USD 1984 million
Global Interventional Oncology Market Size, Share, Growth Analysis, By Therapy(Radiation Therapy, Ablation Devices), By Cancer Type(Liver Cancer, Kidney Cancer), By End-User(Hospitals, Ambulatory surgical centres), By Procedure([Embolization (TARE, TACE)), By Product Type(Embolization Devices, Ablation Devices) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2238 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|
Tables:
147 |
Figures:
78
Global Interventional Oncology Market Insights
Interventional Oncology Market size was valued at USD 1984 million in 2019 and is poised to grow from USD 2134.78 million in 2023 to USD 4127.28 million by 2031, growing at a CAGR of 7.6% in the forecast period (2024-2031).
Interventional oncology (IO) is a branch of interventional radiology focused with the treatment and diagnosis of cancer and cancer-related diseases utilising image-guided minimally invasive techniques. Interventional oncologists work with patients in the infirmary, admit them to hospitals, participate on the tumour review board and multidisciplinary treatment team, all while actively working on cancer diagnosis and administration. With medical, surgical, and radiation oncology, the rapidly developing field of interventional oncology has evolved into a foundation of cancer care. The global Interventional Oncology Market is growing mostly as a result of firms resuming to operations and adjusting to the new normal while recuperating from the effects of COVID-19. Furthermore, the increased use of interventional oncology approaches to detect and treat cancer with minimally invasive techniques and improved imaging technologies is propelling the devices market, which is predicted to expand significantly during the forecasted period. Furthermore, with increasing market rivalry, the fast adoption of modern technology to enhance healthcare has favourably altered market growth.
Interventional oncology provides patients with additional therapeutic options. Furthermore, while surgical removal of tumours is generally recognised to be the best effective long-term therapy, it is sometimes unachievable due to tumour size, quantity, or location. Interventional oncology (IO) therapies are often used to reduce tumours, allowing for surgery or interventional therapy. Interventional oncology approaches are essentially divided between diagnostic treatments that aid in the tissue diagnosis of suspected neoplasms and therapeutic procedures that try to cure or lessen the tumour. The benefit of these procedures is that they have a far lower influence on the rest of the body and the organ being treated. It also provides a shorter recovery period than typical open procedures. Interventional Oncology therapies can be quite beneficial to patients. Because the therapies are less invasive, they are less painful, have fewer side effects, and need less time to recover from. Many IO treatments may be performed as outpatient procedures, freeing up hospital beds and lowering expenses. Funding from the public and commercial sectors assists in the development of new technologies and equipment, driving the Interventional Oncology Market ahead. The increased incidence of product recalls, on the other hand, is anticipated to dampen demand for interventional oncology equipment. Furthermore, the absence of scientific proof for limited area therapy and rigorous regulation will hinder market expansion.
Furthermore, the paucity of well-trained and qualified oncologists, as well as a dearth of clinical evidence to support treatment efficacy, may represent a danger to market expansion. Furthermore, emerging economies provide the industry with significant development potential. Rapid economic development and rising healthcare spending in some emerging nations are projected to improve access to high-quality treatment.
