Interventional Oncology Market

Interventional Oncology Market Overview 2021-2031

The global interventional oncology market size was valued at $1,984.00 Million in 2021 and is projected to reach $4,127.21 Million by 2031, registering a CAGR of 7.6% from 2022 to 2031.

The overall impact of COVID-19 remains negative on the interventional oncology market due to the challenges faced by the manufacturers of interventional oncology devices like disruption of supply chain for the raw materials and the closure of various production facilities due to lock down. Moreover, huge number of medical college and hospitals across the globe were restructured to increase the hospital capacity for patients diagnosed with COVID-19. The COVID-19 epidemic also had a negative impact on interventional oncology training. The significant reduction in training opportunities due to postponed of nonessential surgery.

Interventional oncology procedures comprise diagnosis and treatment of cancer with the help of minimally invasive procedures that are conducted under image guidance. The process utilizes equipment such as x-ray, ultrasound, computed tomography, or magnetic resonance imaging for guidance purposes. The interventional oncology procedures, the cancer is targeted and destroyed using image guidance for planning and execution. Such procedures are carried out in a state of the art oncology Cath Lab or under CT/USG guidance. The procedures are carried out using guide accessories and instruments, including ablation electrodes, guidewires, biopsy needles, and intravascular catheters that enable the treatment of a tumor situated in remote parts of the body. 

The rapidly growing field of interventional oncology has become a pillar of cancer care, along with medical, surgical and radiation oncology. The interventional oncology program uses targeted, minimally invasive procedures performed with the help of image guidance to diagnose, treat and/or relieve the symptoms of cancer.
Cancer patients are referred to interventional oncologists to integrate minimally invasive treatments, with the goal of reducing the need for invasive surgeries. Interventional oncologists may also perform diagnostic procedures, such as colonoscopies or endoscopies.

Interventional oncology is used to treat primary or metastatic cancer such as liver cancer, kidney cancer, lung cancer, bone cancer, prostate cancer, breast cancer, and pancreatic cancer. Most of these procedures are conducted either in an outpatient setting or needs an overnight stay in the hospital. Due to its minimally invasive nature, the recovery time required is minimal. Some of the popular procedures are pain palliation, intra-arterial therapies, ablative therapies, and neoadjuvant procedures.

The growing demand for minimally invasive therapeutics is the major driving factor for the interventional oncology market growth. These procedures could also be used to treat patients with other related comorbidities and in inoperable patients. The ability of minimally invasive techniques to treat cancerous cells better than alternative cancer treatments such as radiation therapy, surgeries, and systematic chemotherapy has helped the technique gain popularity. Along with this, increase in the prevalence of chronic disease such as cancer, across the world is the key factor that is propelling the demand for cancer treatments. For instance, according to Globocan, 18,094,716 million cases of cancer were diagnosed in 2020 globally. 

According to a report by IARC, the global new cancer cases is predicted to increase over 47% in the next 20 years are the major factor that will play a crucial role in spurring the demand for the interventional oncology across the globe. Furthermore, there has also been a surge in the awareness regarding cancer and acceptance of interventional oncology procedures for detecting and treating cancer. The rising investments by the biopharmaceutical industry players in the research are also propelling the growth of the market

Healthcare professionals and patients are gradually opting for minimally invasive procedures in the field of interventional oncology due to advantages of using these techniques such as shorter hospital stay, minimal risk of infection, minimal risk of complications, cause less pain, and faster recovery time in comparison to conventional surgeries. These advantages of using minimally invasive procedures will impel the growth of the global interventional oncology market. 

Global interventional oncology market has been affected negatively in the growth throughout the pandemic period. This is due to the challenges faced by the manufacturers of interventional oncology devices like disruption of supply chain for the raw materials and the closure of various production facilities due to lockdown. Moreover, scarcity of skilled lab professionals to run diagnostic tests, inadequate distribution of funds for the research purpose in academic and research institutes, limited operations in most of the industries due to temporary lockdown of manufactures and academic institutes, are leading to a scarcity in the supply of the interventional oncology products to end users.

Interventional Oncology Market Segmentation

The interventional oncology market in this report is studied on the basis of product and region. On the basis of product, the market is divided into ablation, particle embolization, and support devices. Ablation is further divided into radiofrequency ablation devices, microwave ablation devices, cryoablation devices, and others. Particle embolization is further categorized into radioembolic agents, drug-eluting beads, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Segment review

By product, the particle embolization segment currently dominates the global interventional oncology market and is expected to continue during the forecast period, owing to growing demand of embolization particles for interventional oncology and interventional cardiovascular procedure, and favorable reimbursement scenario.

Region segment review

Region wise, North America dominated the market in 2021, owing to increasing expenditure on various cancer-related treatments and rise in the number of various state-of-the-art cancer care centers. However, Asia-Pacific is expected to witness considerable market growth during the forecast period due to its efforts taken up by the government to increase the funding for oncological treatments, commercialization of advanced interventional procedures and products along with the supportive regulations for development of these products, rising healthcare expenditure, and expansion of the research bases in countries like China, Japan, and India are fueling the growth of the interventional oncology market in this region.

The major companies profiled in this report include Alpinion Medical Systems Co. Ltd., Teleflex Incorporated, Siemens Healthineers, Hologic, Inc., Boston Scientific, Medtronic, Profound Medical, Terumo Corporation, AngioDynamics, and Merit Medical.

Key Benefits for Stakeholders

• The study provides an in-depth analysis of the global Interventional Oncology market along with the current trends and future estimations to explain the imminent investment pockets.
• A comprehensive analysis of the factors that drive and restrict the Interventional Oncology market growth is provided in the report.
• Comprehensive quantitative analysis of the industry from 2021 to 2031 is provided to enable the stakeholders to capitalize on the prevailing Interventional Oncology market opportunities.
• Extensive analysis of the key segments of the industry helps to understand the application and products of Interventional Oncology used across the globe.
• Key market players and their strategies have been analyzed to understand the competitive outlook of the interventional oncology devices market.
   

 Interventional Oncology Market Report Highlights