London, July 15, 2019 (GLOBE NEWSWIRE) -- According to the new market research report “Interventional oncology Market by Procedure [Embolization (TARE, TACE), Ablation (Thermal Ablation (Microwave, RF Ablation)], Product [Embolization (SIR-Spheres, TheraSpheres)], Application (Liver, Lung, Breast), and End User– Global Forecast to 2025”, published by Meticulous Research®, interventional oncology market is expected to grow at a CAGR of 7.7% from 2019 to reach a value of $1,506.3 million by 2025.
Interventional oncology is a sub-specialty and the most promising and rapidly growing offshoot of interventional radiology. The technique involves the use of image-guiding systems to directly target solid tumors and provided the oncologists the ability to perform localized treatment that can be characterized as either arterial or ablative. Also, it is ideal for patients whose cancers are inoperable or cannot undergo chemotherapy. Owing to growing preference for minimally invasive treatment procedures, increasing incidence of cancer, rising number of hospitals, and technological advancements in the field of radiology-this industry has witnessed a steady growth over the past few years.
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The interventional oncology market study presents historical market data in terms of value (2017, and 2018), estimated current data (2019), and forecasts for 2025 - by procedure, product, application, and end user. The study also evaluates industry competitors and analyzes this market at a regional and country level.
Tumor embolization procedure segment is estimated to dominate the interventional oncology market in terms of value in 2019
Based on procedure, the tumor embolization procedure segment accounted for the largest share of this market and is also expected to witness the highest growth during the forecast period. The large share of this segment is mainly attributed to better clinical outcomes, high specificity towards tumor cells, and continuous advancements in embolization procedures and associated agents.
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In 2019, liver cancer is estimated to be the largest application segment in terms of value
Based on application, liver cancer accounted for the largest share primarily with the availability of wide range of embolization and ablation products globally for liver cancer treatment and growing prevalence of the disease & related mortality.
Ambulatory care centers segment to grow with the highest CAGR in the global interventional oncology market from 2019 to 2025
Based on end user, hospitals were the largest end users of interventional oncology products due to large volumes of interventional oncology procedures being performed in the hospitals. However, ambulatory care centers are expected to witness a rapid growth during the forecast period due to cost effective care for cancer treatment than hospitals.
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Asia-Pacific is the fastest growing regional market
Asia-Pacific region is expected to witness significant growth in the next 5-6 years due to accelerated economic growth of many countries in this region and growing government focus on healthcare sector. In addition, rising incidence & prevalence of cancer, rising awareness towards overall health and treatment availability, growing number of middle class population and their level of disposable income, and increasing health insurance penetration in the region are the key factors propelling the growth of the Asia-Pacific interventional oncology market.
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The report includes extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 5 years (2015-2019). The interventional oncology market has witnessed number of mergers and acquisitions in recent years. For instance, in July 2017, Profound Medical Corp. (Canada) completed the acquisition of Royal Philips’ (the Netherlands) Sonalleve MR-HIFU business. Similarly, in June 2016, BTG plc acquired Galil Medical (U.S.). This acquisition has helped BTG to expand its portfolio with cryoablation product line.
The interventional oncology market is highly competitive with the presence of several small and large players like Boston Scientific Corporation, C. R. Bard, Inc., Medtronic plc, Cook Medical LLC, Merit Medical Systems, Inc., Profound Medical Corp, AngioDynamics, Inc., BTG plc, Terumo Corporation, HealthTronics, Inc., EDAP TMS S.A., Neuwave Medical, Inc., Sirtex Medical Limited, Trod Medical, Teleflex Incorporated, Sanarus Technologies Inc., IMBiotechnologies Ltd., MedWaves, Inc., and IceCure Medical Ltd among others.
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