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Interventional Radiology Market Set to Reach USD 3,393.4 Million by 2030

Interventional Radiology Market

The interventional radiology market was valued at USD 2,571.1 million in 2024, and it is expected to grow at a CAGR of 4.7% to reach USD 3,393.4 million by 2030. This growth is driven by the increasing elderly population, rising prevalence of chronic diseases, greater awareness of minimally invasive procedures, and the adoption of advanced medical technologies.

Product Insights: The MRI segment dominates the market and is projected to grow at a rate of 4.5% by the end of the decade. This is due to technological advancements and the rising demand for MRI systems. MRI technology uses a magnetic field and radio frequencies to produce clear, detailed images of soft tissues. There are two main types of MRI machines: open and closed-bore.

CT Scanning: CT scanners utilize X-rays to create detailed images of internal organs, with the ability to generate 3D images by viewing slices in a series. This makes it easier to identify specific problem areas. For example, iodine-based contrast agents are often used to highlight blocked blood vessels, aiding in accurate diagnoses.

Procedure Insights: Angioplasty is the leading procedure segment, primarily due to the rising number of cardiovascular diseases (CVDs). Angiography, a minimally invasive procedure, is widely used in vascular treatments and imaging, and is a preferred method by hospitals for both peripheral and cardiovascular diagnostics.

End Users: Hospitals are the primary end users in the interventional radiology market, owing to the presence of specialized healthcare professionals and a high patient volume. The increasing population, and thus the rise in patients, drives the need for cancer screening and diagnostic imaging, contributing to market growth.

Regional Insights: North America leads the market, supported by factors such as a growing aging population, prevalence of chronic diseases, high disposable income, advanced healthcare infrastructure, and technological progress. For instance, in March 2022, the USFDA approved the Stellarex 0.035” OTW drug-coated balloon for the treatment of peripheral artery disease, illustrating the region’s commitment to innovative products.

The demand for interventional radiology solutions is expected to continue rising globally due to the aging population and the increasing need for minimally invasive diagnostic and therapeutic procedures.

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North America Leads Global Energy-Based Aesthetic Devices Market

In 2021, the global market for energy-based aesthetic devices was valued at approximately $2,662 million, and it is projected to exceed $6,326 million by 2030, growing at a CAGR of over 10% in the coming years. The industry’s growth is driven by increasing awareness, acceptance, and accessibility of these devices, along with product innovations, rising disposable incomes, and the widespread prevalence of chronic skin conditions. Additionally, advancements in minimally invasive (MIS) procedures for skin resurfacing and tightening contribute to market expansion.

Laser devices held the largest share of the market in 2021, accounting for around 40%, followed by light-based and electromagnetic energy-based devices. This dominance is primarily due to the expanding cosmetic applications of lasers, such as skin contouring and the reduction of hair and fat. The rising aging population and the effects of prolonged sun exposure, including photoaging, have also driven the demand for these devices globally.

The segment for facial and skin resurfacing/photo rejuvenation is expected to grow at a robust rate of over 10% in the coming years. One of the key factors supporting this growth is the aging population, which tends to show visible signs of aging, including wrinkles, fine lines, scars, enlarged pores, rough texture, and dull skin tone. As a result, people are increasingly opting for light-based aesthetic devices to regain a youthful appearance.

Among the two main distribution channels, the indirect segment is set to grow significantly, with a growth rate of approximately 11%, primarily due to the increasing trend of online shopping, especially for home-use aesthetic products. Online marketplaces such as Amazon and Flipkart offer a wide range of these devices, along with convenient return and payment options, thus expanding their customer base and boosting sales.

Home-use aesthetic devices are anticipated to experience the highest growth rate in the coming years due to technological innovations that make energy-based devices more accessible. These devices are also relatively affordable, which further drives their global adoption.

In 2021, North America accounted for about 40% of the revenue in the energy-based aesthetic devices market and is expected to maintain its leading position. This is attributed to the rising prevalence of obesity, which drives the demand for fat reduction and body contouring treatments. For instance, the U.S. is projected to have around 125 million overweight individuals by 2030. Moreover, increasing R&D activities, product launches, and growing healthcare expenditure are major factors contributing to the market’s growth.

Globally, there is a growing preference for minimally invasive (MIS) treatments. According to the American Society of Plastic Surgeons (ASPS), popular MIS procedures include botulinum toxin type A injections, chemical peels, laser skin resurfacing, soft tissue fillers, and intense pulsed light (IPL) therapy. In 2020, the total number of MIS aesthetic procedures reached 13.2 million, representing a 174% increase compared to 2000.

The rising medical tourism industry, increasing number of aesthetic procedures, and the growing prevalence of skin disorders have also fueled the demand for energy-based aesthetic devices worldwide.

