Interventional Oncology Market
The global interventional oncology market is projected to expand from USD 1.9 billion in 2020 to USD 2.9 billion by 2026, growing at a compound annual growth rate (CAGR) of 6.8% during the forecast period. The market's growth is being driven by technological advancements, a rising incidence of infectious diseases, and increased funding from both public and private sectors.
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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
Content Source:
https://www.prnewswire.com/news-releases/interventional-oncology-market-worth-2-9-billion-by-2026--exclusive-report-by-marketsandmarkets-301294975.html
https://www.marketsandmarkets.com/PressReleases/interventional-oncology.asp
https://www.marketsandmarkets.com/ResearchInsight/interventional-oncology-market.asp
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