Interventional Oncology Market is Expected to Gain Popularity...

Interventional Oncology Market is Expected to Gain Popularity Across the Globe by 2028

Posted 2024-02-09 07:39:59

Market Overview: The global interventional oncology market exhibited significant strength in 2020 and is anticipated to maintain a robust revenue Compound Annual Growth Rate (CAGR) throughout the forecast period. Key drivers of this growth include the widespread prevalence of cancer worldwide, escalating investments in advanced oncology drug research and development (R&D), continuous technological enhancements, improved healthcare infrastructures, and increased financial backing from various governments and public-private partnerships.

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Interventional oncology, a field within medical science, focuses on minimally invasive procedures guided by imaging techniques such as computed tomography, fluoroscopy, and ultrasound. These procedures encompass diagnosis, treatment, and palliative care for various cancer types. Often performed in conjunction with traditional cancer therapies like surgery, chemotherapy, and radiation therapy, interventional oncology procedures offer distinct advantages such as tumor and lymph node removal without scarring.

Market Dynamics: Drivers: The global interventional oncology market is predominantly propelled by the high incidence of cancer worldwide and the escalating rates of cancer diagnosis. Additionally, the growing preference for minimally invasive procedures is fueled by their associated benefits, including reduced infection risks, fewer complications, faster recovery times, minimal side effects, shorter hospital stays, and less post-operative care, compared to invasive surgeries.

Restraints: Challenges such as a shortage of proficient radiologists and oncologists, and the absence of established methodologies in interventional oncology procedures hinder well-controlled clinical trials. Furthermore, limited clinical evidence supporting the benefits of interventional oncology, along with the need for strategies to enhance therapeutic outcomes and safety, pose significant constraints on market growth during the forecast period.

Product Outlook: The global interventional oncology market is categorized into embolization devices, ablation devices, and support devices. Within this segmentation, embolization devices, particularly radioembolic and non-radioembolic agents, are expected to dominate the market, primarily used for tumors unsuitable for ablation techniques or those of considerable size.

Procedure Outlook: Segmented into tumor embolization and tumor ablation, the market anticipates substantial revenue growth, particularly in tumor embolization. This segment's growth is attributed to its diverse applications and advantages such as high sensitivity, specificity, and accuracy in tumor detection and characterization. Noteworthy sub-segments include Transcatheter Arterial Radioembolization (TARE), Transcatheter Arterial Chemoembolization (TACE), and Transcatheter Arterial Embolization.

Cancer Type Outlook: Categorized into liver cancer, lung cancer, bone metastasis, kidney cancer, breast cancer, prostate cancer, and others, the market foresees liver cancer as the leading segment. This prominence is fueled by the rising prevalence of liver cancer globally, coupled with the availability of diverse embolization and ablation products. Additionally, interventional oncology offers an effective treatment option for liver tumors resulting from metastatic cancers.

Application Outlook: Application segmentation encompasses hospitals, clinics, ambulatory surgical centers, and others, with hospitals projected to achieve a robust revenue CAGR. Factors driving this growth include improving healthcare infrastructures, a rise in private hospital numbers, increasing preference for minimally invasive surgeries, the adoption of robotic surgery, and enhanced hospital accessibility.

Regional Outlook: Asia Pacific is expected to witness the highest revenue growth, attributed to its high cancer prevalence, expanding elderly population, increasing healthcare expenditure, improving healthcare infrastructures, and government initiatives promoting interventional oncology products.

Companies Profiled in the Report: Major players in the market include Medtronic, Boston Scientific, Terumo Corporation, MedWaves, IMBiotechnologies, BTG plc., AngioDynamics, Inc., HealthTronics, Inc., Sirtex Medical Limited, ABK Biomedical, Accuray, Teleflex, Cook Medical LLC, IceCure Medical Ltd., Profound Medical Corp, Endo Shape, Instylla, and Baylis Medical. Strategic alliances such as mergers, acquisitions, joint ventures, and collaborations significantly contribute to market revenue growth.

Segments Covered in the Report: The report provides historical data and forecasts on a global, regional, and country level for the period 2018 to 2028. It includes analysis of industry trends, consumption patterns, drivers, restraints, opportunities, threats, market strategies, segment revenues, market share contributions, competitive landscapes, company financials, and impact analyses. Segmentation is based on product, procedure, cancer type, application, and region.

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