US Interventional Oncology Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
7.6% CAGR
Global Interventional Oncology Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Interventional Oncology Market Size By End-User 2022-2028 ($ Bn)
Global Interventional Oncology Market Size By End-User 2022-2028 (%)
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Global Interventional Oncology Market Segmental Analysis
The Global Interventional Oncology market is segmented based on Therapy, Cancer Type, End-User, Product Type, Procedures, Product Type, and Region. Based on Therapy the market is segmented into Radiation Therapy, Ablation Devices, Particle Embolization Devices. Based on End-User the market is segmented into Hospitals, Ambulatory surgical centres, Specialty clinics, Others. Based on Procedure the market is segmented into [Embolization (TARE, TACE), Ablation (Thermal Ablation (Microwave, RF Ablation))]. Based on Cancer Type the market is segmented into Liver Cancer, Kidney Cancer, Lung Cancer, Others. Based on Product Type the market is segmented into Embolization Devices, Ablation Devices, and Support Devices. Based on region the global Interventional Oncology market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Interventional Oncology Market Analysis by Product Type
In 2021, hospitals held the largest share of the global interventional oncology market. The growing number of private hospitals in emerging markets, along with a huge pool of cancer patients visiting hospitals for diagnosis and treatment, is driving the expansion of this industry. According to the Commonwealth Fund, the overall number of hospitals in China has expanded dramatically over the previous decade, from around 29 thousand in 2016 to approximately 35.4 thousand in 2020. Shandong province had the most hospitals in China as of 2017, with 2,451 hospitals, followed by Sichuan province, which had 2,219 hospitals. In the same year, Chinese hospitals offered around 6.12 million hospital beds and approximately 11.75 million people were engaged in China's medical industry. In addition to the aforementioned causes, increased reimbursement for interventional oncology operations, improved healthcare infrastructure, and worldwide hospital accessibility are significant drivers driving the growth of the interventional oncology market in hospitals.
Global Interventional Oncology Market By End-User, 2021 (%), 2023 (%)
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Global Interventional Oncology Market Regional Insights
In 2021, North America held the largest share of the global interventional oncology market, followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. However, Asia-Pacific will be the fastest expanding regional market due to the region's faster economic expansion and increased government attention on the healthcare sector. Furthermore, government initiatives to develop healthcare facilities, rising cancer incidence and prevalence, rising awareness of overall health and treatment availability, increasing middle-class population and disposable income, increasing health insurance penetration, and a growing ageing population in the region are key factors driving the growth of the Asia-Pacific interventional oncology market.
Global Interventional Oncology Market By Geography, 2022-2028, 2024-2031
- Largest
- Fastest
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Global Interventional Oncology Market Dynamics
Interventional Oncology Market Driver
- Patients' Preference for Least Invasive Therapies Is Growing
Because of the numerous advantages that these techniques have over traditional treatment methods, the demand for minimally invasive treatments has increased significantly in recent years. The primary advantages of minimally invasive treatments are fewer operating problems, shorter hospitalization, less discomfort, smaller and more aesthetic incisions, a lower risk of infection, less post-surgical care, and faster recovery. In minimally invasive treatments, advanced technologies are used to detect and treat a variety of disorders, including cancer. These techniques are used to remove cancer tumors and lymph nodes while leaving no visible scars. Minimally invasive procedures also help surgeons collect tissue for biopsy and staging investigations. As a result, surgeons can develop a more precise cancer treatment strategy. Minimally invasive procedures also result in significant cost savings. Leading interventional oncology market players are increasingly emphasizing the introduction of innovative technologically sophisticated products. The innovation in this market is focused on developing cost-effective, technologically sophisticated, and easy-to-use interventional oncology technologies. These advancements aim to improve the efficiency of interventional oncology systems while also broadening their application areas, thereby increasing end-user demand for these systems.
Interventional Oncology Market Restraint
- Scarcity of highly qualified and experienced radiologists and oncologists.
The interventional oncology industry is undergoing continual technical breakthroughs and improvements to improve the accuracy and specificity of equipment and treatments. However, interventional oncology is a method that requires full-time professionals to reach and maintain excellent standards. As a result, the interventional oncology industry is likely to suffer from a scarcity of well-trained and qualified radiologists and oncologists. In the United States, for example, a shortage of more than 2,300 medical oncologists is projected by 2025. (Source: Journal of Global Oncology). This aspect will have a greater impact on developing and impoverished regions. One of the biggest challenges in providing care for patients with treatable tumours in Sub-Saharan Africa is a paucity of medical oncologists, radiation oncologists, and other cancer-care personnel. Similarly, there is a severe scarcity of oncologists, radiotherapists, and surgical oncologists in India. Only one oncologist handles every 2,000 cancer patients in a country with 1.8 million cancer patients. Despite the availability of a large target patient population, the scarcity of oncologists and radiologists in numerous countries throughout the world is predicted to have an impact on the adoption of interventional oncology procedures in their individual healthcare systems.
