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Dec-2021

Global Interventional Oncology Market Size Worth USD 3.11 Bn by 2026

This report covers an in-depth analysis of the global interventional oncology market size, share, trends, growth possibilities, leading companies profiles, and key aspects of the market.

As per our research report, the global interventional oncology market size is predicted to reach USD 2.18 billion in 2021 and accelerate at a CAGR of 7.36% between 2021 to 2026.

The COVID-19 pandemic has significantly affected the interventional oncology market due to manufacturing and supply chain issues and delayed product launches. In addition, shortage of laboratory professionals trained to perform diagnostic tests, inadequate funding for academic and research institutes, and reduced hospital visits. However, post-2020, retail markets are taking measures to compensate for the reduction in the supply of interventional oncology products to end-users. Therefore, the pandemic will not have long-term effects on the projected market growth in the years to come.

The high incidence of cancer is a significant factor in the interventional oncology market growth across the globe. According to 2018-GLOBOCAN, there were 609,600 new cases of liver cancer in the APAC region, and this number is anticipated to increase to 142,990 by 2025. In recent years, the demand for minimally invasive procedures has increased dramatically due to these procedures' advantages over traditional treatments. Minimally invasive procedures use advanced technologies to diagnose, take biopsies, and treat diseases as an effective method to remove cancerous tumors and lymph nodes without leaving scars. In addition, the rapid economic development and the increase in health spending in several emerging countries such as China, India, Japan, Brazil, and Mexico should improve access to quality health care in these countries.

Local governments in several emerging countries are investing massively in developing and modernizing their respective health infrastructures. The adoption of advanced techniques has resulted in significant cost savings, increasing the launch of newer products that can help surgeons decide on appropriate treatment plans. In addition, companies are focused on improving the functionality of interventional oncology systems inexpensively and expanding their applications.

However, the global interventional oncology market is witnessing several restraints and challenges and will continue to see during the forecast period. Interventional oncology needs specialists to operate these high standards and developed devices. As a result, the shortage of qualified and trained radiologists and oncologists is seen in several developing and underdeveloped economies. For example, according to the Journal of Global Oncology, a shortage of more than 2,300 medical oncologists in the United States is anticipated by 2025. Likewise, India faces a severe shortage of oncologists, with 1.88 million cancer patients present in the nation; a single oncologist treats every 2,000 patients.

Secondly, interventional oncology is a recent development in the medical field, and there has been the implementation of stringent rules and regulations for product launches. Lack of clinical data leads to the absence of established methodologies, which decreases their adoption rate by less than other available treatment options for cancer.

KEY MARKET INSIGHTS:

Based on the product, in 2020, embolization devices represented a share of the global interventional oncology market. Embolization devices are primarily used to treat hepatocellular carcinoma; their use has spread widely to various other forms of cancer. These devices are used when tumors cannot be operated by ablation techniques and in cases where the tumor size is large. They are also used in palliative procedures and preoperative procedures to improve the outcome of liver resection.
Based on the application, liver cancer accounted for most of the market in 2020. In addition, this segment is also anticipated to grow at the highest CAGR of 8.21% during the forecast period. Interventional oncology is beneficial for treating liver cancer due to minor tissue damage. Hepatic tumors from metastatic cancers can be effectively treated using interventional oncology procedures. Factors such as growing cases of liver cancer, increased investments, and an increase in research initiatives for advanced therapies for liver cancer using interventional oncology
Based on the end-user, hospitals, and diagnostic centers accounted for most of the market in 2020. The availability of state-of-the-art facilities, the increasing number of minimally invasive surgeries, the availability of skilled specialized professionals proficient with interventional oncology, and the adoption of robotic surgeries and electrosurgical procedures will drive the market in the years to come. In addition, the influx of patients is considerably higher in hospitals than in other healthcare facilities, which is another key factor for the market's growth.
Based on the region, according to the World Health Organization (WHO), in low- and middle-income countries, health expenditure increases on average by 6.3% per year against 4.4% in high-income countries. Therefore, the adoption of interventional oncology procedures is growing in the emerging countries of Asia and Latin America regions. For example, according to the Commonwealth Fund, the total number of hospitals in China has grown significantly over the past decade, from around 18,800 in 2005 to over 31,100 in 2017. Multiple factors are driving the market, such as the commercialization of advanced interventional oncology products, high incidence of surgeries, higher healthcare spending, large growing elderly population, better reimbursement programs, the increasing number of hospitals and clinics in regions like the United States, Canada, China, India, Australia, and South Korea.
Companies dominating the global interventional oncology market profiled in this report are Angiodynamics, Inc., Baylis Medical Company, Inc., Becton, Dickinson and Company, Boston Scientific Corporation, Cook Medical, Healthtronics, Inc., Icecure Medical, Imbiotechnologies Ltd., Johnson & Johnson, Medtronic PLC, Medwaves, Inc., Merit Medical Systems, Inc., Profound Medical Corp., Sanarus Technologies, Inc., and Sirtex Medical.

MARKET SEGMENTATION:

By Product:

Embolization Devices
- Radioembolic Agents
- Non-Radio embolic Agents
  - Microspheres
  - Coated Beads
  - Microparticles
Ablation Devices
- Radiofrequency (RF) Ablation Devices
- Microwave Ablation Devices
- Cryoablation Devices
- Other Ablation Devices
Support Devices
- Microcatheters
- Guidewire