DUBLIN--(BUSINESS WIRE)--The "Interventional Oncology Market by Product (Radiofrequency, microwave, embolization, guidewires), Procedure (Thermal, Non-Thermal Ablation, TACE, TARE, TAE), Cancer (Liver, Lung, Kidney, Bone Metastasis), End User (Hospital, ASC) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global interventional oncology market size is projected to reach USD 2.9 billion by 2026 from USD 1.9 billion in 2020, at a CAGR of 6.8%.
The embolization devices segment to witness the highest share in interventional oncology market, by product, during the forecast period.
In 2020, embolization devices accounted for a share of the interventional oncology 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.
Embolic agents include radioembolic agents and non-radioactive embolic agents. Non-radioactive embolic agents include gelatin foam, tris-acryl gelatin microspheres, and polyvinyl alcohol (PVA). Gelatin foam is a non-radioactive embolic agent and is considered a temporary embolic agent whose effect is relatively shorter. Other non-radioactive embolic agents are considered permanent agents whose effects are seen for a longer period.
Liver cancer accounted for the largest share of the interventional oncology market, by application, in 2020.
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. In addition, initiatives in the form of grants and funding for the development of advanced therapies using interventional oncology also fuel market growth.
The Hospitals & diagnostic centers segment accounted for the largest share of the interventional oncology market, by end users, in 2020
Hospitals & diagnostic centers accounted for the largest share of the interventional oncology market in 2020. The availability of state-of-the-art facilities for treating disorders and injuries and trained personnel has ensured a steady demand for hospital-based care. The inflow of patients is considerably higher in hospitals than in other healthcare settings, which is another key driver for market growth.
Hospitals routinely conduct a wide range of surgical procedures, and most of these surgeries are performed in hospital in-patient settings. Growth in this segment is primarily attributed to the growing number of minimally invasive surgeries and electrosurgery procedures performed in hospitals and the adoption of robotic surgery.
The Asia Pacific market to grow at the highest CAGR during the forecast period.
The interventional oncology market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Government efforts to increased funding, supportive regulations for the development and commercialization of advanced interventional oncology products, rising healthcare expenditure, an increasing number of hospitals and clinics in India and China, expanding research base across India, China, and Japan, and the increasing incidence of surgeries are the major factors driving the growth of the APAC interventional oncology market.
Market Dynamics
Drivers
- Rising Patient Preference for Minimally Invasive Procedures
- Expansion of the Target Patient Population
- Increasing Public-Private Funding and Government Support for Interventional Oncology
- Technological Advancements in Interventional Oncology
Restraints
- Dearth of Well-Trained and Skilled Radiologists and Oncologists
- Unfavorable Regulations
Opportunities
- Emerging Economies Offer High Growth Potential
- Rising Awareness About the Benefits of Interventional Oncology
Challenges
- Limited Clinical Data to Support Therapeutic Efficacy
- Strong Market Positioning of Alternative Therapies
Companies Mentioned
- Accuray
- Alpinion Medical Systems
- Angiodynamics, Inc.
- Baylis Medical Company, Inc.
- Becton, Dickinson and Company
- Boston Scientific Corporation
- Cook Medical
- Healthtronics, Inc.
- Icecure Medical
- Imbiotechnologies Ltd.
- Johnson & Johnson
- Medtronic plc
- Medwaves, Inc
- Merit Medical Systems, Inc.
- Profound Medical Corp.
- Sanarus Technologies, Inc.
- Sirtex Medical
- Teleflex, Inc.
- Terumo Corporation
- Trod Medical
For more information about this report visit https://www.researchandmarkets.com/r/mpnvpb
