Increase in government initiatives to improve healthcare infrastructure and growing preferences for minimally invasive surgical procedures are key market growth drivers.
The global interventional oncology devices market is expected to be valued at USD 3.11 Billion in 2027 from USD 1.92 billion in 2019, registering a CAGR of 6.6 % through the forecast period. Interventional oncology involves diagnosing and treating various types of cancer through minimally invasive procedures performed using advanced imaging technology. This area of medicine has significantly transformed cancer treatment ever since its inception. Interventional oncology involves the use of cutting-edge imaging techniques, such as computed tomography (CT), ultrasound, and magnetic resonance imaging (MRI), to facilitate the treatment of solid tumors (also called neoplasms) in various organs, including the lungs, liver, kidneys, and bones. The widely used interventional oncology devices are ablation devices (cryoablation and microwave ablation devices), embolization devices, and various others.
The global interventional oncology devices market growth is primarily attributed to the rising prevalence of cancer worldwide, growing demand for minimally invasive procedures, increased government funding for cancer research, and technological advances in interventional oncology. The expanding geriatric population, rising awareness about novel cancer treatments, growing adoption of advanced cancer diagnostics across the healthcare sector (including hospitals, clinics, and diagnostic centers), and increasing R&D activities to develop state-of-the-art cancer therapies are the other crucial parameters expected to propel the growth of the global interventional oncology devices market in the upcoming years.
Furthermore, favorable government reimbursement policies for interventional oncology treatments, especially in emerging countries, and the rising mergers and acquisitions among the leading market players further stimulate the global market growth. For instance, in July 2020, Terumo Corporation, a leading Japanese medical device manufacturer, acquired Quirem Medical B.V., the emerging Netherlands-based healthcare start-up focused on advanced treatments for liver tumors. According to Terumo, the acquisition was intended to strengthen the company’s presence in the field of interventional oncology and expand its product offerings. However, the global market is projected to be faced with specific challenges, such as the lack of skilled or trained oncologists and radiologists and strict norms regarding the use of interventional medical devices, in the near future, which would hamper its growth significantly.
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Key Highlights from the Report:
- Based on product type, the embolization sub-segment held the largest chunk of the global interventional oncology devices market in 2019 and is expected to register the highest CAGR of 6.7% over the forecast period. Embolization devices generally find application in minimally invasive cancer therapies. Moreover, they are highly cost-effective and offer relatively faster recovery.
- Of the different cancer types, the lung cancer segment dominates the global interventional oncology devices market, retaining the largest market share. The rising prevalence of lung cancer and unhealthy lifestyles, such as cigarette smoking and alcohol consumption, which most often lead to this type of cancer, are the key factors contributing to the segment’s growth.
- Based on process, the bland embolization/transcatheter arterial embolization sub-segment is projected to emerge as the leading market segment over the forecast years, accounting for the highest revenue. The soaring demand for minimally invasive procedures for cancer treatment and the growing adoption of embolization devices are the pivotal factors leading to the segment’s growth.
- North America is touted as the most dominant regional segment in the global interventional oncology devices market. The increasing prevalence of cancer in the region, the growing adoption of technologically enhanced oncology devices, and higher government spending on healthcare infrastructure development are key factors predicted to boost the regional market growth.
- Leading market players include Boston Scientific Corporation, Sirtex Medical Limited, Interface Biomaterials B.V., Teleflex Incorporated, IMBiotechnologies Ltd., Merit Medical Systems, Inc., IceCure Medical Ltd, BTG International Limited, HealthTronics, Inc., and Cook Medical Inc.
Emergen Research has segmented the global interventional oncology devices market on the basis of product type, cancer type, process, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Support
- Ablation
- Embolization
Cancer Type Outlook (Revenue, USD Billion; 2017-2027)
- Lung Cancer
- Breast Cancer
- Liver Cancer
- Kidney Cancer
- Prostate Cancer
- Bone Cancer
- Others
Process Outlook (Revenue, USD Billion; 2017-2027)
- Thermal Tumor Ablation
- Non-thermal Tumor Ablation
- Transcatheter Arterial Chemoembolization
- Transcatheter Arterial Radioembolization
- Bland Embolization/Transcatheter Arterial Embolization
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of Middle East & Africa
To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/interventional-oncology-devices-market