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Active Pharmaceutical Ingredient Market to Grow Due to Rising Chronic Diseases

Active Pharmaceutical Ingredient

The active pharmaceutical ingredient (API) market is poised to grow at a CAGR of 6.9% from 2021 to 2030, driven by several factors, including the rising prevalence of chronic disorders, the increasing significance of generic drugs, and the expanding geriatric population. As per P&S Intelligence, the market value is projected to escalate from $184,311.2 million in 2020 to $357,005.7 million by 2030. APIs, defined by the World Health Organization (WHO), are substances or combinations used in pharmaceutical products that induce the desired effects within the body.

One of the primary growth drivers of the market is the increasing incidence of chronic illnesses, including cardiovascular diseases (CVDs), cancer, respiratory conditions, and diabetes. According to WHO, CVDs, cancer, respiratory diseases, and diabetes lead to around 17.9 million, 9.3 million, 4.1 million, and 1.5 million deaths globally every year, respectively, accounting for over 80% of all premature non-communicable disease (NCD) fatalities.

Additionally, the growing elderly population, driven by longer life expectancy and lower mortality rates, is expected to further propel the market’s growth in the coming years. Older individuals often have weakened immune systems, necessitating prolonged recovery times and intensive care, which can be supported through advanced API products. The United Nations Department of Economic and Social Affairs (UNDESA) estimates that the global population of individuals aged 65 and older will rise from 727 million in 2020 to approximately 1.5 billion by 2050.

In the therapeutic application segment, APIs are categorized for use in treating diabetes, pain management, oncology, communicable diseases, CVDs, respiratory illnesses, and more. Among these, the oncology segment led the market revenue in 2020, driven by the growing cases of cancer and the rising demand for highly potent APIs (HPAPIs). According to the International Agency for Research on Cancer (IARC), there were 2.26 million breast cancer cases, 865,630 colorectum cancer cases, 770,828 lung cancer cases, 604,127 cervical cancer cases, and 448,915 thyroid cancer cases diagnosed in women worldwide in 2020.

Market players are currently focusing on product launches and facility expansions to strengthen their presence. For example, Sanofi introduced EUROAPI, a new entity for API development, production, and marketing, in January 2021. Similarly, Sandoz, a Novartis AG division, announced in May 2021 that it would enhance its production capacities in Palafolls, Spain, and Kundl, Austria.

Regionally, North America is expected to dominate the API market during the forecast period, driven by a high prevalence of chronic conditions, a growing number of R&D initiatives, advancements in technology, increased government focus on generics, and a rising demand for specialty drugs and biologics. Additionally, increased public awareness of lifestyle-related diseases, such as diabetes, will contribute to market growth in the region.

In conclusion, the expansion of the geriatric population and the growing incidence of chronic illnesses are significant contributors to the robust growth of the API market.

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Hospital Risk Management Market is Powered by the Increasing Incidence of Medical Errors

Hospital Risk Management Market

The size of the hospital risk management market will touch USD 3,482.3 million by 2030, powering at a rate of 13.5% by the end of this decade. This will prominently be as a result of the growing occurrence of medical errors, together with the high pervasiveness of chronic ailments at a global level.

The cloud-based category had the larger revenue share, more than 80%, in the past. The same category will grow at a higher rate, of about 14%, in the years to come.

This is because of the increasing requirement to endorse interoperability among different hospitals and corporations, to exchange info among databases, applications, and further computer systems and decrease operating costs. Furthermore, the rising acceptance of EHRs, e-prescriptions, mHealth, and telehealth also powers the growth of the industry.

Considering the significance of cloud-based risk management software in hospitals, the key players are participating to reinforce their position through acquisitions. For example, in February 2022, IBM Corporation developed Neudesic LLC to develop its collection of hybrid multi-cloud services.

Large hospitals will have the largest share, of about 60%, in 2030. This will be because of the increasing count of large hospitals, broadcasting hospital spending, and acceptance of EHRs in hospitals. For example, over 90% of the U.S. hospitals are in the procedure of validating EHRs.

Hospital risk management is needed for the suitable functioning of EHR systems, to eliminate the incidence of medical errors. The hospital bed density is the maximum in Japan, South Korea, Russia, and Germany, of about 12.8, 12.4, 8.0, and 7.9 beds per 1,000 populaces, respectively.

North America was the leader of the hospital risk management market. This has a lot to do with the existence of numerous players of industry in the U.S., shifting of the on-premises risk management and further healthcare IT solutions to cloud-based solutions, and mounting usage of data analytics to ease the workflow in hospitals.

