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Interventional Oncology Market Worth $1,506.3 Million by 2025- Exclusive Report by Meticulous Research®

(PharmaNewsWire.Com, August 13, 2022 ) Cancer is one of the leading causes of deaths worldwide. According to the Global Cancer Observatory (GLOBOCAN), in 2012, about 14.1 million new cancer cases were diagnosed worldwide, which increased by ~28% to reach 18.1 million new cases in 2018. Also, this number is projected to reach 27.5 million by 2040. Due to this increase in cancer cases, the medical procedures performed for cancer treatment has undergone a significant transformation along with growing demand for faster, increasingly individualized, and more affordable solutions. Interventional oncology is considered as one such technology-driven specialty, which holds high growth potential at present and a promising future.

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Interventional oncology is an emerging and rapidly growing offshoot of interventional radiology, which emphasizes on the use of minimally-invasive procedures for the diagnosis, treatment, and palliative care for cancer patients. It uses image-guided technologies such as CT, fluoroscopy or ultrasound to target tumor lesions by making small puncture in the skin. Interventional oncology is generally meant for patients who are not able to respond positively towards the chemotherapy or radiation, or ones are unable to undergo surgery. In some cases, interventional oncological procedures are used in combination with other standard treatment methods.

The use of interventional oncology procedures dates back to 1930s, when the embolization procedure was performed for the treatment of carotid-cavernous fistula. After that, the radioactive agents were discovered for use in cancer treatments, which was then followed by the use of various treatment agents for guidance and precise targeting of tumors. Further, with other technological advancements in imaging technologies, microspheres, catheters, guidewires, previous limitations of the procedure we overcome, thereby enabling the ease of treatment. The incorporation of imaging guidance hardware and software with the procedures has added super-selective targeting of tumor, reducing damage to normal tissue. Technological developments in time-resolved imaging, new contrast agents, and complex navigation algorithms in the procedure has given clinicians the precision to plan therapies on the tumor driving the adoption of interventional oncology market.

Furthermore, several novel thermal and non-thermal techniques currently under research are expected to make the field of interventional oncology more sophisticated in future with reduced side-effects caused from the available treatment options. Also, transcatheter drug delivery in the procedure is expected to expand the role of such procedures in more localized cancer treatment, in combination with systemically-active drugs. Such developments are creating growth opportunities for the global interventional oncology market in near future.

The interventional oncology market is expected to grow at a CAGR of 7.7% from 2019 to 2025 to reach $1.5 billion by 2025. The growth in this market is majorly driven by factors like rising incidence & prevalence of cancer, increase in cancer related mortality, technological advancements in the field of radiology, rising reimbursement coverage for the interventional oncology products, and rising number of hospitals across the globe. However, high cost and risks associated with the interventional oncology procedures and paucity of skilled healthcare professionals hinders the growth of this market.

The global interventional oncology market studied in this report is majorly segmented by procedure (tumor embolization and tumor ablation), product [tumor embolization (radioembolic agents and non-radioactive agents), tumor ablation (microspheres, drug eluting beads, and particles)], application (liver, lung, breast, prostate, kidney, bone metastasis, others), end user (hospitals, ambulatory surgical centers, and research & academia), and by geography.

On the basis of procedure, the overall interventional oncology market is majorly classified into two segments as tumor embolization and tumor ablation. The tumor embolization procedure commanded the largest share of the interventional oncology market in 2019. The preference for embolization procedure owing to its benefits, such as better clinical outcomes, high specificity and sensitivity towards tumor cells, and efficiency in targeting and detection of tumor lesions are the key factors attributing to large share of this market. The growth in this market is majorly driven by increasing application of embolization products across various cancer types, rising reimbursement coverage of these treatments across the globe, and increasing incidence of cancer and related mortality.

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The interventional oncology market, on the basis of products is majorly classified into tumor embolization products (radioembolic agents/radioactive embolic agents and non-radioactive embolic agents) and tumor ablation products (ablation devices/generators and consumables & accessories). Due to localized and directed radiation and favorable reimbursement scenario for radioembolization procedures, radioactive embolic agents segment commanded the largest share of the overall interventional oncology market in 2019. The key factors driving the growth of this market include the increasing accessibility to the embolization products and improving reimbursement scenario for embolization procedures across the globe.

