Portland, OR, Aug. 02, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Interventional Oncology Market generated $1.98 billion in 2021 and is estimated to hit $4.12 billion by 2031, registering a CAGR of 7.6% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.98 billion |
| Market Size in 2031 | $4.12 billion |
| CAGR | 7.6% |
| No. of Pages in Report | 176 |
| Segments covered | Product and Region |
| Drivers | Increase in the prevalence of chronic diseases such as cancer |
| Surge in acceptance of interventional oncology procedures for detecting and treating cancer | |
| Spike in demand for minimally invasive therapeutics | |
| Opportunities | Growing investments in research and development by biopharmaceutical industry players |
| Increased focus on launching novel technologically advanced products by key market players | |
| Restraints | Scarcity of well-trained oncologists and radiologists along with unfavorable regulations of the government |
| Limited clinical data to support therapeutic efficacy along with prevalence of alternative therapies |
Covid-19 scenario-
- The Covid-19 outbreak impacted the global interventional oncology market negatively. Lockdowns imposed by the government led manufacturers of interventional oncology devices to face many challenges such as disruption of supply chain for the raw materials and the closure of various production facilities.
- In addition, the pandemic led to unavailability of skilled lab professionals to run diagnostic tests, inadequate distribution of funds for research in academic and research institutes, limited operations in most 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.
- Many number of medical colleges and hospitals around the world were restructured to increase accommodation of more patients diagnosed with COVID-19. This is another reason for which the market suffered losses.
- However, innovative initiatives by key players to develop a new category of interventional oncology robotics to perform surgery of tumors boost the market growth post-pandemic.
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The report offers detailed segmentation of the global interventional oncology market based on product and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on product, the particle embolization segment accounted for nearly two-fifths of the total market share in 2021, and is projected to rule the roost by the end of 2031. The support devices segment, however, would cite the fastest CAGR of 8.8% throughout the forecast period. The other product discussed in the report is ablation.
Based on region, the market across North America contributed to nearly half of the total market revenue in 2021, and is expected to lead the trail by 2031. The Asia-Pacific market, on the other hand, would grow at the fastest CAGR of 9.8% from 2022 to 2031. The other two provinces discussed in the report include Europe and LAMEA.
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The key market players analyzed in the global interventional oncology market report include Alpinion Medical Systems Co. Ltd., AngioDynamics, Boston Scientific Corporation, Hologic, Inc., Medtronic Plc., The report analyzes these key players of the global interventional oncology market.
These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
