Interventional oncology procedures are suitable for those cancer patients who do not respond to chemotherapy and are not fit for surgery. Interventional oncology procedures require devices such as embolization and ablation devices, as well as an array of support devices such as catheters.
During COVID-19, the growth of the interventional oncology devices market was negatively impacted, especially in 2020. Although the interventional oncology facilities continued to operate, the sales of the companies were negatively impacted.
The global interventional oncology devices market report highlights that the market was valued at $2,429.2 million in 2020 and is expected to reach $7,861.1 million by the end of 2030. The market is expected to grow at a CAGR of 12.35% during the forecast period from 2021 to 2030. Factors driving the growth of the global interventional oncology devices market are high prevalence and growing incidences of cancer, favorable reimbursement scenario for interventional oncology treatment in developed economies, expanding role of interventional oncology in the treatment of cancer, and availability of private and government funding and grants for research in the field of interventional oncology.
Some of the main challenges restricting the growth of the global interventional oncology devices market are financial burden of product recalls, lack of clinical evidence for locoregional treatments, and dearth of trained interventional oncologists. The potential opportunities that are likely to boost the growth of the global interventional oncology devices market are high growth opportunity in the emerging economies, and emergence of local companies in Asia-Pacific and the Middle East and Africa.
Impact of COVID-19 on the Global Interventional Oncology Devices Market
During COVID-19, the growth of the interventional oncology devices market was negatively impacted, especially in 2020. Although the interventional oncology facilities continued to operate, the sales of the companies were negatively impacted. Nonetheless, the market grew minimally in 2020 and is projected to witness considerable growth during the forecast period 2021-2030. The increasing technological innovations in the global market and growing adoption in emerging economies are the factors for the growth of the market.
Market Segmentation
Global Interventional Oncology Devices Market (by Cancer Type)
The global interventional oncology devices market, on the basis of cancer type, has been segmented into liver cancer, lung cancer, kidney cancer, prostate cancer, and other cancer.
The liver cancer segment accounted for the highest share of the market, which can be attributed to high consumption of alcohol, chronic viral hepatitis, liver cirrhosis, and rise in the obesity index globally. Moreover, liver cancer is less common in the U.S. than in sub-Saharan Africa and South Asian countries. Liver cancer accounts for more than 70,000 deaths each year.
Global Interventional Oncology Devices Market (by Product Type)
The global interventional oncology devices market, on the basis of product type, has been segmented into ablation devices, embolization devices, supporting devices, and next-generation devices.
Ablation is used as the first line of treatment in a few cases of hepatocellular carcinoma, and it is also considered an important option for patients who are either not eligible for surgery or have failed chemotherapy. Furthermore, advancements in interventional oncology would propel the growth of next-generation devices in the forecast period 2021-2030.
Global Interventional Oncology Devices Market (by End User)
The global interventional oncology devices market, on the basis of end users, has been segmented into three categories, namely, hospitals, ambulatory surgical centers (ASCs), and others.
Hospitals are at the forefront in terms of interventional oncology devices adoption. The increasing focus on evidence-based care has been one of the strongest drivers for the adoption of interventional oncology.
The growing prominence for outpatient surgeries and rising establishments of ASCs are the leading factors promoting the market's growth for the global interventional oncology devices. The adoption of interventional oncology devices in ambulatory surgical centers can be boosted by prioritizing the increasing demand for minimally invasive surgeries.
Global Interventional Oncology Devices Market (by Region)
The different regions covered under the global interventional oncology devices market include North America, Europe, Asia-Pacific, and Rest-of-the-World.
North America dominates the global interventional oncology devices market due to high prevalence of cancer, growing geriatric population, and high reimbursement rates. The Asia-Pacific interventional oncology devices market is one of the lucrative markets with immense potential for expansion by key players of the global interventional oncology market. The Asia-Pacific interventional oncology devices market is expected to grow at the fastest rate in the forecast period, and this can be attributed to the massive geriatric population base, driving the demand for minimally invasive and non-invasive surgical procedures
Key Market Players and Competition Synopsis
Some of the key players operating in the market include AngioDynamics, Inc., Becton, Dickinson and Company, Boston Scientific Corporation, Eckert & Ziegler BEBIG AG, HealthTronics, Inc., IceCure Medical Ltd, Johnson & Johnson, Medtronic plc, MedWaves, Inc., Merit Medical Systems, Inc., Sanarus Technologies, Inc., Sonablate Corp, Terumo Corporation, Trod Medical, and Varian Medical Systems, Inc.
Some of the strategies covered in this segment are funding activities, mergers and acquisitions (M&As), partnerships, alliances, and business expansion, regulatory and legal activities, and new offerings. The preferred strategy for companies has been mergers and acquisitions followed by regulatory and legal activities.
Key Questions Answered in the Global Interventional Oncology Devices Market Report
• What are the key trends that have a strong influence on the global interventional oncology devices market? How did the COVID-19 pandemic impact the growth of the interventional oncology devices market?
• What are the key development strategies which are implemented by the key players to maintain and capture market share?
• How does the patent landscape of interventional oncology devices look like?
• What are the major market drivers, challenges, and opportunities in the global interventional oncology devices market?
• Which leading companies are dominating the global interventional oncology devices market?
• What are the regulations about the global interventional oncology devices market? What are the initiatives implemented by different government bodies to reduce the cancer rate?
• What was the market value of the leading segments and sub-segments of the global interventional oncology devices market?
• How is each segment of the global interventional oncology devices market expected to grow during the forecast period, and what is the expected revenue to be generated by each of the segments by the end of 2030?
• Which region carries the potential for the significant expansion of key companies for the interventional oncology devices market?
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