Global Interventional Oncology Devices Market Report 2021: Financial Burden of Product Recalls & Lack of Clinical Evidence for Locoregional Treatments - Major Market Challenges
DUBLIN, Dec. 7, 2021 /PRNewswire/ -- The "Interventional Oncology Devices Market - A Global and Regional Analysis: Focus on Cancer Type, Product Type, End Users, and Country-Wise Analysis - Analysis and Forecast, 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global interventional oncology devices market report highlights that the market was valued at $2,429.2 million in 2020 and is expected to reach $7,861.1 million by the end of 2030. The market is expected to grow at a CAGR of 12.35% during the forecast period from 2021 to 2030.
Global Interventional Oncology Devices Market Industry Overview
Interventional oncology procedures are suitable for those cancer patients who do not respond to chemotherapy and are not fit for surgery. Interventional oncology procedures require devices such as embolization and ablation devices, as well as an array of support devices such as catheters.
The global interventional oncology devices market is an emerging market in the medical device ecosystem. The market comprises various key medical device companies and several start-ups developing advanced solutions for cancer treatment. Furthermore, the market also has unique products in the pipeline that would further improve the technology integration in cancer treatment.
The major factors that have a positive impact on the market's growth include high prevalence and growing incidences of cancer, favorable reimbursement scenario for interventional oncology treatment in developed economies, expanding role of interventional oncology in treatment of cancer, and availability of private and government funding for grants for research in the field of interventional oncology.
During COVID-19, the growth of the interventional oncology devices market was negatively impacted, especially in 2020. Although the interventional oncology facilities continued to operate, the sales of the companies were negatively impacted.
Global Interventional Oncology Devices Market Drivers
The factors driving the growth of the market include the high prevalence and growing Incidences of cancer, favorable reimbursement scenario for interventional oncology treatment in developed economies, expanding role of interventional oncology in the treatment of cancer, availability of private and government funding and grants for research in the field of interventional oncology. T
he field of interventional oncology is constantly evolving with the introduction of novel technologies. Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.
Thus, as the prevalence of cancer continues to increase, especially in emerged economies, technology adoption will continue to grow. This will consequently advance the growth of interventional oncology and, subsequently, the global market.
Global Interventional Oncology Devices Market Challenges
The factors restraining the growth of the global interventional oncology devices market include the financial burden of product recalls, the lack of clinical evidence for locoregional treatments, and the dearth of trained interventional oncologists.
Shortage of clinical data and increasing incidences of serious side effects associated with the use of interventional oncology devices have led to numerous instances of interventional oncology device product recalls that are critically hindering the growth of the interventional oncology devices market.
Another major restraint for the global interventional oncology devices market is the shortage of skilled interventional oncology professionals in most countries who can perform interventional oncology procedures. The situation continues to worsen, as cancer is rising faster than the rate at which new interventional oncologists are entering the field.
Global Interventional Oncology Devices Market Opportunities
High growth opportunities in the emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for the global interventional oncology devices market growth.
There is massive scope for interventional oncology devices in developing countries. Countries such as China, India, Australia, and South Korea possess populations with high prevalence and incidence rates of cancer, which drives the adoption of interventional oncology devices for the treatment of cancer, which would surge the overall interventional oncology devices market in these emerging countries.
Impact of COVID-19 on the Global Interventional Oncology Devices Market
During COVID-19, the growth of the interventional oncology devices market was negatively impacted, especially in 2020. Although the interventional oncology facilities continued to operate, the sales of the companies were negatively impacted. Nonetheless, the market grew minimally in 2020 and is projected to witness considerable growth during the forecast period 2021-2030. The increasing technological innovations in the global market and growing adoption in emerging economies are the factors for the growth of the market.
Key Market Players and Competition Synopsis
Some of the strategies covered in this segment are funding activities, mergers and acquisitions (M&As), partnerships, alliances, and business expansion, regulatory and legal activities, and new offerings. The preferred strategy for companies has been mergers and acquisitions followed by regulatory and legal activities.
Some of the key players operating in the market include
- AngioDynamics, Inc.
- Becton, Dickinson and Company
- Boston Scientific Corporation
- Eckert & Ziegler BEBIG AG
- HealthTronics, Inc.
- IceCure Medical Ltd
- Johnson & Johnson
- Medtronic plc
- MedWaves, Inc.
- Merit Medical Systems, Inc.
- Sanarus Technologies, Inc.
- Sonablate Corp
- Terumo Corporation
- Trod Medical
- Varian Medical Systems, Inc.
Market Report Coverage - Interventional Oncology Devices
Market Segmentation
- Cancer Type - Liver Cancer, Lung Cancer, Kidney Cancer, Prostate Cancer, and Other Cancers
- End User - Hospitals, Ambulatory Surgical Centers, and Others
- Product Type - Ablation Devices (Radiofrequency Ablation, Microwave Ablation, and Cryoablation), Embolization Devices (Transcatheter Arterial Chemoembolization (TACE), Transcatheter Arterial Radioembolization (TARE)/Selective Internal Radiation Therapy, Transcatheter Arterial Embolization (TAE)/Bland Embolization), Supporting Devices (Catheters and Guidewires), and Next-Generation Devices (Irreversible Electroporation Ablation, Percutaneous Ethanol Ablation, High Intensity Focused Ultrasound, Laser Ablation, Photothermal Ablation, and Theranostics)
Market Growth Drivers
- High Prevalence and Growing Incidences of Cancer
- Favorable Reimbursement Scenario for Interventional Oncology Treatment in Developed Economies
- Expanding Role of Interventional Oncology in the Treatment of Cancer
- Availability of Private and Government Funding and Grants for Research in the Field of Interventional Oncology
Market Challenges
- Financial Burden of Product Recalls
- Lack of Clinical Evidence for Locoregional Treatments
- Dearth of Trained Interventional Oncologists
Market Opportunities
- High Growth Opportunity in the Emerging Economies
- Emergence of Local Companies in Asia-Pacific and the Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/p1s38l
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