Australia Interventional Radiology Market Analysis

Australia Interventional Radiology Market Executive Summary

Australia Interventional Radiology Market is valued at around $291.6 Bn in 2022 and is projected to reach $539.7 Bn by 2030, exhibiting a CAGR of 8% during the forecast period 2023-2030.

The Interventional Radiology Market refers to the market focused on applying minimally invasive imaging techniques to diagnose and treat people. The market includes radiation guidance systems and equipment like X-rays, MRI, CT-scan, and other modalities to guide the insertion of wires, catheters, and medical devices into the body.

The increasing prevalence of chronic diseases has contributed to the growth of the global market for interventional radiology in recent years. Covid-19 had hindered the growth of the interventional radiology market in its initial phase due to social distancing measures taken by governments throughout the world. Now pandemic has subsided and the market is growing at a stable rate.

There are many companies in the global interventional radiology market but GE Healthcare (US), Koninklijke Philips N.V., Carestream Health, ESAOTE SPA, Hitachi, Ltd., Hologic, Inc., Shimadzu Corporation, Siemens Healthcare GmbH, Canon Medical Systems Corporation, Samsung Medison Co., Ltd., Medtronic, Agfa-Gevaert Group, Teleflex Incorporated, Cook, Analogic Corporation, Shenzhen Mindray Bio-Medical Electronics Co., Ltd, and Trivitron Healthcare are some of the significant players in the market.

There have been many advancements in the interventional radiology market including drug-eluting stents, bioabsorbable scaffolds, robotic-assisted systems, AI-Integrated imaging technologies, and image-guided therapies. It has improved patient outcomes and the efficiency of diagnosis and treatment. Angiography systems, biopsy devices, and fluoroscopy systems are improving with time and enhancing the diagnosis of different conditions.

The aging global population, advancement in technology, increasing healthcare expenditure, and popularization of non-invasive procedures are projected to fuel the market for interventional radiology. The market may yet have difficulties with regard to obtaining regulatory permission and funding for research and development, as well as the high price of various imaging and radiography instruments.

Market Dynamics

Drivers of Australia Interventional Radiology Market:

Growing Prevalence of Chronic Diseases: Cardiovascular disease, cancers, and neurological diseases are increasing globally and it is increasing demand for diagnostic methods and technologies which can successfully diagnose the conditions. Lifestyle changes, dietary changes, and increased substance usage are major factors for the increasing prevalence of chronic diseases. All of these are contributing to the market growth of the interventional radiology market.

Advancements in technology: Imaging technology is continuously being developed and it has increased the precision and efficacy of different interventional methods like CT scans, MRI, Ultrasound, Fluoroscopy, and Radiology. Improved imaging quality, real-time imaging, and digital imaging are improving accuracy and safety. It enables interventional radiologists to perform complex procedures.

Increasing Healthcare Expenditure: The market for interventional radiology is expanding due to rising healthcare spending in both developed and developing nations. This demand is fueling the development of better instruments, software, and methods for the early detection and accurate diagnosis of chronic diseases.

Non-Invasive Procedures: Patients are demanding non-invasive procedures for diagnosis and treatment. It decreases the recovery time and discomfort of the patient. Non-invasive procedures offer shorter hospital stays, reduce scarring, and higher patient satisfaction.

Restraints of Australia Interventional Radiology Market:

High Cost of Radiological Devices: The cost of various devices like MRI devices, CT scan devices, and X-Ray systems are very high which decreases the affordability of small healthcare facilities. It has led to less acceptance of non-invasive technologies and it hampers the growth of the interventional radiology market.

Lack of Skilled Personals: There is a shortage of skilled staff for interventional radiology and it requires specialized training and expertise to train the staff. It is limiting the availability and accessibility of non-invasive radiology procedures.

Potential Complications and Safety Concerns: Interventional radiology procedures are considered safe but there is a potential risk for invasive procedures. Sometimes bleeding, infection and injury can happen to surrounding tissues and body parts. Management of risk and proper safety requires a high level of specialty. It can hinder the growth of the interventional radiology market.

Notable Deals in Interventional Radiology Market

In November 2022, Konica Minolta Healthcare Americas launched an ultrasound system called Sonimage MX1 Platinum which will improve point-of-care in the interventional radiology market.

In November 2022, Fujifilm Healthcare Americas Corporation announced the United States launch of the Scenario View Focus Edition Computed Tomography (CT) system. It is a premium scanner with an advanced Cardiac Motion Correction feature called Cardio StillShot.

In October 2022, GE Healthcare launched its new all-digital PET/CT platform, Omni Legend, designed to enhance operational efficiency.