On the basis of application, the interventional oncology market is categorized into lung cancer, breast cancer, liver cancer, kidney cancer, bone metastasis, prostate cancer, and others. The liver cancer segment held the largest share of the overall interventional oncology market in 2019 and is slated to grow faster from 2019 to 2025. The largest share of this segment is primarily attributed to the availability of wide range of embolization and ablation products globally for liver cancer treatment and growing prevalence of the disease and related mortality. Furthermore, this segment is also estimated to grow at the fastest CAGR during the forecast period with rising diagnosis and treatment rate of the disease with growing awareness about the benefits of early diagnosis and treatment across the globe, and growing access to innovative procedures with improvement in reimbursement scenario.

On the basis of end user, the interventional oncology market is categorized into hospitals, ambulatory surgery centers, and research & academia. Hospitals commanded the largest share of the overall interventional oncology market in 2019, primarily due to large pool of patients including the population with chronic diseases like cancer visiting hospitals for diagnosis and treatment of any healthcare concern owing to the wide presence, and easy accessibility and availability of better healthcare facilities in hospitals. However, the ambulatory surgery centers (ASCs) segment is estimated to grow at the fastest CAGR during the forecast period owing to expanding range of cancer related services offered by ASCs and rising preference for minimal invasive surgery.

Geographically, the global interventional oncology market is categorized into five major geographies, namely, North America, Europe, Asia-pacific, Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of the global interventional oncology market. Presence of well-established healthcare system including hospitals and ASCs in the North American region, greater adoption of advanced technologies, high level of awareness and spending towards healthcare, growing incidence and prevalence of cancer, and high level of Medicare & Medicaid health insurance coverage are some of the major factors driving large share of North America in the global interventional oncology market.

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On the other hand, accelerated economic growth in many countries of the Asia-Pacific region has increased the government focus on healthcare sector in terms of increased investment to enhance accessibility to healthcare facilities and to build better healthcare infrastructure across public hospitals. The other key factors supporting the growth in this region includes rising incidence and prevalence of cancer; rising healthcare awareness and availability of treatment options; rising number of middle-class population and their level of disposable income; increasing health insurance penetration; and growing aging population in the region.

The global interventional oncology market is fragmented in nature with top five players accounting for majority share of the global interventional oncology market in 2019. The leading players operating in the global interventional oncology market include Sirtex Medical Limited, BTG plc, Medtronic plc, Boston Scientific Corporation, and AngioDynamics, Inc. Other key players include, C. R. Bard, Inc., Cook Medical LLC, Merit Medical Systems, Inc., Profound Medical Corp, Terumo Corporation, HealthTronics, Inc., EDAP TMS S.A., Neuwave Medical, Inc., Trod Medical, Teleflex Incorporated, Sanarus Technologies Inc., IMBiotechnologies Ltd., MedWaves, Inc., and IceCure Medical Ltd. Among others.

To gain more insights into the market with a detailed table of content and figures, click here:

Scope of the Report:

Interventional Oncology Market by Procedure

Tumor Embolization
Transcatheter Arterial Radioembolization (TARE)/Selective Internal Radiation Therapy
Transcatheter Arterial Chemoembolization (TACE)
Transcatheter Arterial embolization/Bland Embolization
Tumor ablation
Thermal Ablation
Microwave Ablation
Radiofrequency Ablation
Others (Laser and HIFU)
Non-thermal Ablation
Irreversible Electroporation

Interventional Oncology Market by Product

Tumor Embolization
Radioembolic agents
Non-radioactive embolic agents
Drug-eluting beads
Tumor Ablation
Capital Ablation Devices/Generators
Consumables & Accessories

Interventional Oncology Market by Application

Liver Cancer
Lung Cancer
Breast Cancer
Prostate Cancer
Kidney Cancer
Bone Metastasis

Interventional Oncology Market by End user

Ambulatory Care Centers
Research & Academia

Interventional Oncology Market by Geography

North America
Rest of Europe (RoE)
Asia-Pacific (APAC)
Rest of APAC (RoAPAC)
Latin America
Middle East & Africa

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Meticulous Research™

chhagan yadav

+91 744-7780008

Source: EmailWire.Com


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