Global Nonvascular Interventional Radiology Device Market Size is set to reach USD 44.6 Billion by 2034 at a CAGR of 4.9% | FMI Report

The nonvascular interventional radiology device market size is likely to reach USD 44.6 billion by 2034, which was measured at a USD 27.6 billion valuation mark in 2024. Owing to a CAGR of 4.9% through the forecast era, the ecosystem is likely to reach the abovementioned size.

The rising geriatric population is the fundamental factor that drives the sector. As the segment requires constant medical support and assistance, the demand for several diagnostics techniques is likely to increase in the future. This might be a key driver for the ecosystem, augmenting the size of the market.

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The integration of technology like AI can augment the design and specifications of nonvascular interventional radiology devices. Accuracy and precision of test results can improve, which can leverage better diagnostics services. The reliance of healthcare professionals on the use of such modern technology is likely to elevate through the forecast period. The technological integration can lead to innovation, augmenting the size of the global nonvascular interventional radiology device market.

The growing trend of telehealth practices is expected to drive the ecosystem. Owing to the growing importance of remote patient assistance, the demand for telemedicine practices has increased. This can shape the size of the ecosystem. Novel devices are gaining momentum in the ecosystem, which is expected to create several prospects for key players in the sector. Such opportunities can also diversify the functioning of leading brands.

Key Market Drivers:

1. Technological Advancements: Innovations in imaging infrastructure, particularly in orthopedic imaging, are elevating diagnostic quality. These advancements enable healthcare providers to perform more precise and accurate diagnoses, reducing the necessity for invasive procedures.
2. Rising Incidence of Chronic Diseases: The growing prevalence of conditions such as cancer, gastrointestinal disorders, and urological issues necessitates advanced diagnostic equipment, including nonvascular interventional devices.
3. Preference for Minimally Invasive Treatments: Both patients and healthcare providers are increasingly favoring minimally invasive procedures due to benefits like reduced recovery times and lower complication rates. This shift is boosting demand for nonvascular interventional radiology devices.

Opportunities for Decision Makers:

For stakeholders in the healthcare industry, the expanding nonvascular interventional radiology device market presents several strategic opportunities:

• Investment in Technological Innovation: Allocating resources to the development of advanced imaging and interventional technologies can meet the growing demand for precise and minimally invasive procedures.
• Strategic Collaborations: Forming partnerships with healthcare providers can facilitate the integration of new technologies into clinical practice, enhancing patient care and expanding market reach.
• Focus on Emerging Markets: Targeting regions like the Asia Pacific, where healthcare infrastructure is rapidly developing, can capitalize on the increasing demand for advanced medical devices.

By aligning with these market trends and focusing on innovation and strategic partnerships, decision-makers can effectively navigate the evolving landscape of the nonvascular interventional radiology device market and drive substantial growth in the coming years.

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Key Takeaways from the Market Study

• The projected rate of the development of the nonvascular interventional radiology device market size in the United States is set to occur at a CAGR of % through 2034.

• Compared to historical values, the progress of the ecosystem is likely to create better prospects for key players during the forecast period. Owing to CAGRs of 3.6% and 4.9% for the respective eras, the competitive space is set to advance.
• The estimated advancement of the industry in India is likely to adhere to the highest CAGR of 5.5% through the forecast period, creating several key opportunities for leading manufacturers in the country.
• The Tier 1 category of the ecosystem possesses the highest industry share in 2024, followed by the Tier 2 category. Space occupied by two categories is 64.7% and 25.7% respectively in 2024.

“Owing to the high costs of nonvascular interventional radiology devices, the demand for such devices might reduce due to confined reach in the ecosystem. This is a key barrier to the growth of the sector,” says an FMI analyst.

Competition Outlook

Owing to the growing technological infrastructure, key organizations in the Tier 1 category have been able to create a strong presence in the global landscape. Expansion of such organizations can be simplified due to such acquisitions as key players can mitigate changing consumer and industry trends more easily.

Apart from technological acquisitions, leading manufacturers in the landscape expand using different strategies, including partnerships, mergers, acquisitions, and strategic collaborations.

New entrants, on the other hand, might face barriers while entering the sector. To mitigate the threat of key players in the sector, new entrants are required to adhere to strategies like strategic alliances, innovation, and differentiation. Tier 1 and Tier 2 categories govern the progress of the worldwide nonvascular interventional radiology device market size:-

• In January 2024, Carestream Health Inc. introduced a new DRX Excel Plus X-ray system. The system aims to elevate the productivity and deliver a better consumer experience.
• In February 2024, Hologic Inc. announced the launch of the digital cytology system called Genius Digital Diagnostics System. This product launch helped the organization bolster the market position.

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

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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.

About Future Market Insights (FMI)

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