Furthermore, the increasing occurrence of medical errors contributes to the high growth of the industry. For example, about 10,000 Americans die because of medication errors in hospitals on a yearly basis. The growing count of medical errors also leads to a high healthcare expenditure, which further powers the growth of the industry.

The U.S. spends about USD 40 billion on a yearly basis on patients afflicted with medication faults. Preventable medical faults in hospital prevail the mortality rate from predictable hazards, for example car accidents, breast cancer, and AIDS.

It is because of the increasing rate of medical errors, the demand for hospital risk management solutions will grow considerably. This trend will continue in the years to come as well.

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Inhalation Anesthetics Industry to Reach USD 2,144.6 Million by 2030

Inhalation Anesthetics Market

In 2021, the inhalation anesthetics market was valued at approximately USD 1,356.0 million and is expected to grow at a 5.2% CAGR from 2021 to 2030, reaching USD 2,144.6 million by 2030, as per P&S Intelligence.

The expansion of this market is primarily driven by the increasing use of inhalation anesthetics, attributed to the growing elderly population susceptible to chronic diseases, the rise in trauma cases, and better access to healthcare services and surgical procedures.

Among end-users, hospitals dominated the market, holding the largest share, and are expected to expand at a CAGR of 5.6% in the coming years. The use of these anesthetics helps reduce hospital stays for patients, as they offer a relatively lower minimum alveolar concentration (MAC), preventing extended hospital admissions.

Additionally, laparoscopic surgeries are linked to lower hospital costs compared to open surgeries. Patients undergoing minimally invasive procedures benefit from shorter hospital stays and fewer readmission costs.

In 2021, sevoflurane accounted for the largest share of the market, about 75.0%, and is anticipated to grow at a CAGR of 5.1% in the near future. This is largely due to its widespread use in anesthesia because of its therapeutic properties. Sevoflurane is an ether-based anesthetic agent known for its low pungency, mild odor, and low blood-gas partition coefficient.

North America led the global inhalation anesthetics market in 2021, driven by advancements in anesthesia and surgical techniques and the availability of innovative medications. Surgeons, manufacturers, and investors in the region are key stakeholders, actively promoting the use of these drugs.

Chronic disease prevalence, particularly cardiovascular conditions and related complications, is rapidly increasing in North America, leading to a higher number of surgeries.

In terms of revenue, Europe held the second-largest market position, with significant growth projected in France. The French anesthetic drug market is poised for expansion, largely due to the healthcare system covering 85–90% of patient costs during surgeries, driving the high usage of inhalation anesthetics.

Thus, the main drivers of the inhalation anesthetics market include the growing aging population prone to chronic diseases, the increase in trauma cases, and the rising availability of healthcare services and surgeries.

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How Does the Rise in Geriatric Population Contribute to Revenue of Patient Temperature Monitoring Industry?

Patient Temperature Monitoring Market

In 2021, the patient temperature monitoring market generated $3,294.8 million in revenue, and it is expected to grow to $6,039.3 million by 2030, advancing at a 7% rate. This growth is driven by the increasing demand for non-invasive, non-traumatic, and hygienic devices that provide accurate temperature readings. Handheld temperature monitoring devices hold a 27% share of the market, thanks to the convenience they offer patients.

The rising prevalence of chronic and infectious diseases like diabetes, cancer, and cardiovascular conditions is further driving the demand for temperature monitoring devices. It is estimated that over the next decade, chronic diseases will claim 5 million lives in the U.K., underscoring the importance of regular temperature monitoring for effective disease management.

In the U.S., as of 2020, 6 out of 10 people had at least one chronic condition, while 4 out of 10 had two or more. This makes temperature monitoring vital for early diagnosis. The link between temperature fluctuations and the occurrence of illnesses is expected to boost demand for temperature monitoring systems.

The COVID-19 pandemic has significantly boosted the temperature monitoring market due to the rising need for such devices. Manufacturers are increasing the production of digital thermometers, which provide accurate and reliable temperature readings. These devices now feature improved technology, reducing errors and fluctuating results. For instance, in February 2020, Xiaomi introduced a non-contact infrared thermometer capable of measuring temperature in just one second with an accuracy of 0.2 degrees.

Non-invasive temperature monitoring systems account for a substantial portion of the market, generating $1,892.9 million in revenue, with a projected growth rate of 7.3%. The demand for non-invasive devices is increasing due to their ease of use, accurate readings, and user comfort.

The growing demand for oral temperature monitoring is driving the sales of oral thermometers, offering an opportunity for manufacturers to introduce new products. Additionally, temporal artery and axillary thermometers are gaining popularity for their simplicity, quick results, and minimal invasiveness, further boosting the market.

