The Global Interventional Oncology Market Anticipated to Register a Revenue of $3,791.50 Million, Growing at a CAGR of 6.5% from 2022-2030Download Sample Reports Overview
According to the interventional oncology market forecast, the global market is anticipated to surpass $3,791.50 million by 2030, growing from $2,131.30 million in 2021, at a notable CAGR of 6.5%.
COVID-19 Impact on Interventional Oncology Market
Global interventional oncology market is projected to register a decline in the growth throughout the pandemic period. This is mainly because the manufacturers in interventional oncology devices industry are facing issues in production facilities and supply chain of raw materials.
Contrary to this, hospitals and clinics worldwide are following the adoption of interventional oncology procedures amid COVID-19 outbreak. For instance, in September 2020, Smilow Cancer Hospital Care Center, US based cancer care center, announced launch of interventional oncology platform to fight against cancer. Such initiatives are further expected to uplift the global interventional oncology market in the COVID-19 period.
Global Interventional Oncology Market Analysis
In past few years, the demand for minimally invasive procedures has experienced an enormous growth due to the benefits offered by these procedures as compared to traditional treatment options. Shorter hospitalization, lesser operative complications, smaller & more cosmetic incisions, less pain, decreased post-operative care, lower risk of infection, and rapid recovery are some of the advantages delivered by minimally invasive surgeries. This procedure makes use of latest technologies in order to diagnose and treat multiple diseases, including cancer. These procedures are utilized as a recommended approach for removing lymph nodes and cancer tumors without scarring. Owing to such potentialities, the global interventional oncology market will have significant growth, in the analysis period.
Contrary to this, the stringent regulation policies in the usage of medical devices may restrain the global interventional oncology market growth to some extent.
Enormous economic developments combined with extensively growing healthcare expenditure in emerging nations namely India, China, Mexico, and Singapore are anticipated to enhance access to the quality healthcare in above-stated economies. In addition to this, the increasing incidences of cancer in these countries are expected to surge the need for various interventional oncology devices and procedures. According to GLOBOCAN 2018, an interactive web-based platform presenting cancer statistics, in 2018, there were 609,596 new liver cancer cases in the Asian countries and is further expected to rise by 142,982 by the end of 2025. These interventional oncology market trends of Asia-Pacific will create lucrative opportunities for the global interventional oncology market.
Global Interventional Oncology Market, Segmentation
The global interventional oncology market is segmented based on product type, cancer type end-user, and region.
The product type segment is further classified into embolization devices, ablation devices, and support devices.
Among these, the embolization devices sub-segment is predicted to garner significant market share and cross $2,522.50 million by 2030, with the rise from $1,387.10 million in 2021.
Embolization devices commanded the significant share of the global interventional oncology market mainly owing to their massive usage with high specificity, accuracy, and sensitivity towards detection and characterization of the tumors. Furthermore, the novel innovations in embolization procedures combined with research and development programs for the enhancement of yttrium 90 isotopes efficiency, are further expected to surge the demand for embolization procedures across the globe.
The cancer type segment is further classified into liver cancer, lung cancer, bone metastasis, kidney cancer, breast cancer, prostate cancer, and other cancers.
Among these, the liver cancer sub-segment is expected to have the dominating share and generate a revenue of $1,153.80 million by 2030.
Initiatives in the form of funding and grants for the invention of innovative oncology surgeries are expected to propel market growth. Moreover, extensively growing prevalence of liver cancer particularly across India, China, and the US is also expected to drive the demand for advanced therapies, which may eventually flourish the liver cancer sub-segment, in the analysis period.
The end-user segment is further classified into hospitals, ambulatory surgery centers, and research & academic institutes. Among these, the hospitals sub-segment of the market is predicted to have a dominating share and surpass $2,589.70 million by 2030.
The hospitals sub-segment has largest share and witnessed positive growth mainly because it provides advancements in medication management and monitoring of healthy movement. Also, effective governmental as well as non-governmental collaborations to improve the experience of patient suffering from cancer are also positively affecting the sub-segment’s growth.
Interventional oncology market in Asia-Pacific region is extremely competitive and prominent players in the industry are adopting several strategies to gain largest APAC interventional oncology market share. The share of Asia-Pacific market is anticipated to grow at a CAGR of 7.9%, by registering a revenue of $836.80 million by 2030. High geriatric population in Asian countries, like Japan and South Korea, propels interventional oncology market growth. Also, increasing number of startups with innovative ideas and rapid development in technology is one of the crucial factors flourishing the Asia- Pacific interventional oncology market.
Key Players in the Global Interventional Oncology Market
Some of the leading global interventional oncology market players are
- Boston Scientific
- Merit Medical
- Cook Medical