is further compelling interventional radiology device manufacturers to focus on emerging markets. 

The prominent players operating in interventional radiology products market include Abbott (US), Medtronic (Ireland), Boston Scientific Corporation (US), Becton Dickinson and Company (US), Terumo Medical Corporation (Japan), and Cardinal Health (US).