Within the application segment, fever management (pyrexia) drives the highest demand, accounting for a 30.1% market share. The rise in the elderly population, coupled with trauma and hemolysis cases, is fueling the demand for temperature monitoring equipment. Fever, often accompanied by fatigue, dehydration, and increased pain sensitivity, is becoming more prevalent, further supporting the market’s growth.

North America is a key region for patient temperature monitoring systems, generating $1,077.0 million in revenue. The market here is expected to grow at a rate of 6.9%, driven by the presence of major industry players, high disposable income, increased surgical procedures, and rising blood donations and transfusions.

Overall, the growing prevalence of chronic and infectious diseases, with high body temperature as a major symptom, continues to propel the patient temperature monitoring industry forward.

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Global Endoprosthesis Market Grows with Increasing Elderly Population

Endoprosthesis Market

The endoprosthesis market is expected to grow at a 12.1% CAGR, reaching USD 65,997.9 million by 2030. This growth is driven by an increase in peripheral vascular diseases and orthopedic conditions. Furthermore, rising awareness among patients about the benefits of prostheses for orthopedic injuries, combined with a growing prevalence of knee and hip osteoarthritis in the elderly, is expected to further propel the market.

The knee prosthesis segment has historically dominated the market and is projected to grow at an impressive 13% CAGR by 2030. Knee osteoarthritis is one of the primary causes of disability among the elderly, and knee replacement surgeries are gaining popularity due to increased access to orthopedic care, particularly in emerging markets like the Asia-Pacific region. According to a recent study, knee osteoarthritis affects approximately 16% of individuals aged 15 and above and 22.9% of those aged 40 and older globally.

Additionally, the hip endoprosthesis segment accounted for over 20% of the market in the past. This category is expected to grow further due to the rising incidence of hip osteoarthritis and the demand for personalized implants. As implant sizes vary according to each patient’s anatomy, many companies are focusing on 3D printing technologies to produce patient-specific implants.

In 2021, the primary knee replacement segment held a significant market share, around 40%, and is expected to maintain steady growth. Primary knee replacement surgeries involve replacing damaged bones and cartilage with metal, high-density polyethylene, or ceramic implants. This procedure enables patients to resume daily activities and helps manage conditions like osteoporosis and musculoskeletal disorders by providing improved stability and support, reducing the risk of falls.

The Asia-Pacific region had a market size exceeding USD 5 billion and is set to grow at over 13%. The rapid expansion of the elderly population in the region over the next five decades will drive this growth. Globally, the demand for endoprostheses is rising due to the increasing prevalence of peripheral vascular and orthopedic diseases, a trend that is expected to continue.

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Pharmaceutical Analytical Testing Outsourcing Market Set for 9% Growth by 2030

Pharmaceutical Analytical Testing Outsourcing Market

The global pharmaceutical analytical testing outsourcing market was valued at $7,594.3 million in 2021 and is projected to grow at a rate of approximately 9%, reaching around $15,815 million by 2030. This growth is driven by advancements in the pharmaceutical sector, increased focus on safety and regulatory compliance, rising demand for testing services, and cost advantages of outsourcing.

The demand for bioanalytical services is expected to rise significantly, influenced by evolving regulations for in-vitro and in-vivo testing, as well as the complexities of these assessments. The growing need for biosimilars, combination therapies, and novel drugs has amplified the requirement for specialized tests such as electrochemical, electrophoresis, titrimetric assays, and immunoassays.

Pharmaceutical companies accounted for 48% of the market share historically, as many lack the resources to conduct in-house testing. Outsourcing analytical testing allows these companies to focus on core operations while saving time and resources. In the future, biopharmaceutical firms are expected to grow at the fastest rate, around 9%. These businesses require analytical testing for optimizing production, ensuring quality in biosimilars and biologics, and fulfilling regulatory requirements. The increasing demand for expert personnel to perform assays and handle regulatory filings is further driving the outsourcing trend in the biopharmaceutical sector.

North America held the largest share of the market, about 53%, due to its advanced pharmaceutical manufacturing hubs and increasing production to meet healthcare demands. Europe’s market is thriving with the adoption of cutting-edge microbial manufacturing technologies, while emerging nations collaborate with Western companies to build local capacities through services like clinical research and drug development.

Meanwhile, the Asia-Pacific region is expected to witness the fastest growth, driven by significant investments, expansion in the pharmaceutical industry, and the presence of major outsourcing centers in China, India, and the Philippines. China has become a preferred outsourcing destination for Japan’s nearshore and onshore clients due to its attractive delivery capabilities.

With rising drug consumption and increasing R&D activities, the demand for pharmaceutical analytical testing outsourcing continues to grow globally.