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Global Interventional Oncology Market Competitive Landscape
The market's key players are undertaking various strategic initiatives such as the signing of a collaborations, new partnership agreement, mergers and acquisitions, geographic coverage, with the goal of strengthening their product portfolio and manufacturing capacities, thereby providing a competitive advantage. In 2021, Boston Scientific (US) led the worldwide interventional oncology market. To improve its market presence and product offerings, the corporation primarily relies on growth tactics such as acquisitions and expansions. The acquisition of BTG by the firm will help it increase its product portfolio in chemoembolization, radioembolization, and ablation treatments. Boston Scientific works hard to get regulatory and reimbursement approvals. As part of its long-term growth plan, the firm invests in both fast-growing and new areas in order to improve its position in the global healthcare sector.
Interventional Oncology Market Top Player's Company Profiles
- Medtronic (Ireland)
- Teleflex (US)
- Boston Scientific Corporation
- BTG International Ltd. (acquired by Boston Scientific)
- Cook Medical Inc.
- AngioDynamics Inc.
- Terumo Corporation
- Merit Medical Systems Inc.
- Johnson & Johnson Services Inc.
- MedWaves, Inc.
- Healthtronics Inc.
- Trod Medical
- InSightec Ltd.
- Sirtex Medical Limited
- Sanarus Technologies, LLC
- C.R. Bard, Inc. (acquired by Becton, Dickinson and Company)
- Guerbet Group
- Varian Medical Systems, Inc.
- Nanobiotix SA
- OncoTherapy Science, Inc.
Interventional Oncology Market Recent Development
- In September 2022, Philips announces significant development milestones for the world's first spectral detector Angio CT system. Leiden University Medical Centre has joined a global network of partners in the development of the Philips Spectral Angio CT suite and its application in clinical research, bringing spectral CT imaging technology into an integrated hybrid Angio CT suite with the goal of innovating a variety of treatment procedures.
- In September 2022, Merit Medical Systems, Inc. a global manufacturer and marketer of healthcare equipment, has announced the commercial launch of the Prelude Roadster Guide Sheath in the United States. The Merit Vascular-Peripheral Access portfolio now includes the Prelude Roadster, in addition to introducers and other devices such as access kits, vascular dilators, and accessories.
- In September 2022, Aster Hospitals Bengaluru, a subsidiary of Aster DM Healthcare, has established the Aster International Institute of Oncology (AIIO). This newly established institute will serve as a centre of excellence for the treatment of all malignancies under one roof.
Global Interventional Oncology Key Market Trends
- The organisations are now concentrating on improving performance by incorporating robotics technology into interventional oncology equipment. Robotic systems have improved accuracy and efficiency by combining image-based planning and navigation with the placement of various instruments for the targeted body part. Furthermore, the fast increase in cancer incidence worldwide, along with a growing desire for less invasive therapies, is boosting market growth throughout the projection period. In addition, increased government and private financing for cancer research, particularly for treatment devices that encourage early detection and enhance survival rates, has fuelled market expansion. Interventional Oncology therapies can be quite beneficial to patients.
Global Interventional Oncology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information End-Users team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, we found that North America led the worldwide interventional oncology market, followed by Europe, APAC, Latin America, and MEA. Due to higher economic growth and more government emphasis on healthcare, Asia-Pacific will be the fastest-growing regional market. Government initiatives to develop healthcare facilities, rising cancer incidence and prevalence, rising awareness of overall health and treatment availability, increasing middle-class population and disposable income, increasing health insurance penetration, and a growing ageing population in the region are also driving market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1984 million |
| Market size value in 2031 | USD 4127.28 million |
| Growth Rate | 7.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Interventional Oncology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Interventional Oncology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Interventional Oncology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Interventional Oncology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Interventional Oncology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Interventional Oncology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Interventional Oncology Market Report Snapshots
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