The global interventional oncology market is projected to experience robust growth in the coming years, driven by several key factors. Valued at $1.9 billion in 2020, this market is expected to reach $2.9 billion by 2026, growing at an impressive compound annual growth rate (CAGR) of 6.8%.
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The Rise of Minimally Invasive Cancer Treatments
A major driver of market growth is the increasing patient preference for minimally invasive procedures over traditional surgical methods. These advanced techniques offer numerous advantages, including fewer complications, shorter hospital stays, reduced pain and scarring, lower infection risks, and quicker recovery times. By leveraging cutting-edge technologies, interventional oncology enables precise tumor removal and tissue sampling for accurate cancer staging and treatment planning.
Addressing the Skill Gap
Despite the growing demand, a shortage of well-trained radiologists and oncologists skilled in interventional techniques poses a significant challenge. This scarcity is expected to be more pronounced in developing regions, potentially hindering market growth and patient access to these advanced cancer treatments.
Emerging Markets Hold Promise
Rapid economic development and increased healthcare spending in emerging economies like China, India, Brazil, and Mexico present a promising opportunity for the interventional oncology market. Rising cancer incidence rates and government initiatives to improve healthcare infrastructure in these regions are fueling demand for innovative cancer therapies.
Strengthening Clinical Evidence
While interventional oncology procedures are gaining traction, the market faces the challenge of limited clinical data supporting their therapeutic efficacy. Rigorous clinical trials and methodologies are crucial to establish these techniques as standard cancer care practices and drive further adoption.
Market Landscape and Key Players
The interventional oncology market is segmented by product (embolization devices, ablation devices, and support devices), procedure (thermal and non-thermal tumor ablation, chemoembolization, radioembolization, and embolization), cancer type (liver, lung, bone metastasis, and others), and end-users (hospitals, ambulatory surgery centers, and research institutes).
Major players in this market include Medtronic, Boston Scientific, BD, Terumo, Merit Medical, AngioDynamics, Johnson & Johnson, Teleflex, Cook Medical, and HealthTronics, among others. These companies are focused on strategies such as acquisitions, expansions, regulatory approvals, and reimbursement coverage to strengthen their market positions and product offerings.
Boston Scientific (US) dominated the global interventional oncology market in 2020. The company mainly focuses on growth strategies such as acquisitions and expansions to increase its market presence and product offerings. The company’s plan to acquire BTG will help expand its product offerings in chemoembolization, radioembolization, and ablation therapies. Boston Scientific constantly strives to gain regulatory and reimbursement approvals. As a part of its long-term growth strategy, the company invests in fast-growing markets as well as new markets by strengthening its position in the global healthcare market.
Medtronic (Ireland) held the second position in the global interventional oncology market in 2020. The company focuses on adopting various organic growth strategies like product launches & approvals and inorganic growth strategies, such as acquisitions and collaborations, to expand its presence and share in the interventional oncology market. In line with this, the company launched various tumor management products like OptiSphere Embolization Spheres and OsteoCool Rf Ablation Systems and received US FDA clearance, which helped it to expand its presence in the market.
Merit Medical (US) held the third position in the global interventional oncology market in 2020. The company offers a broad range of products integral to the interventional oncology market, which are used across regions such as North America, Europe, the Asia Pacific, Africa, and the Middle East for the minimally invasive treatment of cancers. The company mainly focuses on developing technologically innovative products to further strengthen its position in the interventional oncology market. The company offers non-radioactive embolic agents, radioactive embolic agents, and cryoablation products. The company has adopted organic and inorganic strategies to maintain its position in the interventional oncology market.
As the interventional oncology market continues to evolve, driven by technological advancements and increasing demand for minimally invasive cancer treatments, it holds significant promise for improving patient outcomes and quality of life.
