The global interventional oncology market size is expected to grow from USD 1.9 billion in 2020 to USD 2.9 billion in 2026, at a CAGR of 6.8% during the forecast period. Technological advancements in the market are propelling the growth of the interventional oncology market. Additionally, rising incidence of infectious diseases, and increased funding and public-private investments are some of the key factors driving the growth of the interventional oncology market.
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Based on product, the interventional oncology market is segmented into ablation devices, embolization devices, and support devices. The embolization devices segment accounted for the largest share of 63.8% of the interventional oncology market in 2020. The large share of this segment can be attributed to the rising prevalence of cancer, product enhancements, and the increasing adoption of Yttrium-90 radioembolic agents in emerging countries. Ongoing technological advancements in the field of oncology, rising prevalence of cancer, high healthcare expenditure, are the major factors supporting market growth.
Based on procedure, the interventional oncology market is segmented into thermal tumor ablation, non-thermal tumor ablation, transcatheter arterial chemoembolization (TACE), transcatheter arterial radioembolization (TARE) or selective internal radiation therapy (SIRT), and transcatheter arterial embolization (TAE) or bland embolization. In 2020, the TARE/SIRT procedures segment accounted for the largest market share, mainly due to the rising prevalence of cancer, increasing demand for minimally invasive procedures, growing adoption of embolization procedures, and the clinical efficacy of Yttrium-90 radioembolic agents (which are used in these procedures).
Based on cancer type, the interventional oncology market is segmented into liver cancer, kidney cancer, lung cancer, bone cancer, and other cancers (includes pediatric cancer, prostate cancer, and breast cancer). The liver cancer segment accounted for the largest share of 63.8% of the interventional oncology market in 2020. The large share of this segment can be attributed to factors such as rising cases of liver cancer across the globe and growing initiatives/research activities for developing advanced liver cancer therapies using interventional oncology.
Based on end users, the interventional oncology market is segmented into hospitals, ambulatory surgery centers, and research & academic institutes. Hospitals accounted for the largest share of the market in 2020. The large share of this end-user segment can be attributed to the presence of advanced ICUs & emergency wards in hospitals and the increasing number of surgical procedures performed in hospitals.
The interventional oncology market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2020, North America was the largest regional market for interventional oncology, with a share of 43.2%. Factors such as continuous development and commercialization of novel interventional oncology products and favorable reimbursements & insurance coverage drive the market for interventional oncology in North America.
The Asia Pacific is estimated to be the fastest-growing regional market for interventional oncology. This is due to the rising patient population increasing GDP and healthcare expenditure and growing public awareness about various surgical treatments.
Major Players:
Medtronic (Ireland), Boston Scientific (US), BD (US), Terumo (Japan), Merit Medical (US), AngioDynamics (US), J&J (US), Teleflex (US), Cook Medical (US), HealthTronics (US), MedWaves (US), Sanarus (US), IMBiotechnologies (Canada), Trod Medical (US), IceCure Medical (Israel), Mermaid Medicals (Denmark), Interface Biomaterials BV (Netherlands), Guerbet (France), ABK Biomedical (Canada), Shape Memory Medical (US), Endo Shape (US), Monteris Medical (US), Instylla (US), Trisalus Lifesciences (US), Profound Medical Corp (Canada), Sirtex (US), Accuray (US), Baylis Medical (Canada), and ALPINION MEDICAL SYSTEMS (South Korea).
Recent Developments
In 2021, Boston Scientific (US) launched Launched the TheraSphere Y-90 Glass Microspheres
In 2018, Merit Medical Systems (US) launched the Preclude IDeal Hydrophilic Sheath Introducer in EMEA markets
In 2018, IMBiotechnologies (US) launched ‘Ekobi 500 Embolization Microspheres’ with an enhanced feature of detectability using ultrasound technology.
In 2018, Medical City and distributor Gulf Medical Company to install the first IMRIS Surgical Theatre in Saudi Arabia.
In 2018, Medtronic (Ireland) launched its OptiSphere embolization spheres designed for hypervascular tumor embolization in the US
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.