Interventional Oncology Market by Product, Procedures, Cancer - Global Forecast to 2024
NEW YORK, March 21, 2019 /PRNewswire/ -- The global interventional oncology market is projected to grow at a CAGR of 6.8% during the forecast period
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Interventional oncology refers to the use of minimally invasive procedures performed for the diagnosis, treatment, or palliative care of cancer. The global interventional oncology market is projected to reach USD 2.9 billion by 2024 from USD 2.0 billion in 2019, at a CAGR of 6.8% from 2019 to 2024. The growth of this market is primarily driven by the rising preference for minimally invasive procedures, expansion of the target patient population, increasing public-private funding and government support for cancer research, technological advancements in the field of interventional oncology, and increasing government investments and funding for interventional oncology and related cancer research. However, the dearth of well-trained and skilled radiologists and oncologists, high costs of interventional oncology procedures, and unfavorable regulations are expected to limit market growth to a certain extent.
The transcatheter arterial radioembolization TARE or selective internal radiation therapy SIRT segment accounted for the largest share of the global interventional oncology market during the forecast period
On the basis of 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 procedures. In 2018, the TARE/SIRT procedures segment accounted for the largest share of this market majorly 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.
The liver cancer segment accounted for the largest share of the interventional oncology market during the forecast period
Based on cancer type, the interventional oncology market is segmented into liver cancer, lung cancer, kidney cancer, bone cancer, and other cancers.The other cancers segment includes pediatric cancer, prostate cancer, and breast cancer.
The liver cancer segment accounted for the largest share in the interventional oncology market in 2018.
Europe accounted for the second-largest share of the global market in 2018
The interventional oncology market is segmented into five major regions, namely North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.Europe accounted for the second-largest share in 2018.
The rising incidence of cancer, coupled with the growing geriatric population in Europe, is a key factor propelling the demand for interventional oncology products in this region.Prominent market players are focusing on improving the quality of patient care across Europe by commercializing advanced products, investing in technological innovations, and partnering with other institutions and organizations for spreading cancer awareness.
This is another major factor driving market growth.
Breakdown of supply-side primary interviews:
• By Company Type: Tier 1 - 25%, Tier 2 - 30%, and Tier 3 - 45%
• By Designation: C-level - 26%, Director-level - 30%, and Others - 44%
• By Region: North America - 34%, Europe - 26%, APAC - 23%, and RoW - 17%
The major players in the market include Medtronic Ireland, Boston Scientific US, BTG plc UK, Merit Medical Systems US, and Terumo Japan. The other prominent players operating in the overall interventional oncology market include AngioDynamics US, Ethicon a part of J&J US, Teleflex US, Cook Medical US, HealthTronics US, MedWaves Medical US, Sanarus US, IMBiotechnologies Canada, Trod Medical US, IceCure Medical Israel, Mermaid Medicals Denmark, and Interface Biomaterials BV Netherlands, among others.
Research Coverage
This report studies the interventional oncology market based on products, procedure, cancer type, and region.The report also studies factors such as drivers, restraints, opportunities, and challenges affecting market growth.
It also provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to four main regions and the respective countries in these regions.
Key Benefits of Buying the Report
This report focuses on various levels of analysis—industry trends, market shares of top players, and company profiles, which together form basic views.It also analyzes the competitive landscape; emerging segments of the interventional oncology market; and high-growth regions and their drivers, restraints, challenges, and opportunities.
The report will help both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner greater market shares.
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