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Global Interventional Oncology Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Product, Cancer Type, End User & Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 12373
Pages: 190
Formats: report pdf report excel report power bi report ppt

Global Interventional Oncology Market Size (2022 to 2027)

The size of the global interventional oncology market is forecasted to value USD 3.11 billion by 2027 from USD 2.18 billion in 2022, growing at a CAGR of 7.36% during the forecast period.

Interventional oncology procedures include cancer diagnosis and therapy using minimally invasive procedures performed under imaging guidance. Guidance is provided by equipment such as x-ray, ultrasound, computed tomography, or magnetic resonance imaging. Interventional oncologists can develop safe ways for doing minimally invasive tumor biopsies to obtain the genetic or proteomic data needed to precisely personalize the chemotherapeutic drugs that are likely to have the optimal therapy impact. Interventional oncology is used to treat cancers such as liver cancer, kidney cancer, lung cancer, bone cancer, prostate cancer, breast cancer, and pancreatic cancer, whether primary or metastatic. The majority of these operations can be done as an outpatient procedure or require an overnight stay in the hospital.

Impact of COVID-19 on the global interventional oncology market:

The recent global pandemic of COVID-19 has influenced the global interventional oncology market. As significant areas and governments adopted social distancing regulations and lockdowns, demand from the main end-users has dwindled. This effect is expected to be temporary, and no negative consequences are envisaged as the market gradually reopens. However, the market is confronted with production and supply chain problems, such as delivering items to consumers on time and catering to inconsistent demand for the sector's products and services. Furthermore, a scarcity of skilled lab professionals to conduct diagnostic tests, limited operations in most industries, insufficient funding for research and academic institutes, the temporary closure of major academic institutes, a disrupted supply chain, and challenges in providing essential services due to lockdowns have all contributed to a reduction in interventional oncology product supply.

MARKET DRIVERS:

Technological advancements, rising oncology incidence, higher financing, and public-private partnerships are a few of the significant factors accelerating the growth rate of the global interventional oncology market.

For both established and new product producers, the worldwide interventional oncology market provides tremendous growth potential. In the global interventional oncology market, the key companies are increasingly focusing on launching improved solutions. These developments aim to increase the functionality of interventional oncology systems and expand their application areas, resulting in increased demand from end-users. Furthermore, increased government and private financing for cancer research have boosted market growth, particularly for treatment devices that encourage early detection and improve survival rates. Interventional Oncology therapies can be quite beneficial to patients.

For better performance, the organizations are actively concentrating on employing robotics technology in interventional oncology devices. Robotic systems improve accuracy and efficiency by combining image-based planning and navigation with various instruments for the desired body part. In addition, the significant rise in cancer incidence around the world, combined with an increasing desire for minimally invasive procedures, is expected to boost market growth over the forecast period. Furthermore, increased government and private financing for cancer research have boosted market growth, particularly for treatment devices that encourage early detection and improve survival rates. In addition, the patient has additional counseling services due to interventional oncology. Furthermore, while surgical excision of tumors is generally the most effective long-term therapy, it is frequently unfeasible due to the tumor's size, number, or location. Therefore, interventional oncology (IO) treatments aim to reduce tumors to consider surgery or interventional therapy.

MARKET RESTRAINTS:

Despite the availability of a large target patient population, a shortage of oncologists and radiologists is predicted to affect the adoption of interventional oncology procedures in various countries throughout the world. In addition, the lack of clinical evidence supporting the benefits of interventional oncology and implementing techniques to improve therapeutic outcomes and safety of interventional oncology treatments are seen as central challenges to the market's expansion throughout the forecast period.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Covered

By Product, Cancer Type, End-user, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global interventional oncology market has been segmented and sub-segmented based on product, cancer type, end-user, and region.

Interventional Oncology Market – 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

Embolization devices dominated the interventional oncology market in 2020. Non-radioactive embolic agents and radio embolic agents are examples of embolic devices. Although these devices were initially developed to treat hepatocellular carcinoma, they have since been widely used to treat a variety of other cancers. These devices are utilized when ablation procedures cannot treat tumors or when the tumor size is considerable. They're also employed in palliative operations and as a pre-operative therapy to help with liver resection outcomes.

Interventional Oncology Market – By Cancer Type:

  • Liver Cancer
  • Lung Cancer
  • Bone Metastasis
  • Kidney Cancer
  • Breast Cancer
  • Prostate Cancer
  • Other Cancers

In 2020, liver cancer had the largest share of the global interventional oncology market. Interventional oncology is vital in treating liver cancer because surgical removal of the tumor may not leave the tissue healthy enough for the liver to function correctly. Thus, interventional oncology techniques can effectively treat primary liver tumors or liver tumors caused by metastatic cancers. As a result, interventional oncology is used in more than half of all primary and metastatic liver cancer treatments.

Interventional Oncology Market – By End User:

  • Hospitals
  • Ambulatory Surgery Centers
  • Research & Academic Institutes

In 2020, hospitals held the most significant proportion of the global interventional oncology market. The availability of state-of-the-art facilities for treating diseases and injuries, as well as qualified people, has assured that hospital-based care is in high demand. Another crucial driver of market expansion is the intake of patients, which is significantly higher in hospitals than in other healthcare settings. In addition, hospitals execute a wide range of surgical procedures regularly, with most of these procedures taking place in in-patient settings. The increasing number of minimally invasive operations and electrosurgery procedures done in hospitals and the adoption of these techniques are driving growth in this market.

Interventional Oncology Market – By Region:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The global market is likely to be led by North America during the forecast period. The market is growing due to technological developments and the affordability of minimally invasive techniques for successful cancer therapy in developed countries.

Government efforts to enhance financing, supportive policies for developing and marketing innovative devices, and an expanding number of hospitals and clinics in India and China are driving the APAC interventional oncology market.

KEY MARKET PARTICIPANTS:

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 are some of the prominent companies operating in the global interventional oncology market profiled in this report.

RECENT MARKET DEVELOPMENTS:

  • Boston Scientific (US) launched the TheraSphere Y-90 Glass Microspheres in 2021.
  • The Preclude IDeal Hydrophilic Sheath Introducer was launched in EMEA markets by Merit Medical Systems (US) in 2018.

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