Chicago, April 12, 2023 (GLOBE NEWSWIRE) -- The interventional oncology industry is expected to experience significant growth in the coming years, as new technologies and treatments are developed and made available to the public. The development of new technologies, such as image-guided radiation therapy, cryoablation, and radiofrequency ablation, are expected to drive the growth of the industry. Additionally, the increased use of robotic-assisted surgery and the development of targeted therapies will also contribute to the growth of the market. Additionally, the availability of new treatments such as immunotherapy and gene therapy are expected to further expand the market. As these new treatments become more common, the demand for interventional oncology services is expected to increase. Additionally, the increasing prevalence of cancer is also likely to drive the growth of the industry. The availability of advanced imaging technology is expected to improve the accuracy of diagnosis and treatment of cancer, thus driving the growth of the market.
Interventional Oncology market in terms of revenue was estimated to be worth $1.9 billion in 2020 and is poised to reach $2.9 billion by 2026, growing at a CAGR of 6.8% from 2020 to 2026 according to a latest report published by MarketsandMarkets™. 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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Interventional Oncology Market Scope:
| Report Coverage | Details |
| Market Revenue in 2020 | $1.9 billion |
| Estimated Value by 2026 | $2.9 billion |
| Growth Rate | Poised to grow at a CAGR of 6.8% |
| Market Size Available for | 2019–2026 |
| Forecast Period | 2021–2026 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Procedure, Cancer Type, End Users and Region |
| Geographies Covered | North America (US & Canada), Europe (Germany, the UK, France, Italy, Spain, and RoE), APAC (Japan, China, India, and the RoAPAC), LATAM (Brazil, Mexico, and RoLATAM), and MEA |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Emerging economies offer high growth potential |
| Key Market Drivers | Rising patient preference for minimally invasive procedures |
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.
Key Market 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). The analysis of market developments between 2017 and 2020 revealed that several growth strategies such as research collaborations were adopted by market players to strengthen their product portfolios and maintain a competitive position in the human organoids market.
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Hypothetic Challenges of Interventional Oncology Market in Near Future:
- The cost of interventional oncology treatments and procedures is increasing, making it unaffordable for a large portion of the population.
- Technology is rapidly advancing, leading to the introduction of more sophisticated and expensive treatments, which may be difficult to implement in areas with limited resources.
- A lack of awareness among healthcare providers and patients about the advantages of interventional oncology treatments.
- The introduction of new technologies, such as artificial intelligence and robotics, may disrupt the market and create potential challenges for established providers.
- The aging population and increasing rates of cancer diagnoses are creating a greater demand for interventional oncology services.
- A lack of trained personnel, such as radiologists, to perform the procedures.
- Limited access to interventional oncology treatments in rural and underserved areas.
- Difficulties in obtaining reimbursement for interventional oncology procedures.
Top 3 Use Cases of Interventional Oncology Market:
- Radioembolization: Radioembolization is a minimally invasive procedure that administers radiation directly to a tumor site via tiny beads, known as radioembolic agents, which are injected through a catheter. This procedure is used to treat tumors in the liver, spleen, and other organs that are not amenable to traditional radiation therapy.
- Chemoembolization: Chemoembolization is an interventional oncology procedure that combines the delivery of chemotherapy drugs directly to tumor sites with the use of embolic agents, such as tiny beads, to block the blood supply to the tumor. This procedure is used to treat liver cancer, kidney cancer, and other cancers.
- Cryoablation: Cryoablation is a minimally invasive procedure that uses extreme cold to destroy cancer cells. It is used to treat tumors in the liver, kidney, and other organs, and can be used in combination with other treatments such as chemotherapy or radiation therapy.
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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
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