Interventional Oncology Market worth $2.9 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 19, 2021 /PRNewswire/ -- According to the new market research report "Interventional Oncology Market by Product (Radiofrequency, microwave, embolization, guidewires), Procedure (Thermal, Non-Thermal Ablation, TACE, TARE, TAE), Cancer (Liver, Lung, Kidney, Bone Metastasis), Enduser (Hospital, ASC) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is estimated to be USD 1.9 billion in 2020 and is projected to reach USD 2.9 billion by 2026, at a CAGR of 6.8%.
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The increasing prevalence of diseases and disorders, technological advancements, and increased funding and public-private investments are the key factors driving the growth of the market.
The interventional oncology market includes major Tier I and II suppliers like Medtronic (Ireland), Boston Scientific (US), BD (US), Terumo (Japan), Merit Medical (US), AngioDynamics (US), J&J (US), Teleflex (US), Cook Medical (US), HealthTronics (US). These suppliers have their manufacturing facilities spread across regions such as North America and Europe. COVID-19 has impacted their businesses as well. Demand for interventional oncology from key end-users has declined a bit amidst the global COVID-19 pandemic. Industry experts believe that COVID-19 will have a short-term decline in the growth for the market in 2020, but will experience normal growth as the market gradually steadies by the end of 2020.
Demand for embolization devices result in the segment occupying the high share of the interventional oncology market
In 2020, embolization devices accounted for a share of the market. Embolization devices include non-radioactive embolic agents and radioembolic agents. Although these devices are primarily employed to treat hepatocellular carcinoma, their use has been widely extended to various other forms of cancer. These devices are used when tumors cannot be treated using ablation techniques and in cases where the tumor size is large. They are also used in palliative procedures and as a pre-operative procedure to improve the outcome of liver resection.
Liver cancer estimated to be the growing market
Liver cancer accounted for the largest share of the interventional oncology market in 2020. Interventional oncology plays a crucial role in treating liver cancer, as removing the tumor with surgery may not leave the tissue healthy enough for effective liver functioning. Thus, primary liver tumors or liver tumors resulting from metastatic cancers can effectively be treated using interventional oncology procedures. Owing to this, more than half of all treatments for primary and metastatic liver cancer are conducted using interventional oncology.
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 to develop advanced liver cancer therapies using interventional oncology.
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Asia Pacific likely to emerge as the fastest-growing interventional oncology market, globally
Geographically, emerging Asian countries, such as China, India, South Korea, Taiwan, and Singapore, are offering high-growth opportunities for market players. The Asia Pacific market is projected to grow at the highest CAGR of 9.6% from 2020 to 2026. Government efforts to increase fundings; supportive regulations for the development and commercialization of advanced interventional oncology products; rising healthcare expenditure; the increasing number of hospitals in India and China; expanding research base across India, China, and Japan; and the increasing incidence of oncological surgeries are driving the growth of the APAC market.
Prominent players in this interventional oncology market 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).
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